Federal Perkins Loan Master Promissory Note (MPN) FAQ
I've been awarded a Federal Perkins Loan. What is a Master Promissory Note?
A master promissory note (MPN) allows you to sign once for multiple loans. You will sign only one note for all future Federal Perkins Loans received at Gustavus Adolphus College.
What am I agreeing to when I sign a MPN?
You are agreeing to repay the U.S. Department of Education all Federal Perkins loans made to you under the terms of the MPN and that you understand that multiple Federal Perkins loans may be made to you under this same MPN.
What if I already signed a Federal Perkins MPN?
If you signed a Federal Perkins MPN for a loan at Gustavus Adolphus College, that note suffices for all Federal Perkins borrowed here. You are required, however, to view the disclosure for each new loan made after your first Federal Perkins loan. You view the disclosure on the Internet at https://www.signmyloan.com (same site as the MPN). You will receive an email to your Gustavus Adolphus College email account when the disclosure statement is available.
Who services Federal Perkins Loans for Gustavus Adolphus College?
Gustavus Adolphus College contracts with University Accounting Services (UAS) to process Federal Perkins Loans.
How will I know when and how to sign my MPN after I have received a Federal Perkins Loan?
Once Gustavus Adolphus College transmits information about students receiving Federal Perkins Loans (usually in June); UAS will send e-mail notifications to your Gustavus Adolphus College email address informing you how to get your UAS PIN and where to go to sign your note. There will be multiple e-mails sent to you from SignMyLoan which will contain information on how to retrieve your PIN and once you have your PIN you will be able to go through the authentication process with the PIN and sign your MPN.
What if I don't have a computer to access the internet?
The Finance Office has a computer available in the office for those without access to the internet; staff is available if you have any questions.
I have received an email telling me to retrieve my PIN and then it goes right into the authentication screen but I don't have my PIN yet?
Once you are to this point you should open another browser session and log back into your Gustavus Adolphus College email where you will find a second e-mail containing your PIN. Using this PIN you can now continue with the authentication process.
How many references are needed to complete the MPN?
The MPN requires you to have three references and they must live at different addresses.
How long does it take to complete the MPN process?
It should take you about 20 minutes to complete the process if you have all the information that is required. You will be asked to provide the names, addresses and telephone numbers of three references.
What other information besides my references will be required of me?
Once the reference information is entered, it will require you to read and agree to what you are signing.
Should I print a copy of the MPN to keep?
Once you are through with the process, it will allow you to print a copy of the MPN you signed and you should keep a copy for your files.
What if I accidentally delete the e-mail that I have received and have not yet signed my MPN?
You can go directly to the https://www.signmyloan.com and click on Get a PIN. The 6 digit PIN is then sent to you with the e-mail address you indicated. Once you have received the PIN, return to the https://www.signmyloan.com and click on Review and Sign your loan.
What if I continue to get e-mails from UAS and have decided not to take the loan?
Please notify the Office of Student Financial Assistance that you would like to decline the loan by calling (507)-933-7527 or e-mailing firstname.lastname@example.org.
I still have questions - where else can I find answers.
You can contact UAS directly at phone number 800-999-6227 with your questions. If you need further assistance you can contact the Donna Loken, Gustavus Adolphus College Finance Office, phone (507)-933-7503.