Fillable Master Promissory Note Template Direct Plus Loans (Page 2 of 15) in pdf

Borrower's Name:

Social Security Number:

BORROWER REQUEST, CERTIFICATIONS, AUTHORIZATIONS, AND UNDERSTANDINGS

19. This is a Master Promissory Note (MPN) for one or more Federal Direct PLUS

federal student loan. If I am a parent applying for a Direct PLUS Loan for a

(Direct PLUS) Loans. I request a Direct PLUS Loan under this MPN in an amount

dependent undergraduate student, and if that student has been convicted of, or

not to exceed my or (if I am a parent borrower) the student's annual cost of

has pled nolo contendere or guilty to, a crime involving fraud in obtaining funds

attendance, minus other financial aid received for each academic year. For each

under a program authorized under Title IV of the HEA, the student has fully

loan, the school will notify me of the loan amount that I am eligible to borrow.

repaid the funds to ED, or to the loan holder in the case of a Title IV federal

Within certain timeframes, I may cancel a loan or request a lower amount by

student loan. The Title IV, HEA programs include the Federal Pell Grant, FSEOG,

contacting the school, or by refusing to accept or returning all or a portion of a

ACG, SMART Grant, Leveraging Educational Assistance Partnership Grant,

loan disbursement that is made to me. The Borrower's Rights and

Teacher Education Assistance for College and Higher Education (TEACH) Grant,

Responsibilities Statement that accompanies this MPN and the disclosure

Federal Work-Study (FWS), Federal Perkins Loan, Direct Loan, and FFEL

statements that will be provided to me contain additional information about my

programs.

21. For each Direct PLUS Loan I receive under this MPN:

right to cancel a loan or request a lower amount. If I have an adverse credit

history and obtain an endorser so that I may receive a Direct PLUS Loan, only

A. I authorize the school to certify my eligibility for the loan.

one loan may be made to me under this MPN.

B. I authorize the school to credit my loan money to my account at the school (if

20. Under penalty of perjury, I certify that:

I am a graduate or professional student borrower) or to the student's account at

the school (if I am a parent borrower), and to pay to ED any refund that may be

A. The information I have provided on this MPN and as updated by me from time to

due up to the full amount of the loan.

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

C. I authorize ED and its agents and contractors to investigate my credit record

provided in good faith.

and report information about my loan status to persons and organizations

B. I am (1) a graduate or professional student, (2) the biological or adoptive parent of

permitted by law to receive that information.

the student identified in Section C, or (3) the spouse of the student's parent and I am

D. I authorize ED to defer repayment of principal on my loan if I enroll at least

considered to be a parent in accordance with the instructions on the Free Application

half-time at an eligible school and, if I am a graduate or professional student, for

for Federal Student Aid (FAFSA) for purposes of reporting my income and assets on

the 6-month period after I cease to be enrolled at least half-time, unless I notify

the FAFSA.

ED differently.

C. I will use the money I receive from any loans made under this MPN only to pay for

E. I authorize the schools, ED, and their agents and contractors to release

my authorized educational expenses for attendance at the school that determined I

information about my loan to the references I provide and to my immediate

was eligible to receive the loan or, if I am a parent borrower, the student's authorized

family members unless I submit written directions otherwise.

educational expenses for attendance at that school. I will immediately repay any loan

F. I authorize the schools, ED, and their agents and contractors to share

money that cannot be attributed to educational expenses for attendance on at least a

information about my loan with each other.

half-time basis at that school.

G. I authorize the schools, ED, and their agents and contractors to contact me

D. If I owe an overpayment on a Federal Perkins Loan, Federal Pell Grant, Federal

regarding my loan request or my loan, including repayment of my loan, at any

Supplemental Educational Opportunity Grant (FSEOG), Academic Competitiveness

cellular telephone number I provide now or in the future using automated

Grant (ACG), National Science or Mathematics Access to Retain Talent (SMART) Grant,

dialing equipment or artificial or prerecorded voice or text messages.

or Leveraging Educational Assistance Partnership Grant, I have made satisfactory

22. I understand that:

arrangements to repay the amount owed.

A. ED will give me the opportunity to pay the interest that accrues on each loan

E. If I am in default on any loan I received under the Federal Perkins Loan Program

made under this MPN during deferment (including in-school deferment),

(including National Direct Student Loans), the William D. Ford Federal Direct Loan

forbearance, and other periods as provided under the Act. If I do not pay the

(Direct Loan) Program, or the Federal Family Education Loan (FFEL) Program, I have

interest that accrues during these periods, ED may add unpaid interest that

made satisfactory repayment arrangements with the loan holder to repay the amount

accrues on each loan made under this MPN to the principal balance of that loan

owed.

(this is called “capitalization”) at the end of the deferment, forbearance, or other

period. Capitalization will increase the principal balance on my loan and the

F. If I have been convicted of, or if I have pled nolo contendere (no contest) or guilty to,

total amount of interest I must pay.

a crime involving fraud in obtaining funds under a program authorized under Title IV

B. ED has the authority to verify information reported on this MPN with other

of the Higher Education Act of 1965, as amended (HEA), I have fully repaid the funds

federal agencies.

to the U.S. Department of Education (ED) or to the loan holder in the case of a Title IV

PROMISE TO PAY

23. I promise to pay to ED all loan amounts disbursed under the terms of this MPN,

25. I will not sign this MPN before reading the entire MPN, even if I am told not

plus interest and other charges and fees that may become due as provided in

to read it, or told that I am not required to read it. I am entitled to an exact

this MPN. I understand that more than one loan may be made to me under

copy of this MPN and the Borrower's Rights and Responsibilities Statement.

this MPN. I understand that by accepting any disbursement issued at any time

26. My signature certifies that I have read, understand, and agree to the terms

under this MPN, I agree to repay the loan associated with that disbursement.

and conditions of this MPN, including the Borrower Request, Certifications,

Authorizations, and Understandings, the MPN Terms and Conditions, the

24. If I do not make a payment on a loan made under this MPN when it is due, I will

Notice About Subsequent Loans Made Under this MPN, and the Borrower's

also pay reasonable collection costs, including but not limited to attorney fees,

Rights and Responsibilities Statement.

court costs, and other fees.

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.

27.

Borrower's Signature

28.

Today's Date (mm-dd-yyyy)

Page 2 of 15

Master Promissory Note Template Direct Plus Loans Page 2

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