Law School Discussion

Nine Years of Discussion
;

Author Topic: MPN Question  (Read 1631 times)

ChiJD

  • Full Member
  • ***
  • Posts: 20
    • View Profile
MPN Question
« on: May 15, 2008, 03:51:14 PM »
Once you apply for a student loan and sign the MPN, are you obligated and bound to that particular loan/school? I say you are; my roommate says you can get out of it (he's still waitlisted at a few schools but is going to apply for loans for the school he is already in at).

Which one of us is right?

El_Che

  • Sr. Citizen
  • ****
  • Posts: 601
    • View Profile
    • 0L Musings
Re: MPN Question
« Reply #1 on: May 15, 2008, 05:57:49 PM »
I'm pretty sure once you sign the MPN, you're tied to it. Maybe there's a way out of it, I'm not an expert on financial aid though.

pig floyd

  • Sr. Citizen
  • ****
  • Posts: 852
    • View Profile
Re: MPN Question
« Reply #2 on: May 15, 2008, 06:03:44 PM »
I'd imagine you get out of it by default when the school doesn't authorize money taken out against it.  neh?

I hate science because I refuse to assume that a discipline based in large part on the continual scrapping and renewal of ideas is unconditionally correct in a given area.

El_Che

  • Sr. Citizen
  • ****
  • Posts: 601
    • View Profile
    • 0L Musings
Re: MPN Question
« Reply #3 on: May 16, 2008, 12:12:14 PM »
hmm perhaps. read the fine print though.

pig floyd

  • Sr. Citizen
  • ****
  • Posts: 852
    • View Profile
Re: MPN Question
« Reply #4 on: May 16, 2008, 12:49:46 PM »
hmm perhaps. read the fine print though.

What do you think I am, a law student?   >:(

 ;)
I hate science because I refuse to assume that a discipline based in large part on the continual scrapping and renewal of ideas is unconditionally correct in a given area.

fsohn

  • Sr. Citizen
  • ****
  • Posts: 230
    • View Profile
    • Email
Re: MPN Question
« Reply #5 on: May 17, 2008, 02:25:17 AM »
Some schools let you cancel parts of loans, or entire loans, if you come into some money via a dead relative, lottery, etc, or if you just plan on living on less.  I know my undergraduate college did.

ChiJD

  • Full Member
  • ***
  • Posts: 20
    • View Profile
Re: MPN Question
« Reply #6 on: May 22, 2008, 01:29:24 PM »
Any other thoughts? If I withdraw from school A, will my loans just not go through and they will get canceled out? Anyone have any experiences with this sort of thing?

jack24

  • Sr. Citizen
  • ****
  • Posts: 1050
    • View Profile
Re: MPN Question
« Reply #7 on: May 22, 2008, 01:56:21 PM »
Worst case scenario is that the money allocated to the school will be refunded to the lender (because no tuition is due) and you will be responsible for the interest accrued and the origination fee (If one applies)
It's not like the school will keep the money if you don't attend there.

But yes, after you sign the MPN you are responsible for payment in full.  A promissory note is a legal contract, not an application.

nikos13

  • Full Member
  • ***
  • Posts: 73
    • View Profile
    • Email
Re: MPN Question
« Reply #8 on: May 22, 2008, 02:07:26 PM »
Contact the lender and the other school. Between the 2, you should be able to figure out what the best way to go about it is. I don't think they can charge you the full-price if you don't attend that school.....but then again, the student-loan industry is shady and anything is possible!