Master Promissory Note
What is a Master Promissory Note (MPN)?
A master promissory note (MPN) is a legally binding contract between the borrower and the US Department of Education. When this contract is signed the borrower is agreeing to repay the loan money borrowed. The terms of the MPN describe the borrower's rights and responsibilities, as well as the terms and conditions associated with the loan. Signing the MPN also implies that the borrower accepts these terms and conditions. Once signed the MPN is valid for ten (10) years before it automatically expires. All loan programs require an MPN.
A pin (personal identification number) is required to complete an mpn. This may be obtained from the USDE via their website, www.pin.ed.gov. A student will need this for a Direct and/or Perkins Loan. A parent will need this for a PLUS loan. (This is the same pin used to sign the online FAFSA)
Signing the Direct Loan MPN
If you have been awarded a Direct loan, you MUST complete a Master Promissory Note (MPN) and Entrance Counseling before your funds will be released to the school. You will be required to use your Federal PIN to e-sign. These documents may be accessed by clicking on the link below:
Signing the Direct PLUS MPN
If your parent wants to apply for a Direct PLUS loan, they MUST complete the PLUS request process and endorse a Master Promissory Note (MPN) before your funds will be released to the school. They will be required to use their Federal PIN to e-sign. These documents may be accessed by clicking on the link below:
Signing the Perkins Loan MPN
To complete the MPN for the Perkins program, click on the link below for KCU's servicer, ECSI. Your pin will be required as well as pertinent personal information. Your Perkins Loan funds will be ready for your registration.