Master Promissory Note .MPN. [Education] Law and Legal Definition
According to 34 CFR 682.200 (b) [Title 34 – Education; Subtitle B -- Regulations of the Offices of the Department of Education; Chapter VI -- Office of Postsecondary Education, Department of Education; Part 682 -- Federal Family Education Loan (FFEL) Program; Subpart B -- General Provisions], the term Master Promissory Note (MPN) means “a promissory note under which the borrower may receive loans for a single period of enrollment or multiple periods of enrollment.”
According to 34 CFR 685.102 (b) [Title 34 – Education; Subtitle B -- Regulations of the Offices of the Department of Education; Chapter VI -- Office of Postsecondary Education, Department of Education; Part 685 -- William D. Ford Federal Direct Loan Program; Subpart A -- Purpose and Scope], the term Master Promissory Note (MPN) means:
“(1) A promissory note under which the borrower may receive loans for a single academic year or multiple academic years.
(2) For MPNs processed by the Secretary before July 1, 2003, loans may no longer be made under an MPN after the earliest of --
i. The date the Secretary or the school receives the borrower's written notice that no further loans may be disbursed;
ii. One year after the date of the borrower's first anticipated disbursement if no disbursement is made during that twelve-month period; or
iii. Ten years after the date of the first anticipated disbursement, except that a remaining portion of a loan may be disbursed after this date.
(3) For MPNs processed by the Secretary on or after July 1, 2003, loans may no longer be made under an MPN after the earliest of --
i. The date the Secretary or the school receives the borrower's written notice that no further loans may be made;
ii. One year after the date the borrower signed the MPN or the date the Secretary receives the MPN, if no disbursements are made under that MPN; or
iii. Ten years after the date the borrower signed the MPN or the date the Secretary receives the MPN, except that a remaining portion of a loan may be disbursed after this date.”
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