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A student loan promissory note is a legally binding contract that explains the terms of the loan and your rights and responsibilities for repaying the debt. It lays out important details you’ll need to know (both during school and after you graduate), including how you can spend the proceeds of the loan, when interest starts accruing, along with your deferment and repayment options.

If you’re a student loan borrower, it’s essential to understand what’s in your promissory note. Here, we walk you through the most common types of promissory notes for students.

What Is a Student Loan Promissory Note?

Put simply, a student promissory note is your student loan contract. It details the terms and conditions of that loan, including what you owe; how interest is calculated and charged; available repayment plans; and any late fees or other charges you may have to pay. Both federal and private student loans typically require that you sign a promissory note.

If you’re close to graduation (or recently graduated) and have any questions about repaying your student loans, your student loan promissory note is the best place to look. You’ll also want to review your promissory note if you are thinking about refinancing your student loans.

What Is a Master Promissory Note?

A Master Promissory Note (MPN) is a legal document that contains the terms and conditions for federal student loans. When you sign an MPN, you are promising to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education.

Borrowers with federal student loans can typically sign just one MPN that covers multiple years of borrowing, rather than signing a new MPN each year. This means you are accepting the amount of each year’s new loans under the terms of the existing MPN.

There are two types of MPNs:

•   Direct Subsidized/Unsubsidized Loan MPN: A student borrower must complete and sign this MPN before a school can make the first disbursement of a Direct Subsidized or Direct Unsubsidized Loan.

•   Direct PLUS Loan MPN: A graduate/professional student borrower or parent borrower must complete and sign this MPN before a school can make the first disbursement of a Direct PLUS Loan.

What to Look for on a Student Loan Promissory Note

A promissory note will provide you with a wealth of information about your student loan (or loans). Here’s a closer look at what you’ll find in a promissory note.

Federal vs Private Student Loan Promissory Note

For federal student loans, you may sign a Master Promissory Note that allows you to borrow more than one loan during a period of up to 10 years. Private student loan lenders, by contrast, typically require that you sign a new promissory note for each new loan borrowed. This typically means you’ll sign a new promissory note each year you’re in school. It’s important to review this contract carefully each time, since terms and conditions may have changed.

All MPNs follow the same basic form, while promissory notes for private lenders can vary. Another key difference between federal and private student promissory notes: A promissory note for a private loan will list your interest rate, while an MPN will not. This is because an MPN may cover multiple years and federal student loan interest rates change annually.

Recommended: Private Student Loans vs Federal Student Loans

Repayment Options

Federal loans come with several options to help you manage your debt post-graduation, such as income-driven repayment plans and forgiveness programs. These options are all outlined in your MPN. You’ll want to take time to review them, especially as you enter the repayment phase of your borrowing journey.

Your private student loan promissory note will also outline your repayment options and any borrower benefits you have access to (such as reduced-payment plans or forbearance). Before signing the contract, you’ll want to review the repayment details and make sure everything you have discussed with your lender is reflected in the promissory note.

Deferment Options

Student loan deferment lets you postpone payments on your student loans for a certain period of time. You won’t have to pay your student loan bills during a deferment, but interest might accrue during this time, depending on your loan type.

Federal loans offer deferment during a number of different situations, including being enrolled in school at least half-time (and for six months after you graduate), being unemployed, economic hardship, and active military service.

Like federal student loans, private student loans are typically placed into deferment while you’re enrolled at least half-time in school, and you may also have a six-month grace period after you graduate before you need to start making payments. Interest will generally accrue on private student loans during a period of deferment. Private loans may also offer other deferment options, but every lender is different, so you’ll need to check your promissory note.

Recommended: Student Loan Payback Calculator

Interest Rate: Fixed vs Variable

Interest rates on student loans can be fixed or variable. With a fixed-rate loan, your interest rate will remain the same for the life of the loan. With a variable-rate loan, the interest rate on the loan fluctuates based on a market benchmark or index rate.

Federal student loans have fixed interest rates, which are set each year by federal law. The exact interest rate on your loan will not be listed in your MPN. To view current interest rates for federal student loans as well as previous years’ interest rates, visit the U.S. Department of Education’s website.

Private student loans may give you a choice of fixed or variable rates. Your rate and whether it’s fixed or variable will be listed in your loan’s promissory note. If the rate is variable, it may start off lower than a fixed-rate option, but could rise over time leading to higher payments.

Student Loan Fees

Your promissory note will also detail any additional costs, such as any student loan fees. For example, federal student loans and some private student loans charge an origination fee, which is a percentage of your loan amount. This fee is typically taken from the loan before it is dispersed, which means you receive less than the full loan amount you accepted. Since the origination fee is included in the principal, you will also pay interest on it (even though you did not receive those funds).

