Student Loan Master Promissory Note
What is a Master Promissory Note?
By signing a Master Promissory Note (MPN), you, the borrower, agree to repay the loans that are guaranteed using the note.
UND participates in the serial process, which means you should only have to complete one MPN for each loan type borrowed (Direct Loan, Perkins Loan, Nursing Loan, etc.). The MPN will remain valid for 10 years unless you file for bankruptcy. If you sign the MPN and then decide not to borrow for 12 months, you will be required to complete a new MPN.
How do I sign an MPN?
What you need:
- Approximately 30 minutes of your time. The MPN must be completed in a single session. Be sure you allow enough time.
- Your Federal Student Aid PIN. If you do not have a PIN, submit an official request for one.
- Personal information:
- Permanent address
- Mailing address (if different from permanent address)
- Telephone number
- E-mail address
- Employer information:
- Employer name
- Employer address
- School name
- Reference information for two people you have known for at least three years. The first reference should be a parent or legal guardian.
- Reference names
- Reference addresses
- Reference telephone number
- Reference relationship to you
If you have previously completed either a Direct Loan MPN or a Direct PLUS loan application, some of this information may be populated for you. You should review any populated information carefully for accuracy.
Can I change the amount of my loan?
You may reduce the loan by contacting the UND Student Financial Aid Office before the money is disbursed. If you are interested in borrowing additional loans, you should contact our office to discuss your options.
What happens if I transfer to another school?
You may continue to use the MPN on file for Direct Loans and Direct PLUS loans if your new school participates in serial processing. You will have to sign a new MPN for Perkins and Nursing Loans. Work with your new school's financial aid office to learn if you will need to complete a new MPN.
Entrance Loan Counseling
The Federal Perkins Loan, Federal Nursing Loan, Federal Direct Loan, and Federal GradPLUS loan require that a student complete an Entrance Loan Counseling session before funds may be released.
