The Master Promissory Note

If you plan to receive a Federal Stafford Loan (i.e. subsidized, unsubsidized, additional unsubsidized, PLUS) for the 2009 – 2010 year, please read the following to find out if you need to sign a new Master Promissory Note (MPN)*.

1. If this is the first time you will receive a Federal Stafford Loan you must sign an MPN.
   
   When borrowing a Federal Stafford Loan, you have the right to choose your lender. If you select a credit union, become a primary account holder before you sign your MPN to avoid delays in processing your loan. Utah Higher Education Assistance Authority (UHEAA) will process your loan as the guarantor unless you choose a lender outside of the state of Utah.
2. If you have previously had a loan with UHEAA as your guarantee agency and your most recent MPN is with any of the lenders listed below, you will need to sign a new MPN and choose a new lender before your loan can be processed and disbursed.
   • US Bank
   • Wells Fargo
   • Zions
   • Washington Mutual
   You have the right to choose your new lender. If you select a credit union, become a primary account holder before you sign your MPN to avoid delays in processing your loan.
   
   You can sign your new MPN at www.uheaa.org. Please note your loan information will not be available at the UHEAA website until your financial aid file is complete and you have accepted your loan. You can contact UHEAA at 1-877-336-7378 with any questions (i.e. UHEAA login information, current lender, etc).

*The MPN:

• is a binding legal agreement you sign to indicate your commitment to repay your student loan(s);
• may be used for multiple loans up to 10 years; and
• makes the borrowing process easier for borrowers and schools alike;
• may be cancelled with written notice to the guarantee agency.