Other student loan fees you may see listed on a promissory note include: application fees, late payment fees, and collection agency fees (in the event you default on your loan and it goes to collections).

Federal student loan fees are set by law. Private student loan fees will vary by lender, so be sure to check your promissory note to understand the fee structure for your loan.

Prepayment Penalties

Prepayment penalties are fees for paying off a loan early and are designed to help lenders make money by recouping lost interest charges. Fortunately, neither federal nor private student loans have prepayment penalties. Because of this, you can typically save money on interest by paying your student loan off early.

Recommended: Student Loan Refinancing Calculator

Cosigner Requirements and Removal

Some lenders require a cosigner for student loans. This is someone, typically a parent or guardian, who has good credit and agrees to repay the loan if the student is unable to. The cosigner is equally responsible for the loan.

Federal student loans generally do not require a cosigner (or credit check). The only exception is a Direct PLUS loan, which may require an endorser (which is essentially a cosigner) if the borrower has an adverse credit history.

Private student loans, by contrast, typically do require a cosigner, since students often lack the income and credit history to qualify for a loan on their own. Your promissory note will indicate if your loan has a cosigner. It will also state whether you can eventually remove your cosigner from the loan and, if so, what the requirements for a cosigner release are (such as making a certain number of on-time payments on the loan).

How Funds Can Be Allocated

Your promissory note will stipulate what you can spend the proceeds of your student loan on. Whether you have federal or private student loans, this typically includes: tuition, fees, books/supplies, room and board, transportation, and some personal expenses. It generally does not include off-campus dining, entertainment, and non-school services.

If you have money left over after your school uses your loan to cover tuition, room and board, and fees, you’ll want to refer to your promissory note to see what else you can spend the money on.

When Is the Promissory Note Signed?

In general, borrowers will need to sign the promissory note for their loans before receiving any funds. Students who are borrowing federal student loans are able to sign their master promissory note online by logging into their federal student loan account. Typically, you’ll need to sign only one MPN for multiple subsidized and unsubsidized loans, and it will be good for up to 10 years of continuous education.

A private student loan lender may allow you to sign a promissory note online, or you may need to print it out, sign, and send it via regular mail.

What if a Promissory Note Is Not Signed?

For federal loans, a signed promissory note is required before the loan is disbursed. So, failing to sign the promissory note could mean you won’t receive your funds, or at least won’t receive them until the promissory note is signed.

A signed promissory note is also generally required for disbursement of a private student loan, though each lender may have their own requirements.

Do You Need a New Promissory Note Every Year?

Private lenders typically require students to sign promissory notes for each loan taken out, which means you may sign a new promissory note every year. Generally, federal student loan borrowers can sign a one-time Master Promissory Note that is good for up to 10 years of continuous education.

Do Your Parents Need to Sign?

If you are borrowing a private student loan and a parent is acting as your cosigner, they will likely need to sign the promissory note.

If you’re taking out a federal student loan for your undergraduate education, you are the only borrower and your parents do not need to sign your MPN.

If a parent is borrowing a Direct PLUS Loan to help pay for your college education, however, they will need to sign an MPN. As with a student MPN, a parent needs to sign only a single MPN once every 10 years. The government can provide multiple loans based on one parent MPN.

How Long Does the Master Promissory Note Process Take?

According to the Department of Education, most people complete their Master Promissory Note online in less than 30 minutes. When you log into your account to fill out your MPN, keep in mind that the entire process must be completed in a single session, since you cannot save your progress.

The Takeaway

A student loan promissory note is a legally binding document in which the borrower agrees to repay the loan and any accrued interest and fees. The document also explains the terms and conditions of the loan, including fees, deferment options, and repayment plans. Federal student loan borrowers may be able to sign just one Master Promissory Note, which will cover all federal loans for a period of up to 10 years. Private lenders generally require a promissory note for each individual loan.

Understanding the terms and conditions laid out in your student promissory note will help you know what to expect when borrowing and ultimately repaying your student loans.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

FAQ

Do you have to do a master promissory note every year?

No, you do not have to sign a Master Promissory Note (MPN) every year for federal student loans. Once signed, it’s typically valid for up to 10 years and allows you to borrow multiple loans under that same MPN. MPNs are also not school-specific so you can typically use the same MPN even if you transfer colleges.

How do you get your student promissory note?

For federal loans, you can complete your Master Promissory Note on the Federal student aid website. It takes about 30 minutes to fill out and two to three business days to process. You will then be able to access (and download) your student promissory note by logging into your account.

For private loans, you may be able to sign your promissory note online or you may need to print it out, sign it, and mail it to the lender. You’ll receive a copy of your promissory note along with your other loan materials.

How long does it take for a master promissory note to process?

