The National Directory of Certified Public Accountants

Ask A CPA - Mortgages & Loans

In The College Application Process , Is The Master Promissory Note My Loan Application ?

No. Unlike the previous Stafford Loan Application Promissory Note, the Master Promissory Note is simply the promissory note. Rather than completing a separate application, you begin the loan process each year by answering "yes" to the question on the Free Application for Federal Student Aid (FAFSA) that asks if you are interested in student loans. The financial aid office will advise you of any additional steps they require in the application process such as completing a loan request or loan information form.

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