Used to receive funds from the Federal Direct Stafford Loan Program and the Federal Direct Grad Plus Loan.
An MPN may be used for multiple loans for up to 10 years. Des Moines University uses the multi-year feature, which allows borrowers to complete one MPN and continue to borrow Stafford Loans and/or Grad Plus Loans (based on eligibility) at DMU until they cease to be enrolled. If you have a valid MPN and change schools you generally are not required to complete a new MPN.
A signed MPN is a legally binding agreement to repay your student loans according to the terms stated on the MPN for each Stafford and/or Grad Plus Loan you receive.
There are times when you may be required to complete a new MPN; they include but are not limited to:
The Master Promissory Note allows you to request Stafford and/or Grad Plus Loan funds:
You may also cancel an MPN so no additional loans can be added (this must be done in writing to the lender).
You do not have to fill out an MPN every year.
You do have to complete a FAFSA every year you want to receive Stafford Loan funds.