The MPN is a legally binding contract you sign, agreeing to repay your Stafford Loan money. The MPN describes your rights and responsibilities as a student loan borrower. It is extremely important to read everything included on your MPN. By signing the MPN, you not only agree to repay the money you borrow, but you also agree to all terms and conditions included in the MPN.

The MPN has a multi-year feature, which means you can receive multiple loans for multiple years by signing only one MPN. If you wish to sign a new MPN each year you may certainly do so.
If, after taking out a loan, you wish to choose a different lender, you will need to complete a new MPN. Keep in mind that having multiple lenders may mean having multiple payments to make to multiple locations, once you are out of school and in repayment.

Your MPN will automatically expire 10 years after the date it is signed or received by your lender. However, there are other circumstances that would cause the cancellation of your MPN:

• There have been no disbursements made within 12 months of the date you signed the MPN.
• You choose not to make any more loans with that lender. If you choose to do this, it is your responsibility to notify your lender.
• You file for bankruptcy.

Rights and Responsibilities
Be prepared. It is very important to read the Rights and Responsibilities section included on your MPN. By signing your MPN you are stating that you have read, understand, and agree to all of them. Here are some examples of the items included on your MPN:

• You agree that loan proceeds will be used for authorized educational expenses only. This includes tuition, books, housing, and other items directly related to school expenses.
• You agree to repay the full amount of the loan plus accrued unpaid interest.
• If you fail to make a payment within 10 days of the due date, your lender may charge a late fee. The late fee cannot exceed 6% of the late payment.
• If you default on your loan, you will pay court costs, attorney's fees, and reasonable collection costs.
• You authorize the release of pertinent information to your immediate family, school(s), lender, guarantor, and the Department of Education.
• You acknowledge that your lender may sell or transfer your loan without your consent.

These are only some of the items that you agree to by signing the MPN. Refer to your MPN for the remainder of your rights and responsibilities. Be sure to keep a copy for your records.

If you have questions or concerns, please feel free to contact the Financial Aid Office at
888.NTC.7144 or locally at 715.675.3331.