Federal Stafford Loan Master Promissory Note printable pdf download

Guarantor, Program, or Lender Identification

OMB No. 1845-0006

Federal Family Education Loan Program (FFELP)

Form approved

Exp. date 2-29-2008

Federal Stafford Loan

Master Promissory Note

WARNING: Any person who knowingly makes a false statement or misrepresentation on this form

is subject to penalties which may include fines, imprisonment, or both, under the United States

Criminal Code and 20 U.S.C. 1097.

Borrower Information

Please print neatly or type. Read the instructions carefully.

1. Last Name

First Name

2. Social Security Number

3. Permanent Street Address (If P.O. Box, see instructions.)

4. Home Area Code/Telephone Number

5. Date of Birth (Month/Day/Year)

(

)

City

State

Zip Code

7. E-mail Address

6. Driver’s License State and Number

State

8. Lender Name

City

State

Zip Code

9. Lender Code, if known

10. References: You must provide two separate references with different U.S. addresses. The first reference should be a parent (if living) or legal guardian. Both references must be completed in full.

Name

Permanent Address

City, State, Zip Code

E-mail Address

Area Code/Telephone Number

(

)

(

)

Relationship to Borrower

11. Requested Loan Amount: I request a total amount of subsidized and unsubsidized loans

12. Interest Payments (Optional):

under this Master Promissory Note not to exceed the allowable maximums under the

I want to pay unsubsidized interest while I am in school.

Higher Education Act. My school will notify me of the type(s) and amount(s) of loan(s)

that I am eligible to receive. I may cancel my loan or request a lower amount by

contacting my lender or school. Additional information about my right to cancel a loan

or request a lower amount is included in the Borrower’s Rights and Responsibilities

Statement and Disclosure Statements that have been or will be provided to me.

Borrower Certifications and Authorizations

Read carefully before signing below.

13. Under penalty of perjury I certify that:

C. I authorize my school to pay to the lender any refund that may be due up to the full

A. The information I have provided on this Master Promissory Note and as updated by

amount of the loan(s).

me from time to time is true, complete, and correct to the best of my knowledge and

D. I authorize the lender, the guarantor, or their agents, to investigate my credit record

belief and is made in good faith.

and report information concerning my loan status to persons and organizations

B. I will immediately repay any loan proceeds that cannot be attributed to educational

permitted by law to receive such information.

expenses for attendance on at least a half-time basis at the school that certified my

E. I request and authorize my lender to: (i) during the in-school and grace periods of any

loan eligibility.

loans made under this Master Promissory Note, defer and align the repayment of

C. (i) I do not now owe an overpayment on a Federal Pell Grant, Supplemental

principal on all of my FFELP loans that are in repayment status; and (ii) add unpaid

Educational Opportunity Grant, or a Leveraging Educational Assistance Partnership

interest that accrues on all my FFELP loans to the principal balance of such loans

Grant (formerly State Student Incentive Grant); or, if I owe an overpayment, I have

(“capitalization”) including such loans made under this Master Promissory Note,

made repayment arrangements with the holder to repay the amount owed. (ii) I am

during forbearance periods, and for unsubsidized loans, during in-school, grace, and

not now in default on any loan received under the Federal Perkins Loan Program

deferment periods as provided under the Act. “Capitalization” will increase the

(including NDSL loans), the Federal Direct Loan Program, or the Federal Family

principal balance on my loans and the total amount of interest charges I must pay.

Education Loan Program (“FFELP” as defined in the Borrower’s Rights and

F. I authorize the release of information pertinent to my loans: (i) by the school, the

Responsibilities Statement); or (iii) I am in default on a loan, and I have made

lender, and the guarantor, or their agents, to the references on the applicable loans

satisfactory arrangements with the holder of the defaulted loan.

and to members of my immediate family unless I submit written directions otherwise;

14. For all subsidized and unsubsidized Federal Stafford Loans (as described in the

and, (ii) by and among my schools, lenders, guarantors, the Department of

additional MPN provisions and the Borrower’s Rights and Responsibilities Statement)

Education, and their agents.

I receive under this Master Promissory Note, and for certain other loans as described

G. So that the loans requested can be approved, I authorize the Department of Education

below, I make the following authorizations:

to send any information about me that is under its control, including information from

A. I authorize my school to certify my eligibility for loans under this Master

the Free Application for Federal Student Aid, to the school, the lender, and to state

Promissory Note.

agencies and nonprofit organizations that administer financial aid programs under

B. I authorize my school to transfer loan proceeds received by electronic funds transfer

the FFELP.

(EFT) or master check to my student account.

Promise to Pay

In this Master Promissory Note (MPN), “lender” refers to, and this MPN benefits, the original lender and its successors and assigns, including any subsequent holder of this MPN.

15. I promise to pay to the order of the lender all loan amounts disbursed under the terms of this MPN, plus interest and other charges and fees that may become due as provided in this

MPN. I understand that multiple loans may be made to me under this MPN. I understand that by accepting any disbursements issued at any time under this MPN, I agree to repay

the loans. I understand that, within certain time frames, I may cancel or reduce the amount of any loan by refusing to accept or by returning all or a portion of any disbursement that

is issued. Unless I make interest payments, interest that accrues on my unsubsidized loans during in-school, grace, and deferment periods will be added as provided under the Act to

the principal balance of such loans. If I do not make any payment on any loan made under this MPN when it is due, I will also pay reasonable collection costs, including but not

limited to attorney’s fees, court costs, and other fees. I will not sign this MPN before reading the entire MPN, even if I am told not to read it, or told that I am not required to read it.

I am entitled to an exact copy of this MPN and the Borrower’s Rights and Responsibilities Statement. My signature certifies I have read, understand, and agree to the terms and

conditions of this MPN, including the Borrower Certifications and Authorizations printed above, the Notice About Subsequent Loans Made Under This MPN, and the Borrower’s

Rights and Responsibilities Statement.

I UNDERSTAND THAT I MAY RECEIVE ONE OR MORE LOANS UNDER THIS MPN, AND THAT I MUST REPAY ALL LOANS THAT I RECEIVE UNDER THIS MPN.

16. Borrower’s Signature

17. Today’s Date (Month/Day/Year)

Additional MPN provisions follow