Once you submit the Master Promissory Note (MPN) online, it usually takes about two to three business days for processing. This time frame allows for the U.S. Department of Education to verify your information and communicate with your school regarding the loan. After your MPN is processed, your school will credit the loan funds to your account, and you can check your loan status on the Federal Student Aid website.

How do I get a copy of the promissory note for my student loan?

You can get a copy of your signed Master Promissory Note (MPN) for federal student loans by logging into your account on StudentAid.gov using your FSA ID. Navigate to your loan documents to find the MPN. You can then view, download, or print a copy for your personal records.

With a private student loan, your lender will typically provide you with a copy of the promissory note, along with several other documents, when they finalize the loan. If you can’t locate a copy, you can reach out to your lender and ask them to send you one.

Do I have to pay my student loans if I drop out of college?

Yes, even if you drop out of college, you’re still required to repay your student loans. Once you’re no longer enrolled in school at least half-time, student loans typically enter a grace period, which is often six months. After that, repayment begins. Dropping out does not eliminate your obligation to repay the debt, and failure to make payments could lead to loan default.

Federal loans do offer some borrower protections, however. Options like deferment, forbearance, or income-driven repayment plans may help if you experience difficulty repaying your loans after leaving school. Some private lenders also offer assistance for borrowers who hit challenging times.

Will a student loan affect my credit score?

Yes, student loans directly affect your credit score. Once you take out a student loan, it becomes part of your credit report and, like other types of loans, can impact your payment history, length of your credit history, and credit mix. Making timely payments can help you build a positive credit history. However, missed or late payments can negatively affect your credit and score.

SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

SOSLR-Q324-026

If you’re looking to open a new checking or savings account, you may wonder whether you should go with a traditional or online bank. Which one is better?

The answer depends on your banking needs, priorities, and personal preferences. Online banks often have lower fees, higher interest rates, and more user-friendly websites and mobile apps. But traditional banks offer certain services, especially at branches, that can’t always be fully replaced by online banks. To help you make the right choice, below is a breakdown of how online and traditional banks compare.

Differences Between Online and Traditional Banking

First, it’s important to note that many traditional banks offer online banking features so that members can access their accounts digitally, and online banking is popular at both traditional and online banks. According to SoFi’s April 2024 Banking Survey of 500 adults, 48% of respondents said they use online banking daily, and 26% reported that they use it several times a week. Only 5% of survey participants said they don’t use online banking at all.

There are some key differences between online and traditional banks, however, that are important to keep in mind. Here’s a look at some of those differences.

Interest Rates and Fees

Online banks typically spend less on real estate and staffing and are able to pass that savings along to their customers in the form of no (or low) fees and higher than average interest rates. Many digital banks offer checking accounts with few or no fees, and online savings accounts with annual percentage yields (APYs) several times more than the national average.

ATMs

Traditional banks typically offer a wide network of branded ATMs that account holders can access without a fee. Since digital banks don’t have branches, they don’t have their own ATMs. Instead, they usually partner with a large ATM network that customers can use for free for withdrawals and, in some cases, depositing cash. Or they may have an arrangement where they refund you for any bank fees you incur using an ATM. Online banks tend to work hard to level the playing field on this front.

Customer Service

While online banking provides various customer service channels, such as online chat, email, and phone support, traditional banks offer the benefit of in-person customer service. This can be a significant advantage for individuals who prefer face-to-face interactions or more personalized service.

Safety and Security

Both traditional and online banks typically use state-of-art security to protect customer funds. In addition, the Federal Deposit Insurance Corporation (FDIC) provides the same coverage of customer deposits at online banks as they do for brick-and-mortar institutions. If you have your money at a bank (traditional or online) insured by the FDIC, your funds are covered up to $250,000 per depositor. Co-owners of joint accounts at the same bank are each insured up to $250,000.

Cash Deposits

You can easily deposit cash at a traditional bank by going into a branch. With an online bank, however, handling cash can be a little more complicated. Since digital banks lack physical branches, you’ll need to locate an in-network ATM that accepts cash deposits. Alternatively, you may need to deposit the cash into a traditional bank account first, then transfer the funds to your online bank account. In SoFi’s survey, 63% of respondents said they frequently transfer funds between accounts using online banking.

What Is Online Banking?

Many traditional banks offer online banking in addition to in-person services, but some banks operate exclusively online. Referred to as online, online-only, or digital banks, these institutions offer similar services to traditional banks, minus the physical branches (and free lollipops).

For example, you can typically open checking and savings accounts, get a debit card, sign up for automatic bill pay, transfer funds, deposit checks via mobile app, receive direct deposits, and more at an online bank. You can even withdraw cash, since online banks typically partner with a third party network to offer fee-free ATM service.

Pros and Cons of Online Banking

Some of the main advantages of choosing an online bank include:

•   Lower fees: Online banks generally don’t charge monthly account fees; some have also done away with all common bank fees, including overdraft fees and out-of-network ATM fees.

