A Master Promissory Note (MPN) is available to first-time borrowers under the William
D. Ford Federal Direct Stafford Loan and Federal Perkins Loan  programs. The nature
of an MPN is that you sign a single promissory note for each type of loan that you
borrow (rather than signing a new note for each loan amount as with a regular promissory
note). The MPN allows you to receive multiple disbursements through the same loan
program over a maximum ten-year period. Each year, you will receive a disclosure statement
from your lender showing the amount of each loan and any additional terms of each
loan.