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Completing Your Promissory Note

A promissory note is the contract between you and your lender that sets the terms of the loan you are taking. It is very important that you carefully read through each promissory note before you sign so that you fully understand your rights and responsibilities as a borrower. A Master Promissory Note (MPN) is utilized for federal direct loans and is signed only once in a 10-year period for all subsequent federal direct loans. 

Direct Subsidized and Unsubsidized Loans

If you are offered a Subsidized or Unsubsidized Direct Loan, you will need to complete a Master Promissory Note (MPN) online. You will need your FSA PIN and at least two references to complete your MPN. The MPN is valid for 10 years and will only need to be signed once for all Direct Subsidized and Unsubsidized loans you receive for your program at Drexel.

Direct Parent PLUS Loan

If your parent is approved for a Parent PLUS Loan, he or she will need to complete a Master Promissory Note (MPN) online. Your parent will need a FSA PIN and at least two references to complete the MPN. The MPN is valid for 10 years and will only need to be signed once for all Parent PLUS Loans your parent borrows for you while attending Drexel.

Direct Graduate PLUS Loan

If you're approved for a Graduate PLUS Loan, you need to complete a Master Promissory Note (MPN) online. You will need your FSA PIN and at least two references to complete your MPN. The MPN is valid for 10 years and will only need to be signed once for all Graduate PLUS Loans you borrow while attending Drexel.

Federal Perkins Loan

If you're offered a Perkins Loan, you need to complete a promissory note online. You will need at least two references to complete your promissory note. The promissory note is valid for only the Federal Perkins Loan you're accepting for a specific year. A new promissory note is required to be completed for each subsequent Federal Perkins Loan you receive each year.

Primary Care Loan

If you're offered a Primary Care Loan, you need to complete a promissory note online. You will need at least two references to complete your promissory note. The promissory note is valid for only the Primary Care Loan you're accepting for a specific year. A new promissory note is required to be completed for each subsequent Primary Care Loan you receive each year.

Private Education Loan

Completing a promissory note for a private education loan is done directly with your lender and you will be notified during the approval process of how and when to complete.

Institutional Loan

If you're offered an Institutional Loan, you need to complete a promissory note online. You will need at least two references to complete your promissory note. The promissory note is valid for only the Institutional Loan you're accepting for a specific year. A new promissory note is required to be completed for each subsequent Institutional Loan you receive each year.