The Master Promissory Note is a legally binding agreement you must sign to indicate your commitment to repay your student loan(s). The MPN list the terms and conditions of the loan, including interest rate, origination fees and repayment options. An MPN may be used for multiple Federal Direct Stafford Loans up to 10 years.

The U.S. House of Representatives in September 2009 passed the Student Aid and Fiscal Responsibility Act (HR 3221). This act authorizes the elimination of the Federal Family Education Loan (FFEL) program (including Stafford, Grad PLUS and Parent PLUS) and requires that all Federal student loans disbursed after July 1, 2010 be made under the William D. Ford Direct Loan program, directly through the U.S. Department of Education. Even though the U.S. Senate has not yet passed this bill, the U.S. Department of Education is recommending to schools to begin preparations to shift to Direct Loans. With DWU students in mind, DWU has decided to selectively begin awarding Direct Loans for the Spring 2010 semester and plan to completely shift to the Federal Direct Loan process with the Summer 2010 term.

To complete the electronic MPN, you will be required to use your U.S. Department of Education issued PIN (this PIN is used to sign your FAFSA). If you do not remember your PIN# you can retrieve this by going to the following website: www.pin.ed.gov and selecting “Requesting a Duplicate PIN”.