A promissory note is a legally binding document in which the borrower agrees to repay the loan and any accrued interest and fees. The document also explains the terms and conditions of the loan. A signed, valid promissory note must be signed before loan funds can be disbursed. The following loans require promissory notes:

Make sure you understand what you are signing by completing the required Entrance Counseling first, which explains your loans in detail. By signing a promissory note, you are agreeing to the following:

  • The loan must be repaid even if you do not complete your education
  • The loan must be repaid even if you are not employed after graduation
  • The loan must be repaid even if you were not satisfied with the education you received

Some loans implement the use of a Master Promissory Note (MPN) meaning the MPN you complete is valid for 10 years and may not require a new MPN in subsequent years. Certain circumstances require subsequent MPNs to be completed including filing bankruptcy or not passing a credit analysis.

Signing the Promissory Note

When preparing to sign your note, you should have the following information available:

  • Federal Student Aid ID (FSA ID)
  • Names, addresses, and phone numbers of two adult references who will always know your whereabouts

Federal Direct Loans 

Federal Graduate and Professional PLUS Loans

Federal Parent PLUS Loans

Federal Health Professionals Loans (HPSL)

  • AccessPlus > Student tab > Financial Aid > HPSL MPN

Private/Alternative Student Loans

  • Borrowers should contact their individual private lenders for direction.