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Master Promissory Note
WHAT IS AN MPN? The MPN is a master promissory note. By signing the MPN you, the borrower, are agreeing to repay all Stafford Loans (subsidized and/or unsubsidized) that are guaranteed using the note. PCC participates in the serial process, which means that the MPN will remain valid for 10 years (unless you file for bankruptcy or choose to borrow with a different lender). CAN I CHANGE THE AMOUNT OF MY LOAN? When you accept your loan you may choose to accept less than you are offered. If you have already accepted your loan and would like to borrow less, you may reduce the loan by completing the Loan Reduction/Cancellation form and submitting it to any PCC Financial Aid Office. If you do this after the money is disbursed your next disbursement will be reduced or cancelled. If you are interested in borrowing additional loans, you can submit a Loan Request Form. WHAT HAPPENS IF I TRANSFER TO ANOTHER SCHOOL? You may continue to use the MPN on file with your lender if the new school participates in serial processing. Work with that school's financial aid office to learn if you will need to complete a new MPN. Be sure to tell the financial aid office that you would like to continue using your same lender, and provide them with the lender's name and code. You must cancel any future disbursements scheduled at PCC if you are transferring within an academic year. Please notify any campus financial aid office or email us at cofinaid@pima.edu. WHAT HAPPENS IF I WANT TO CHANGE LENDERS? Pima Community College does not maintain a preferred lender list or endorse any lender. If you do not wish to use one of the lenders shown on your MyPima lender selection drop down, please choose one of the lenders listed below, or go to www.elmselect.com, and research which lender you would like to use. Once you choose the lender you would like to work with, notify the Financial Aid Office by emailing us at cofinaid@pima.edu that you are changing your lender. Please be sure to include your name, student ID number, and name of the lender you are choosing in this email. In approximately 3 business days you will receive information from your lender on how to complete a Master Promissory Note. If this is an additional loan, it is important for you to keep track of your loan amounts, as they will now be with different lenders. If you would like to know exact details about your borrowing history, please visit www.nslds.ed.gov. HOW DO I SIGN AN MPN? Your lender will contact you with instructions on how to sign your Master Promissory Note. Most have the MPN available to sign or download electronically, either directly through their website or through the guarantee agency's website. If you have a previous loan at PCC within the last 2 years, you should not have to complete a new MPN. If you are required to complete an MPN due to a lender choosing not to participate in student loan lending, you will receive an email notification with instructions from the PCC financial aid office. If you are a new borrower at PCC and need to complete an MPN, you should receive instructions from your lender within 3 business days after the date you accept your loan and/or choose your lender. If you did not choose a lender when you accepted your loan or would like to choose a different lender, please go to www.elmselect.com, research lender options, make your selection and notify us at cofinaid@pima.edu who you would like to borrow with. Approximately 3 business days after we receive your notification of lender choice, you should receive instructions from your lender telling you how to complete your Master Promissory Note. If you do not receive communication from the lender, you can follow the link below to complete your MPN. AMS Education Loan Trust College Invest Discover Student Loans Navy Federal Credit Union (Must be a member of Navy FCU to borrow with them.) Nellie Mae Nelnet Sallie Mae Wachovia Wells Fargo If you do not wish to use one of the lenders listed above, please go to www.elmselect.com to research lenders.
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