A legal document in which you promise to repay your federal student loan(s) and any accrued interest and fees to your lender or loan holder. There is one MPN for Direct Subsidized/Unsubsidized Loans and a different MPN for Direct PLUS Loans. Most schools are authorized to make multiple federal student loans under one MPN for up to 10 years. Borrower’s Rights and Responsibilities Statement – The MPN contains a Borrower’s Rights and Responsibilities Statement that explains the terms and conditions of the loan(s) you receive. It is very important to read and save this document because you’ll need to refer to it later when you begin repaying your federal student loan(s).
The article may contain affiliate links from one or more partners. Learn how we make money to continue our financial wellness mission.