Promissory Notes

A promissory note is a legally binding document in which the borrower agrees to repay the loan and any accrued interest and fees. The document also explains the terms and conditions of the loan. A signed, valid promissory note must be signed before loan funds can be disbursed. The following loans require promissory notes:

• Federal Direct Subsidized & Unsubsidized Loans
• Federal Graduate and Professional PLUS Loans
• Federal Parent PLUS Loans
• Federal Health Professionals Student Loans (HPSL)
• Private/Alternative Student Loans

Make sure you understand what you are signing by completing the required Entrance Counseling first, which explains your loans in detail. By signing a promissory note, you are agreeing to the following:

• The loan must be repaid even if you do not complete your education
• The loan must be repaid even if you are not employed after graduation
• The loan must be repaid even if you were not satisfied with the education you received

Some loans implement the use of a Master Promissory Note (MPN) meaning the MPN you complete is valid for 10 years and may not require a new MPN in subsequent years. Certain circumstances require subsequent MPNs to be completed including filing bankruptcy or not passing a credit analysis.

Signing the Promissory Note

When preparing to sign your note, you should have the following information available:

• Department of Education FSA ID
• Names, addresses, and phone numbers of two adult references who will always know your whereabouts

Federal Direct Loans 

• Borrowers should visit studentloans.gov  to complete an MPN.

Federal Graduate and Professional PLUS Loans

• Borrowers should visit studentloans.gov .

Federal Parent PLUS Loans

• Borrowers should visit studentloans.gov .

Federal Health Professionals Loans (HPSL)

1. Borrowers should log into their AccessPlus account
2. Select ‘Financial Aid’
3. Select ‘HPSL MPN’

Private/Alternative Student Loans

• Borrowers should contact their individual private lenders for direction.