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If you accept a student loan, you must sign a Master Promissory Note
(called a MPN) from your college or the lender you have selected. The
MPN is a promise you will repay your loans under the terms and conditions
set forth. Your MPN will be used for all your student loans,
freshman through senior years, if you use the same lender. You
can sign your MPN electronically or on paper.
The MPN is a legally binding contract in which you promise to repay
loan(s). Be sure to carefully read the conditions detailed in
your MPN; it will include the amount of money your are borrowing, interest
rate, loan fees, length of the repayment period, and conditions in
which late fees and other costs may be assessed. If you have
questions about the terms and conditions of your MPN, contact your
lender. |
