Master Promissory Note- MPN
Federal Direct Stafford Loan (subsidized and unsubsidized)
The Master Promissory Note (MPN) is a promissory note used to make one or more loans for one or more academic years (up to 10 years). The MPN for the Federal Direct Stafford Loan must be completed before any aid will be disbursed and it is required to be completed one time at PCC. Before you will be able to complete the electronic MPN process, you will need to accept your loan and have a PIN. The MPN PIN will be the same PIN used for the FAFSA application.
It takes approximately 20 minutes to complete the electronic MPN process. There are helpful links within the web site to guide you through the process. To complete the MPN process, go directly to https://studentloans.gov.
Once you have completed and submitted the Master Promissory Note, the information will be sent electronically to PCC. However, the red check mark (under your financial aid requirements on MyPCC) will remain as a requirement until PCC sends a request for Direct Loans and PCC has a confirmation from the Federal processor.
Parent PLUS Loan
If you are a parent borrower, you must complete a Direct PLUS Loan Promissory Note. The parent may complete the Master Promissory Note (MPN) at https://studentloans.gov). A PIN is required and is the same PIN used for the FAFSA application. One MPN is required for each student for whom the loan is borrowed. The MPN is an open-ended promissory note and the parent is not required to sign additional notes for any increases made to the loan or any new loans borrowed in subsequent academic years. If you, the parent, accept the loan and are approved for the Parent PLUS Loan, the amount borrowed is the amount shown on the student’s most recent financial aid award letter or the reduced amount specifically requested.*
Students of parents who are denied the Parent PLUS loan may be eligible for a Federal Direct Stafford Unsubsidized Loan. A copy of the parent’s denial letter, a statement from the parent indicating that they will not pursue a co-signer for the loan, and a request by the student for consideration of an unsubsidized loan must be submitted to PCC Financial Aid.
*If the Parent requires a co-signer, a new MPN will be required for each loan increase or any new loan borrowed.