Master Promissory Note: Fill & Download for Free

Student Loan AgreementsI won’t make the time to write an adequate answer myself at the moment, but it needs to be said:I hate telling people what to do, don’t let me scare you away:Prospective university students should understand their objectives before attending college. They should understand what jobs are available, and what education is truly necessary in order to acquire employment or otherwise make money. A university education is, ultimately, an investment, and it is unique in that it cannot be discharged as other investments (in property, vehicles or capital in general) can be.It is not a status symbol. It is not indicative of your value as a human being. Furthermore, it is not mandatory.Many students, due to intense social pressure feel it is mandatory. This burden is magnified if one has historically been a high achiever academically or demonstrated a strong work ethic.If you find yourself being pressured into signing a student loan agreement without understanding why you are doing it, I’d advocate stepping back and gathering more information.I’ve shamelessly copied the following from What Is a Promissory Note? Your Student Loan Contract Explained | Student Loan HeroWhat You Need to Know About That ‘Master Promissory Note’ You SignedAlthough the majority of students borrow loans these days to pay for college, many of them don’t understand the terms and conditions of their debt when they sign on the dotted line.Given all the rules and industry jargon, it’s easy to get confused. But if there’s one document you should pay attention to: your Master Promissory Note.So, what is a Master Promissory Note? It’s basically the contract that outlines all the details of your student loan.Let’s take a closer look at promissory notes and how they can clear up any questions you have about your student loans.What is a Master Promissory Note?When you borrow a student loan from the federal government, you promise to pay that loan back — with interest. But that promise isn’t made over the phone or with a hearty handshake.Rather, you make a legal promise to repay your debt by signing the Master Promissory Note. This document outlines your agreement to pay back a specific amount in student loans.As your promissory note will explain, you’re obligated to pay back your loan even if you leave school early or can’t find a job after graduation.The only exception would be if your school closed, violated state law or met another condition that would qualify you for student loan discharge, which, though rare, does happen from time to time.In most cases, however, you’re on the hook for repaying your debt, and your promissory note is the contract that contains that agreement.Read over the details of your promissory noteYour promissory note will also go over the details of your loan, including how much you owe and what your interest rate is. It will explain how interest is calculated, along with your options for student loan repayment plans.Pay attention to these details so you understand exactly what’s expected of you when paying back your loan. Some questions to ask yourself include:Do you have a standard six-month grace period before you must begin repayment?Can your loan be used toward housing and transportation, or is it only for tuition and books?What is the interest rate you agreed to?The answers to all of these questions should be explained in your note. Don’t just sign it because you’re being offered money — make sure that the loan matches your long-term financial objectives.

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Yes, of course you are responsible for a student loan that you took out in college.You didn’t “apparently” take the loan out — taking a loan out isn’t a simple process. You need to elect what amount you’re applying for, and you need to sign a master promissory note every time you request additional funds. The master promissory note dictates the terms of the loan — it is your contract.Unless somebody committed a case of identity theft, you’re responsible for paying back the funds. How you spent them is irrelevant. People can go to jail for refusing to pay back student loans. I suggest you communicate with your lender to find a favorable situation for both of you. Regardless of how you feel about your student loans, you’re accountable for your debt.