How To Complete a Master Promissory Note

Congratulations on making it out of high school and on to post-secondary education. While not every profession requires it, it’s exciting, rewarding, and can open up a lot of possibilities. Post-secondary education seeks to engross you more in the field you want to study. You gain specialized skills, and in some academics tracks, get to put in into practice. Hopefully, you have filled out admissions applications and got into your top choice. Now it’s time to get some funding and complete a master promissory note. Learn more about the process below.

Applying for Financial Aid

There are several ways to secure financial aid. You can earn scholarships while you’re still in high school. You can also apply for them through Fastweb or the school you are going to. If you qualify, check out need-based scholarships or even some quirky ones that often have few entries. You will also need to have your parents fill out your FAFSA unless you are emancipated. This will alert you to any federal or private grants and loans you are eligible for. 

Complete a Master Promissory Note

If you opt to take out federal student loans, there are further steps you need to take. You will need to fill out a master promissory note. It states that you, the borrower, will repay your loans and the interest accrued to the Department of Education according to the terms and conditions of your specific loan.

To complete the form, you must head to the FSA website here. You will need your FSA ID number, social security number, license, address information, and references. You can find the correct form under the section labeled “manage my direct loan”. Be sure to select the correct type of loan you are opting for and ensure your contact information is correct. If the loan is a Parent Plus Loan, the parent must complete the same process. 

Entrance Counseling

Please be advised that there is a requirement to complete online entrance counseling before signing a master promissory note. Counseling will walk you through your financial obligations in regard to the loan. It will also walk you through what rights and other responsibilities come with the loan as well.

College is a great opportunity for most people to grow and gain a new rewarding career. If you’re taking out loans to do so, make sure you get entrance counseling and complete your master promissory note.

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