How do I choose the correct Direct Loan MPN within the FSA application process?
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Are you currently an undergraduate student?
Yes I am
You then use this particular MPN for Direct Subsidized Loans or Direct Unsubsidized Loans which are available to eligible undergraduate students
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What if I am a Graduate or a Professional Student?
You then need to locate the correct MPN which will allow you to borrow federal student loans. This category of student can be eligible for Direct Unsubsidized Loans, Direct PLUS Loans or both. An MPN is needed for each loan type that you intend to avail of
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What is a Master Promissory Note (MPN)?
The MPN is a legal document which outlines that you promise to repay your loan and any interest and fees to the US Department of Education
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What if I am a parent of an undergraduate student, does this make any difference to the MPN process?
In this situation, you use the PLUS MPN for Direct PLUS Loans which are available to parents of undergraduate students
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What is contained within an MPN when applying for federal student aid?
The MPN includes the terms and conditions of the loan that you receive. You are entitled to receive more than one loan under an MPN over a period of 10 years, which can be used to pay for your or your child's educational costs. This is provided your school is authorized to use the MPN in this way. Your school will be able to inform you which loans, if any, you are eligible to receive
