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:
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:
Federal Direct Stafford Loans (FDSL)
Federal Graduate and Professional PLUS Loans
Federal Parent PLUS Loans
Federal Health Professionals Loans (HPSL)
- Borrowers should log into their AccessPlus account
- Select ‘Financial Aid’
- Select ‘HPSL MPN’
Private/Alternative Student Loans
- Borrowers should contact their individual private lenders for direction.