Why doesn't the Master Promissory note itself list the school

Question

So they can know which one I'm coming to?

Answer 1

The Master Promissory Note doesn't involve the school - it's nothing more than a legal contract between you and the lender.

If you read the promissory note carefully, you'll see that it contains two promises (and a bunch of rules and regulations about how those promises will be kept)

The lender promises to lend you money,

You promise to repay the money according to the terms of the loan.

Everything else is window dressing.

Don't worry about the school getting the money - the lender had to confirm with the school that you were eligible for the loan, and that you were registered there, so the school and the lender are already ready to work together on getting your loan disbursed to your student account.

Be sure to read the Promissory Note carefully - it has a lot of things in there that you need to know. Yes, it's boring and it may be a little difficult to understand, but you've agreed to everything in the document, so it's important to know what it is that you agreed to.

By the way - it's called a Master Promissory Note because the lender anticipates that "you'll be back" to borrow more money next year. Rather than having you sign a new loan agreement every year, you've agreed that any new loan will be governed by the terms of this Master Note that you and the lender have already signed.

I hope that helps. Good luck in school!