The Master Promissory Note (MPN) is a legal and binding document in which you agree to repay your loan(s) and any accrued interest and fees to the Department of Education. It also explains the terms and conditions of your loan(s). Under this note, you may receive multiple subsidized and unsubsidized Federal Direct Loans over a maximum of 10 years. The advantage of using the MPN is that a new promissory note will not need to be signed for each new loan. The Master Promissory Note must be completed with the Department of Education for all students who have never received a Federal Direct Loan before.