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What is a master loan promissory note?

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Brad Barnett

<span><font><font>Brad received his Bachelor of Science degree from Southern Arkansas University, with a major in Psychology and a minor in Business.<span>  </span>He furthered his education by graduating from the Medical College of Virginia at Virginia Commonwealth University with a Master of Science degree in Rehabilitation Counseling, specializing in Mental Health.<span>  </span>He has been involved in the financial aid and/or rehabilitation professions for the past 15 years.</font></font></span><span><font> </font></span><span><font>Brad, a Past President of the Virginia Association of Student Financial Aid Administrators (VASFAA), currently serves as the Senior Associate Director of Financial Aid & Scholarships for James Madison University.<span>  </span>Immediately prior to JMU, he served as an Assistant Director of the Financial Aid Office at Virginia Commonwealth University.<span>  </span>Brad has presented numerous sessions at state, regional, and national conferences, and has served on a variety of association committees.<span>  </span>In addition to speaking at professional conferences, Brad has conducted an abundance of workshops and presentations in non-conference environments, including teaching a credit based financial literacy course at JMU entitled “Dollars and Sense.”<span>  </span>Many of the topics Brad’s speaks on include communication, leadership, values, financial aid policies and procedures, financial literacy, and saving for college.<span>  </span>He has also facilitated strategic planning and value development retreats.</font></span>

What is a master loan promissory note?

In this video, Mr. Barnett defines some important financial aid terminology that will assist you in understanding more about financial aid in general.

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College

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University

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Scholarship

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Host: What is a Master Loan Promissory Note?

Brad Barnett: When you apply for Federal Student Loans, you have to complete a Master Loan Promissory Note. This is, think about from a perspective, if you had a house loan or a car loan or any type of loan you take out, you have to sign a promissory note. It tells you what your rights and responsibilities are, tells you this is a loan and you do have to repay it. The same thing is true with federal loans, you need to submit and complete a Master Loan Promissory Note when you first start taking out your loans

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