Get fast facts about the Federal PLUS Loan Master Promissory Note (MPN).
What it is.
The PLUS MPN is a legal agreement between the borrower or signer (you) and the lender. It serves as a multi-year, multi-loan promise to pay, ultimately streamlining the loan process.
What it does.
By signing the MPN, you authorize multiple GradPLUS Loan to be made under the original note. If you change lenders, you will be required to sign a new MPN. (The financial aid office will advise you of its process.)
How it works.
Approval is based on creditworthiness. You must re-apply with your lender for a GradPLUS Loan each year to determine credit eligibility. Once you are credit-approved, the lender transmits the loan information—including amount—to the school electronically. You will receive a disclosure statement before the first disbursement of each GradPLUS Loan.
Why it's good.
With a fixed interest rate, flexible repayment options, money-saving opportunities, and industry-leading customer service, a GradPLUS Loan from Nellie Mae is a low-cost and convenient way to cover your grad school expenses.
What's your master plan? Download our free guide for current and future graduate students (PDF, 1.61MB).
