Pennsylvania Supplemental Promissory Note for College Loan Program
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If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
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FAQ
All borrowers need to complete an MPN before they can receive a federal student loan. Some circumstances may require you to sign an MPN more than once: If you're receiving a type of loan for which you haven't signed an MPN previously.
The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s).
What are supplemental student loans? A supplemental student loan is used to fill in the gaps when you've maxed out federal direct student loans. Supplemental loans can be used to cover all kinds of educational expenses like tuition, fees, room and board, transportation, and living expenses.
Subsidized Loans are loans for undergraduate students with financial need, as determined by your cost of attendance minus expected family contribution and other financial aid (such as grants or scholarships). Subsidized Loans do not accrue interest while you are in school at least half-time or during deferment periods.
The Pennsylvania Higher Education Assistance Agency (PHEAA) was created by the Pennsylvania General Assembly in 1963 to provide affordable access to higher education for PA students and families.
They're all provided by the government through the Federal Direct Loan Program. Direct Subsidized Loans are based on financial need. Direct Unsubsidized Loans are not based on financial need.Direct PLUS Loans are credit-based, unsubsidized federal loans for parents and graduate/professional students.
What is a Supplemental Loan? The simplest definition of supplemental financing is: Adding a smaller subordinate debt tranche to the original loan balance. A supplemental loan is not the same as refinancing the property. You're taking out a second loan in addition to the current mortgage.
Direct Subsidized Loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school. Direct Unsubsidized Loans made to eligible undergraduate, graduate, and professional students, but eligibility is not based upon financial need.
