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:
- No disbursement has been made within 12 months of signing the MPN.
- 10 years has elapsed from the date you signed the MPN.
- If required by your lender.
- If you change lenders.
The Master Promissory Note allows you to request Stafford and/or Grad Plus Loan funds:
- DMU requires you to request, in writing, how much to certify (based on eligibility and maximum annual and aggregate amounts)
- You must maintain satisfactory academic progress
- You must complete a Free Application for Federal Student Aid (FAFSA) each year before you can request Stafford funds
You may also cancel an MPN so no additional loans can be added (this must be done in writing to the lender).
To continue, please answer the following questions
- I have to fill out an MPN every year.
- True
- False
- I have to complete a FAFSA every year I want to receive Stafford Loan funds.
- True
- False
