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Master Promissory Note

The promissory note a student signs when taking out a Stafford Loan. The Master Promissory Note covers both the Subsidized and Unsubsidized Stafford loans the student may receive for the same enrollment period. If the student is attending a 4-year or graduate school, the Master Promissory Note also covers Subsidized and Unsubsidized Stafford loans the student may receive for future enrollment periods. Also known as MPN.

Merit-Based

A means of determining eligibility for certain types of financial aid using merit, such as a specific accomplishment or talent, as the determining factor, rather than financial need.

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Last Reviewed: October 2019