A lending document that describes the rights and responsibilities of a federal loan borrower is called a Master Promissory Note (MPN).
A borrower is a person who takes a loan for a certain period of time from the lender.
Master Promissory Note is one of a kind of note which allows a student of the US country to take an education loan. This note is used to take a loan for an academic period but only up to 10 years. It states the terms and conditions regarding the loan repayments and specifies the rights and responsibilities of a loan borrower.
Therefore, MPN, that is, Master Promissory Note is the note that details the rights and responsibilities of a federal borrower of a loan.
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