How to Complete Master Promissory Note

Master Promissory Note (MPN) is a legal document in which you promise to repay your federal student

loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and

conditions of your loan(s). It should be completed after accepting your federal student loan(s).

Who needs to complete a MPN?

• All students must complete a MPN before their first federal student loan can be disbursed. Parents

should not complete the student’s MPN on the student’s behalf.

telephone number. References cannot reside at the same address or have the same phone number.

The references are not responsible in any way for your student loan and are not contacted to determine if you

qualify for the loan. The reference will only be contacted to ask for your updated contact information if your

loan servicer is unable to contact you during repayment.

How to Complete the MPN:

1. Go to www.studentaid.gov .

2. Click “log in” and login using your FSA ID and password (created/used when completing the FAFSA)

a. Student will use their FSA ID and password if completing a MPN for a federal student loan.

b. Parent will use their FSA ID and password if completing a MPN for a Parent PLUS Loan.

3. Read and “accept” the terms of the website.

the type of MPN you are completing. Generally it will be the MPN for Subsidized and

Unsubsidized Loan, unless you have applied separately for a Graduate PLUS Loan.

c. “I’m a Parent of an Undergraduate Student” if you the parent have applied for a Parent PLUS

Loan.

7. Once you have clicked “Start” to begin the appropriate MPN, follow the on screen instructions until

submitted. The Department of Education will notify Illinois State University you have completed in 2 to

3 business days once submitted.

disbursed. Parents should not complete Entrance Loan Counseling for the student.

Generally, you only need to complete Entrance Loan Counseling once during your college career and parents

do not need to complete as part of the Parent PLUS Loan process.

How long does it take to complete?

Entrance Counseling can take between 20 to 30 minutes to complete. Do not start if you do not believe you

will be able to finish in one sitting. There is no way to save your progress and if the screen times out or you

exit out, you will need to start over.

How to Complete Entrance Loan Counseling:

1. Go to www.studentaid.gov

2. Click “log in” and login using your student FSA ID and password (created/used when completing the

next to the statement “I am an Undergraduate Student”.

b. If you are a Graduate Student, click on the “start” button next to “I am a Graduate or

Professional Student”.

7. Read through the “Entrance Counseling Overview” and click “continue”.

8. On the left hand side, search first by state “Illinois” and then the name of the school “Illinois State

University” and click on “Illinois State University”

9. You should now see Illinois State University listed under “School(s) You Selected to Notify”, click

“continue”.

10. Follow the on screen instructions to proceed through the counseling. Pages will alternate between

informational pages, quiz questions and in some cases will prompt you to input information. Keep in