The Master Promissory Note (MPN) is the legally binding document that must be signed when applying for Federal student loans (not applicable for Pell Grant). An MPN is a contract between you and your lender that states the terms and conditions under which you promise to repay the loan. It includes information about repayment schedule, interest rate, deferment options, and cancellation provisions. We suggest that you keep this document until your loan has been repaid.
You should receive an email from the Department of Education confirming that the receipt of your MPN. Capella receives a confirmation that you completed the Direct Loan MPN within 2-3 business days.
If more than 3 business days have passed and the MPN is still shown on the 'To Do' list in Student Center, please forward your MPN confirmation email to Capella's Office of Financial Aid at email@example.com.
Note: The Graduate PLUS loan application requires that you sign a Graduate PLUS MPN.
Federal Stafford loans do not require a credit check, therefore, you should not need to enter a loan amount and you can leave that field blank. Some Master Promissory Notes (MPN) do not include a dollar amount because awards are calculated by Capella based on federal limits, Cost of Attendance, and your previous federal loan history.
The MPN will be removed from your "To Do" list in Student Center as soon as Capella receives confirmation from the Department of Education that you have completed an MPN. This step is needed in order to process and determine your financial aid award. It can take 3 to 5 business days for the Department of Education to send confirmation to Capella. The MPN checklist item in your Financial Aid To Do list will be removed when Capella's Office of Financial aid receives the MPN confirmation.
References are required by lenders so in the event that they have difficulty reaching you, the borrower, they have at least two individuals they can contact to try to find you. References are not co-signers.