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WHAT IS AN MPN?
The MPN is a master promissory note. By
signing the MPN you, the borrower, are agreeing to repay all Stafford Loans
(subsidized and/or unsubsidized) that are guaranteed using the note.
UND participates in the serial process, which
means that you should only have to complete one MPN for all of your future
Stafford Loans. The MPN will remain valid for 10 years unless you file for
bankruptcy. If you sign the MPN and then decide not to borrow for 12
months, you will be required to complete a new MPN.
CAN I CHANGE THE AMOUNT OF MY LOAN?
You may reduce the loan by contacting the UND
Student Financial Aid Office before the money is disbursed. If you are
interested in borrowing additional loans, you should contact our office to
discuss your options.
WHAT HAPPENS IF I TRANSFER TO ANOTHER SCHOOL?
You may continue to use the MPN on file with your
lender if the new school participates in serial processing. Work with that
school's financial aid office to learn if you will need to complete a new
MPN. Be sure to tell the financial aid office that you would like to
continue using your same lender, and provide them with the lender's name and
code.
WHAT HAPPENS IF I CHANGE LENDERS?
Requesting a change in lenders will require you
to complete a new MPN. It will also be important for you to keep track of
your loan amounts, as they will now be with different lenders. It is
recommended that borrowers always use the same lender to make repayment easier.
HOW DO I SIGN AN MPN?
Most lenders have the MPN available to sign or
download electronically, either directly through their website or through the
guarantee agency's website.
Perkins, Nursing, and Medical Loans:
sign the promissory note by contacting
UND Student Account Services
If you are required to sign an MPN, you should
receive notification from the lender or guarantee agency (usually via e-mail).
You can also click on one of the following links
to go directly to the MPN after you have accepted your loan on CampusConnection
(but not before August 10, 2009 for 2009-10 loans).
Student Loans of North Dakota (SLND)
Great Lakes Higher Education Corp. (GLHEC):
Montana Guaranteed Student Loan Program (MGSLP)
Chase
Discover Student Loans
Graduate Leverage
Nelnet
Sallie Mae
Wells Fargo
If the lender or guarantee agency for your
student loan is not listed above, please contact them directly to sign the MPN.
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