<p>Im kind of clueless on what they are, are they necessary?</p>
<p>They are completely necessary! You can't get a federal loan without signing one (subsidized Stafford, unsubsidized Stafford, or Perkins). You school's financial aid department will be able to tell you what to do. Many schools have online MPNs, either through their preferred lenders or ... if they use the direct lender system ... through the government. My D uses a lender that is not a preferred lender for her school, but she was able to do her MPN online on the lender's website.</p>
<p>MPN is Master Promissory Note. It's the contract for the loan.</p>