Before loan funds can disburse, a promissory note must be completed. Typically, a master promissory note is completed online and can be used to make multiple loans for up to ten years.
UW-Milwaukee processes all Federal Stafford and PLUS loans through the William D. Ford Federal Direct Loan program. This means students borrow directly from the federal government.
ALL new borrowers must complete a master promissory note (MPN) to borrow funds. The PIN that was assigned by the Department of Education serves as the borrower's signature. Borrowers can request a PIN at www.PIN.ed.gov. All MPNs for the Direct Stafford and PLUS programs should be completed online at www.studentloans.gov.
By signing, you confirm you understand that UW-Milwaukee may offer new loans to you for the duration of your education (up to 10 years) without having you sign another promissory note. You also agree to repay your lender, all loans made to you under the terms of the MPN.
While your signature on the MPN allows UW-Milwaukee to make multiple loans to you under a single note, you are not required to accept the amount that you are offered. You should access your PAWS account to accept/reduce/or decline the offer. In addition, you may cancel all or a portion of your loans after the funds have been credited to your account by notifying UWM in writing or by returning the funds to the Bursars Office within 14 days. The Bursars Office will notify you when loan funds have been disbursed to your account and allow you to return funds that you do not want. You will only be responsible for the loans you actually receive.
If this is the first time you are receiving a Stafford Loan, you must also complete Entrance Counseling before your loan money can be disbursed to you.
Parent Loan for Dependent Undergraduate Student (PLUS) Promissory Note
A parent applying for a Direct PLUS loan for the first time must complete a PLUS application AND a PLUS Master Promissory Note (MPN). Typically, a PLUS MPN is valid for up to 10 years from the original signature date, (except when an endorser is attached to a PLUS loan).If an endorser is added to a PLUS application, a borrower must complete a PLUS MPN for each PLUS loan borrowed with an endorser.Each year a parent should initiate a PLUS Request - which involves a credit review. A Free Application for Federal Student Aid (FAFSA) must be submitted before a Parent PLUS loan will be processed by the school. The FAFSA can be filed at http://www.fafsa.gov.
Beginning May 1, parents may complete the Federal Direct Parent PLUS Application and MPN for the 2014-2015 school year.
Graduate Student (PLUS) Promissory Note
A graduate or professional student borrowing a Grad PLUS Loan for the first time must complete a Graduate PLUS application AND a Master Promissory Note (MPN). Typically, a graduate/professional student may borrow multiple loans under the same PLUS MPN for up to 10 years after the original signature date (except when an endorser is attached to a PLUS loan). If an endorser is added to a PLUS application, a borrower must complete a PLUS MPN for each PLUS loan borrowed with an endorser.
Each year the graduate/professional should initiate a Graduate PLUS Request - which involves a credit review. All graduate/professional student PLUS borrowers are required to complete a Free Application for Federal Student Aid (FAFSA) before a Graduate PLUS loan will be processed by the school. The FAFSA can be filed at http://www.fafsa.gov.
Beginning May 1, graduate/professional students may apply for a Federal Direct Grad PLUS loan for the 2014-2015 school year.
If this is the first time you are receiving a Graduate PLUS Loan, you must also complete Grad PLUS Entrance Counseling before your loan money can be disbursed.
Perkins and Nursing Loan Promissory Notes and Supplemental Application
If you were offered and accepted a Federal Perkins and/or Nursing Loan for the first time, you will need to complete a Perkins or Nursing master promissory note (MPN). Review additional information and instructions by selecting the individual link for this program under the Award Column on your PAWS account.
Promissory notes must be completed within 30 days or the loan will be canceled.
If you have questions about your Perkins/Nursing loan:
- If you have questions regarding your current semester loan, please contact the financial aid department at 414-229-4541.
- If you have questions regarding repayment or prior year loans, please contact the Bursar's Office at 414-229-4915.
- If you need a copy of your Perkins/Nursing loan, please contact the Bursar's Office, Room 295, Mitchell Hall.