The Master Promissory Note (MPN) is a legal and mandatory document in which you agree to repay your student loan. According to this note, you can obtain several subsidized and unsubsidized Federal Direct loans for up to 10 years. The advantage of using the MPN is that it is not necessary to sign a new debt security for each new loan. The Master Promissory Note must be completed by the Ministry of Education for all students who have never received federal Direct Loan before. A credit agreement (MPN) must be entered into before your first loan can be processed for payment. Once you have signed your MPN, you will not need to enter into another MPN for future direct loans to Lewis Clark State University. First borrowers must take out The Entrance Loan Counseling (ELC) before the loan is paid into your student account. The Loan Agreement/Master Promissory Note (MPN) is a legal document in which you agree to repay your loans and all interest and expenses incurred at the U.S. Department of Education. The MPN is an agreement to repay your direct loans with interest and accrued fees.
It also explains the terms of your credits. Step 4 – Click “START” next to MPN for subsidized/non-subsidized credits. You must sign a Master Promissory Note (MPN) before you can obtain direct loans. If you are a first-time borrower, you must also finalize the online entry board. An Entrance counselling session must be completed before your first payment can be credited to your student account. First-time loans for direct federal students must meet two conditions before funds can be deposited into your student account: Entrance Counseling and a Loan Agreement/Master Promissory Note (MPN). If you are having technical difficulties in signing the NMP, please contact the U.S. Department of Education`s Loan Student Assistance Centre at 800-557-7394. Note: BSN Promissory Notes and exit tips are made at the LCSC Student Accounts Office.
. Step 1 – Connect to studentaid.gov with your FSA IDENTIFIANT. You must complete it within 30 days of the NDSU closing. The Entrance Loan Counseling process helps you understand the responsibilities and borrowing obligations of a federal student loan.