10.26.09 | Can a Power of Attorney Sign my Stafford MPN?
Yes, a third party with power of attorney for the borrower may sign a Stafford promissory note if the borrower is unable to sign.
Use of a power of attorney when signing an MPN limits the use of the MPN to
one loan. If the borrower submits his or her MPN through the school, the school must retain a copy of the original power of attorney and submit a copy with the MPN to the loan holder. A photocopy or a fax of the power of attorney is acceptable.
If the note is signed with a power of attorney, the student must authorize the
school in writing to credit the loan funds to his or her account at the school. In addition, the school must pay any remaining balance to the student for living expenses.
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