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Direct Loan MPN Frequently Asked Questions
Q. What is the Master Promissory Note and how does it work?
A. 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). There are two types of MPNs in the Direct Loan Program: one for student loans, and one for parent PLUS loans.
If you are a student borrower under the Direct Loan Program attending a school that is authorized and chooses to make multiple loans under the same MPN for more than one academic year, you will only sign one MPN for student loans. It will be used for all of your Direct Subsidized Loans and Direct Unsubsidized Loans over multiple academic years. For example, if you enroll in college as a freshman and borrow under the Direct Loan Program for all years of study, you may be able to borrow under this one MPN for all years.
If you are a parent borrower under the Direct Loan Program whose child is attending a school that is authorized and chooses to make multiple loans under the same MPN for more than one academic year, you will only sign one MPN for parent PLUS loans. It will be used for all of your Direct PLUS Loans for that particular child over multiple academic years.
A. You are agreeing to repay the U.S. Department of Education all loans made to you under the terms of the MPN and that you understand that multiple loans may be made to you under this same MPN.
Q. What types of loans does the MPN cover?
A. The MPN covers all Federal Direct Loans - Subsidized, Unsubsidized, and PLUS (Parent Loans).
Q. Since the MPN does not show the subsidized and/or unsubsidized loan or PLUS amounts or the loan period that I am agreeing to borrow, how do I know what that is?
A. Because the MPN covers current and future loans, individual loan information cannot be displayed. Only the loan amounts you approve on your award letter acceptance form or subsequent requests are processed.
Additionally, you will receive a Disclosure Statement from the Federal Direct Loan Program for each new loan. This statement provides comprehesive information about the loan type, the amount, loan period and expected disbursements.
It is important that you keep all of the Disclosure Statements you receive.
Q. What if I am having problems accessing the MPN web site?
A. The site is unavailable every Sunday morning from 5 A.M. until 11 A.M. (ET) and every Monday morning from 12 A.M. until 7 A.M. (ET) while routine maintenance is performed. The main page of the MPN web site informs you of any other maintenance downtime they have scheduled. If you think it might be a problem with your computer or with either your connection or browser, you can find technical help at site assistance.
Q. What if I am transferring to Hope from another school where I had loans?
A. If you had prior Federal Direct Loans and have a valid MPN on record with the federal loan origination center, you should not have to sign another one here.
Q. How long does it take to complete the MPN? And what information do I need?
A. The MPN must be completed in a single session, be sure you allow enough time (about 30 minutes) to complete. Click here to see the details.
Q. It states that I will need to have my Department of Education PIN. What if I don't have one?
A. If you do not have a PIN, you can request one from the official PIN web site. All information about the PIN is located on the site including PIN FAQ'S. PIN Customer Service is available if you are having problems receiving a PIN.
Q. Do I need to complete all of the MPN at one time? Or if I get through some of the steps, can I return later to finish it?
A.Yes, you do need to complete the entire 11 step electronic MPN process in a single session. If you exit before you submit your signed MPN and return later, you will have to start over from the beginning of the process.
Q. What if my grade level changes - if I move from freshman to sophomore status after the fall semester? How do I request additional subsidized or unsubsidized funds?
A. You can notify the Office of Financial Aid and request additional loan funds based on the higher grade level. You will not need to sign another MPN for the increased amount. The Office of Financial Aid will send you a revised award notification so you know that the loan request has been processed. The loan will then credit your student account. The same is true for additional PLUS requests.
Q. What if I signed my MPN and lost my copy?
A. You can retrieve and print another copy by clicking here.
Q. I still have questions - where else can I find answers.
A. You can call or email The Office of Financial Aid directly.