Before the Financial Aid and Scholarship Services Office is able to disburse loan funds, it must have record that you have completed a Master Promissory Note (MPN) for each type of loan you accepted. If you have already completed an MPN at another school, you must still complete one at ASU.
Please be aware that it can take up to 3-5 business days for our office to receive notification that you completed your MPN.
What is a promissory note?
A promissory note is a binding legal document you sign when you get a student loan. It contains the loan terms and conditions under which you're borrowing and the terms under which you agree to pay back the loan. It will include deferment and cancellation provisions available to the borrower. It's very important to read and save this document because you'll need to refer to it later when you begin repaying your loan or at other times when you need information about provisions of the loan, such as deferment or forbearance.
What is an MPN?
An MPN, or Master Promissory Note, is a promissory note that does not specify the amount you must repay. When you sign an MPN, you are agreeing to repay all loans awarded under that MPN. In some cases this means multiple loans over multiple academic years (as with Federal Stafford Loans and Federal Perkins Loans).
How To Complete Your MPN
Follow the instructions below for the type of loan you have accepted. Completing a promissory note for the wrong type of loan will result in a delay in the disbursement of your loan funds. Check your "Priority Tasks" list on My ASU for a list of the types of promissory notes currently being requested for you to complete.
|Loan Program||How to Complete a Master Promissory Note|
|In order to begin your Federal Direct Stafford Loan MPN, visit www.studentloans.gov and sign in.|
|Federal Perkins Loans||Visit www.ecsi.net/promu5 to begin your Federal Perkins Loan MPN. This site requires that you to complete the Federal Perkins loan entrance interview prior to completing the MPN. If you have already completed a Perkins loan entrance interview in a prior year, you will need to complete one again on this website in order to access the electronic Perkins MPN.
If you are having problems completing your Perkins MPN, please contact our Perkins Loan servicer.
It may take 1-2 business days for your MPN to appear on the ECSI web site after you accept your loan.
|To begin the Federal Direct PLUS Loan MPN, your parent needs to visit www.studentloans.gov and sign in. If your parent previously borrowed a Federal Direct Parent PLUS Loan at ASU, he or she does not need to complete another MPN unless a financial endorser was required at the time of application. If an endorser was required your parent must complete another MPN.|
|To begin your Federal Direct Graduate PLUS Loan MPN, visit www.studentloans.gov and sign in. If you previously borrowed a Federal Direct PLUS Loan at ASU, you do not need to complete another MPN unless a financial endorser was required at the time of application. If an endorser was required you must complete another MPN.|
|You will receive a promissory note from your lender. Submit the completed promissory note to your lender.|