By signing a Master Promissory Note, you hereby contractually commit to repay the amount borrowed, together with any accrued interest and fees.
The definition of a Master Promissory Note?
- One or more Direct Loans will be made using a Master Promissory Note (MPN), which is a legally binding agreement (up to 10 years). The borrower acknowledges and agrees that the MPN and all loans issued thereunder shall be repaid in full. MPNs aren't institution-specific and can be employed in other institutions.
- However, borrowing from the federal government necessitates a more formal process than borrowing from friends, whose agreements are frequently sealed by a verbal or written text. By signing a Master Promissory Note, you hereby contractually commit to repay the amount borrowed, together with any accrued interest and fees.
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