A promissory note is the legal document a student/parent must sign which says that they promise to repay the loan they are being granted. All three loan programs (Perkins, Stafford, PLUS) now have Master Promissory Notes (MPN).
An MPN allows a person to take out multiple loans over multiple years based on signing a single note. The MPN's can be completed on the Internet and signed using the federal PIN or HESC PIN. Before loan funds can be disbursed, a valid MPN must be on file.
In subsequent years the student will only need to accept their loans in Banner to receive additional loan funds. Parents will have to notify the school each year of how much they want to borrow in PLUS funds.