•   Higher interest rates: Online banks tend to offer the highest APYs on deposit accounts. If you’re shopping around for the best high-yield savings accounts or high-yield checking accounts, online banks often come out on top.

•   User-friendly interfaces: As digital-first institutions, online banks typically offer modern and intuitive platforms and mobile apps with robust features, such as tools that enable automatic saving or investing.

•   Low or no minimum balance requirements: Unlike some traditional banks, online banks usually don’t require you to maintain a minimum balance to earn the advertised rate or avoid fees. They also tend to have low or no minimum opening deposit requirements.

While online banks excel in many areas, there are some drawbacks to keep in mind:

•   Lack of in-person services: Online banks typically have no physical branches, so there’s no opportunity for face-to-face interaction or assistance.

•   Cash deposits and withdrawals may be limited: Some, but not all, ATMs allow cash deposits. ATMs also typically limit how much cash you can withdraw in one day. And if all you have is a savings account, an online bank may not allow cash withdrawals at ATMs.

•   The range of accounts may be limited. You’ll often find fewer financial services at an online bank than you would at a full-service traditional bank. In some cases, an online bank may only offer a checking account, a savings account, and a certificate of deposit (CD) account.

•   Connectivity issues. If you’re unable to access your bank online, whether due to planned maintenance or connectivity issues, you may not be able to access your money, pay bills, or carry out other banking tasks. While a traditional bank might encounter the same issues, its branches might not be affected by a site disruption.

What Is Traditional Banking?

Traditional banking refers to banks with a physical presence. At larger banks, this will often include regional headquarters in each country where they are active, as well as a network of branches and branded ATMs. Traditional banks typically have a large number of employees and offer face-to-face customer service during banking hours.

Traditional banks generally offer a full range of financial services, including savings and checking accounts, CDs, money market accounts, as well as a wide array of lending and investment products. In-person services may also include offering cashier’s checks, certified checks, money orders, check cashing, and cash/coin deposits.

Traditional banks, especially the largest banks, can be your one-stop shop for all things related to your finances.

Pros and Cons of Traditional Banking

Here’s a look at some of the key benefits of traditional banking:

•   In-person service: Traditional banks offer the option of walking into a branch and getting face-to-face assistance from bank staff. The banking team often gets to know their customers for more personalized and friendly service.

•   Comprehensive services: Traditional banks typically offer a broader range of accounts and financial products than their digital counterparts.

•   Fast access to funds: Depositing checks at a branded ATM or with a teller at a branch can mean same-day access to that money, instead of waiting a day or longer for a mobile check deposit to process.

•   Easier cash deposits/withdrawals: With a traditional bank, you can make cash deposits and withdrawals at a physical branch, which generally comes with fewer limitations than doing these transactions at an ATM.

But traditional banks also have some downsides. Here are some to consider:

•   Higher fees: Traditional banks often charge various fees for services, such as overdrafts, ATM withdrawals, and account maintenance. These fees can quickly add up and eat into your balance if you’re not careful. According to SoFi’s data, 29% of people have switched banks because they wanted lower fees.

•   Lower interest rates: Savings accounts at brick-and-mortar banks tend to offer relatively low APRs on savings accounts and nominal or no interest on checking accounts.

•   Time-consuming: Traveling to a local branch — and potentially waiting in line — to meet with a bank representative to conduct your banking in person can take up a lot of time.

•   Limited accessibility: Though traditional banks may offer 24/7 online access to your account, branches typically operate only during specific hours, which may not always align with your schedule. The SoFi survey found that 23% of people rarely visit a bank branch.

Recommended: Credit Unions vs Banks

How to Know if Online Banking Is Right for You

Whether you choose to go with an online bank or a traditional financial institution is a personal decision. Here are some signs that an online bank will be a good fit:

•   You prioritize high interest rates and low fees to help your money grow faster.

•   You are comfortable accessing a partner network of ATMs vs. a bank’s own branded machines.

•   You are satisfied with seeking customer service via online chat or phone.

•   You are confident in managing your money without having a personal banker at your local branch.

•   You are digitally savvy enough to conduct transactions online.

If the above statements don’t ring true for you, then you’ll likely be better off with a traditional bank.

The Takeaway

Choosing between online and traditional banking involves weighing the convenience and cost benefits of online banking against the personalized service and comprehensive offerings of traditional banks.

Online banking generally offers 24/7 access, lower fees, and higher interest rates, making it ideal for those comfortable with technology. Traditional banking provides face-to-face interaction, immediate access to funds, and a wide range of services, catering to those who value personal relationships and in-person assistance.

Ultimately, the best option for you will depend on your individual needs, preferences, and lifestyle. Using both can also be a viable strategy, allowing you to leverage the strengths of each option to optimize your money management.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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