Plain-English definitions for the terms you'll encounter on your financial journey.
A legal agreement signed by a borrower promising to repay their federal student loans and follow all associated terms and conditions.
Master Promissory Note: This is a legal contract you sign when taking out a student loan, stating that you promise to pay the money back along with interest. It is a one-time document that covers all your future loans for that specific program, acting as your formal 'I.O.U.' to the lender.