MPN  Frequently Asked Questions

    As you know, the Master Promissory Note (MPN) is now being used by all schools for all Stafford loans.  Many schools have asked similar questions about processing loans using the MPN.  In an effort to share these questions and answers with all program participants, the Utah Higher Education Assistance Authority (UHEAA) has compiled the following list of frequently asked questions with answers.

Q. My school uses the serial feature of the MPN.  How do I increase a loan amount?

A. For schools using the serial feature, simply certify a new loan for the increased amount.  You do not need to complete a Revision Form to increase the existing loan.

Q. My school does NOT use the serial feature of the MPN.  How do I change information  submitted on the MPN?

A. For schools NOT using the serial feature, changes can be made the same way you made them with the old     Common Application and Promissory Note.  Simply complete the Reallocation Form or the Request for School Cancellation or Revision Form, as you have done in the past, to change the amount of  the loan (increase or decrease) or make changes to the loan period, grade level, etc.

Q. If I am submitting a paper School Certification form, should I submit the MPN and School  Certification form at the same time?

A. Yes.  An MPN cannot be processed without a School Certification (either electronic or paper).

Q. My school uses the serial feature of the MPN.  How do I know if a valid MPN already exists for a  student?

A. It is not necessary for you to know if a valid MPN already exists.  Just indicate that your school is a serial school and if a valid MPN exists for that student, it will be used.  If it does not exist, the lender or guarantor will ensure that an MPN is completed and signed.

Q. My school is authorized to use the serial feature of the MPN.  Can my school require transfer  students to sign a new MPN, even if the students already have a valid MPN?

A. Yes.  Even if your school is authorized to use the serial feature of the MPN, a school can require some or all students to sign a new MPN for a new loan.

Q. What should we do with copies of the old Common Application and Promissory Note?

A. All copies of the old Common Application and Promissory Note should be discarded.
 

    If you have additional questions about the MPN or about this Bulletin, please contact the UHEAA Policy and Training Department at (801) 321-7166 or by e-mail at cjudd@utahsbr.edu.