Master Promissory Notes
Prior to loan fund disbursement, Regent’s Financial Aid office must have confirmation that students completed a Master Promissory Note (MPN). Be advised: Promissory notes will not be available for completion until after your loans have been accepted in Genisys and originated by the Department of Education (DOE).
What is a Promissory Note?
A promissory note is a signed document containing a written promise to pay a stated sum to a specified person or organization at a specified date. In other words, a promissory note is a document that you will sign which includes details and provisions for the disbursement of funds and repayment obligations. Simply stated, it is your agreement to repay your lender.
What is a Master Promissory Note (MPN)?
An MPN is a promissory note that does not specify the amount you must repay. When you sign it, you are agreeing to repay all loans awarded under that note. In some cases, this means multiple loans over multiple academic years will be covered by a single MPN. Specifically, the MPN for the Direct loans and PLUS loans are good for 10 years.
How do I Complete My MPN?
Please note that you must wait a minimum of 24 hours after accepting your loans in Genisys before completing an MPN. Follow the instructions below for the type of loan you have accepted. Completing a promissory note for the incorrect loan type will result in fund disbursement delays. Don’t forget to always check for unsatisfied requirements in Genisys via the MyRegent Portal in order to monitor the status of your financial aid process.
|Loan Program||MPN Completion Instructions|
|Federal Direct Loans (Subsidized & Unsubsidized)||To begin your Direct Loan MPN, please visit www.studentaid.gov and sign in. If you have already completed an MPN for a Direct loan within the past 10 years, you will not need to complete another, though some exceptions may apply.|
|Federal Direct Parent PLUS Loans||To begin the Federal Direct Parent PLUS Loan MPN, your parent must visit www.studentaid.gov and sign in. If your parent previously borrowed a Parent PLUS Loan at Regent University, he or she does not need to complete another MPN; however, if a cosigner was required at the time of application, your parent must complete a new one.|
|Federal Direct Graduate PLUS Loans||To begin the Federal Direct Grad PLUS Loan MPN, visit www.studentaid.gov and sign in. If you previously borrowed a Grad PLUS Loan at Regent University, you do not need to complete another MPN; however, if a cosigner was required at the time of application, you must complete a new one.|
|Private Loans (Alternative Loans)||Your lender of choice will supply you with a Promissory Note. Please complete the document and return it to them.|
*Please note: www.studentaid.gov requires the following items in order to sign in: Date of birth, Social Security Number, First two letters of your Last Name, FAFSA PIN (your Parents must have one to complete a PLUS loan MPN as well)