PTIN Seal

College Planning & Financial Aid

  1. PTINdirectory
  2. Tax Knowledge Database
  3. College Planning & Financial Aid
  4. In the college application process , what is a Master Promissory Note ?

In the college application process , what is a Master Promissory Note ?

The Master Promissory Note has replaced the Stafford Loan Application Promissory Note. It is a legally binding document that sets the terms of your student loans. By signing the Master Promissory Note It becomes a legally binding document that sets the terms of your student loans. By signing the Master Promissory Note you are promising to repay your student loan. This is regardless of whether you graduate or are satisfied with your education. You are promising to repay your student loan regardless of whether you graduate or are satisfied with the education you received.

Need Professional Help?

If you need help with "College Planning & Financial Aid" or have other tax questions, we can help you find a local licensed tax preparer for a free, no-obligation consultation.