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Master Promissory Note describes your rights and responsibilities as a federal student loan.
What is Master Promissory Note?
The MPN can be utilized to create one or more loans for one or more academic years (for up to 10 years). It documents the terms and conditions under which you decide to refund the loan in full and will explain your rights and obligations as a borrower.
The Master Promissory Note summarizes what you owe, how interest exists calculated when interest stands charged, available repayment plans, late fees, collection expenses, and deferment and cancellation options.
Some key components of promissory notes stand as follows,
- It must be in writing.
- It must include an unconditional promise to pay.
- The sum payable must be specific.
- The promissory notes must be inscribed by the maker.
- It must be payable to a certain individual.
- It should be appropriately stamped.
Hence, Master Promissory Note describes your rights and responsibilities as a federal student loan.
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