Students graduating, withdrawing, or failing below half-time status must attend an exit interview session. Repayment begins 30 days after receipt of the loan unless you receive a deferment. Parents borrow funds to help meet their dependent student's educational expenses. Parents must have a good credit history. A student does not have to demonstrate financial need.
Parents borrow up to the cost of attendance minus estimated financial aid.
A parent and dependent student must sign a promissory note. Repayment begins within sixty day after disbursement. The MPN is a promissory note that students attending institutions of higher education will complete when applying for federal student loans. The terms of the loan have not changed, only the form to be completed has changed. The MPN was developed to simplify and streamline the loan application process.