Loan Information - Master Promissory Note
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 Lane. Before you will be able to complete the electronic MPN process, you will need to accept your loan and have an FSA ID. 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, you may either access your myLane account, then go to myFinances and click on the link from the My Award Information menu, or Accept Loan Offer by Award Year page, or go directly to the Federal Student Loan website.
Once you have completed and submitted the Master Promissory Note, it will take approximately 2-3 weeks for Lane to receive the information. Take care to enter correct information when completing the process. Errors will cause delays.
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) or request a paper MPN (see accepting your loan). A FSA ID is required and is the same FSA ID 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 Financial Aid.
*If the Parent requires a co-signer, a new MPN will be required for each loan increase or any new loan borrowed.
Federal Perkins Loan
Students offered a Federal Perkins Loan will be mailed a Master Promissory Note (MPN) with the award letter. Be sure to read the terms and conditions of the loan and follow the instructions on the award letter for accepting this loan. Completed forms should be returned to the address printed on the award letter.