The National Directory of Certified Public Accountants

Ask A CPA - College Planning & Financial Aid

In The College Application Process , Do I Have To Sign The Master Promissory Note Each Year ?

If your school is authorized by the Department of Education, and uses the Master Promissory Note as a multi year note, you will only have to sign the note once as long as you don't change lenders. If you attend a two year or proprietary school, you will need to complete the Master Promissory Note each year. If your Master Promissory Note exceeds 10 years, you must sign a new Master Promissory Note.

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