Student Loans and Scholarships


A Unit of the Bursar's Office

Master Promissory Notes

Starting with the 2003/04 academic year, Master Promissory Notes have replaced promissory notes that required signature on an annual basis. If a promissory note was signed in previous years, a Master Promissory Note will have to be signed once for future loan awards.

Terms

The signed Master Promissory Note will cover all loans awarded under that particular loan fund until the note expires (up to 10 years later). Please note, there are separate Master Promissory Notes for Federal Perkins and University (long-term) Student Loans.

Wait for an Invitation

If you have been awarded a long-term Federal Perkins and/or University Student Loan, have a Penn State Access Account and are scheduled for classes, an invitation to electronically sign your Master Promissory Note will be e-mailed to you in the beginning of August. It is no longer necessary to sign a paper promissory note and return it to our office.

Helpful Hints

Since the Electronic Signature web-site is a secure, interactive web-site application, the invitation will provide a few "helpful hints" prior to beginning your electronic signature session:

  • Due to the confidential nature of the information reviewed, your computer should not be left unattended during the session.
  • You will be asked for specific information. Please have the following information readily available prior to beginning your electronic session:
    • Your permanent address, email address and phone number
    • Names, address and phone number(s) of your parents (if applicable)
    • Names, addresses and phone numbers of two other adults. They must have a different address than you and the other references.

How do I sign?

Once prepared, you can electronically sign your Master Promissory Note(s) by completing the following steps:

  1. Go to Penn State's Electronic Signature web-site.
  2. Complete the Borrower Authentication process.
  3. Follow the online instructions.

Please contact us if you have any questions concerning your Master promissory Note or our electronic signature web-site.

Federal Stafford Student Loans

Federal Stafford Student Loans are not serviced by the Office of Student Loans and Scholarships, thus are not signed at our web-site. Please refer to the Office of Student Aid web site for signature procedures for your Federal Stafford Student Loans.



This information is available in alternative format upon request