Loan Promissory Notes
Before you can receive any funds from a loan, you must complete a promissory note. A promissory note is your legal commitment to repay the loan funds, any accrued interest and fees to the lender of the loan.
The following loan programs require that a promissory note is completed for each academic year during which you are to receive loan funds:
- Federal Nursing Loan
- Nursing Faculty Loan
- Mandel Short-Term Loan
- Vacha Loan
- Independent Medical Loan
Master Promissory Notes
A master promissory note (MPN) is only completed at the time you receive your first loan from the lender for a specific loan type. This MPN covers all loans awarded to you while you are enrolled at Loyola University Chicago. You are not required to complete a MPN each year.
The following federal loan programs require that a MPN be completed to receive loan funds:
- Federal Perkins Loan
- Federal Direct Stafford Loan
- Federal Direct Graduate PLUS Loan
- Federal Direct Parent PLUS Loan
Note: A separate promissory note or MPN must be completed for each type of loan you wish to receive.
*If you don't plan to borrow a Federal Stafford Loan in 2012–2013, click here for instructions on declining the loans.
PIN and School Code Information
A U.S. Department of Education PIN is required to complete all promissory and MPNs for these loan programs. If you do not have a PIN from the U.S. Department of Education—or if you have forgotten it—you may apply for one online at www.pin.ed.gov.
You may also be required to provide Loyola’s School Code to sign the promissory note or MPN.
- Loyola’s School Code for Federal Perkins, Federal Nursing, Nursing Faculty and Mandel Short-Term Loans: N9
- Loyola’s School Code for Federal Stafford, Federal Graduate PLUS, Federal PLUS Loans: 001710