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Your promissory note
Loan Eligibility and Other Financial Assistance
Interest on your loan
Enrollment Requirements
Loan Repayment
Sample monthly repayment assuming a 6.8% interest rate
If you fail to make a loan payment for 6 months, you go into DEFAULT
You must repay full loan
Keep in touch with your servicer
Your servicer can tell you...
Prepare now for repayment
Your financial aid history
Congratulations!!!

Your Promissory Note

Definition: A promissory note is a legally binding contract between a borrower and the lender, in which the borrower promises to pay back the loan. Its sets forth the terms and conditions that apply to the loan repayment.

In your initial year, you are given a Master Promissory Note (MPN).
The MPN contains basic identifying information about you and your references.
In future years, additional amounts will simply be added to the MPN according to your annual eligibility.
At time of loan disbursement, you will be issued a disclosure statement that will provide you with details regarding your loan. You should retain all of those statements for recordkeeping purposes.