MPN

Master Promissory Note — Used as the legally binding agreement for a Direct Loan. By signing, the borrower promises to repay the loan, with interest, in specified installments. The promissory note also includes any information about the grace period, deferment, or cancellation provisions, and the borrower's rights and responsibilities with respect to the loan. The MPN is a promissory note that can be used to make one or more loans for one or more academic years (up to 10 years).