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(CB-02-12) SUMMARY: This letter provides electronic versions of the Federal Perkins Loan Program and National Direct Student Loan (NDSL) promissory notes (Perkins eNotes).

Publication Date: July 2002

DCL ID: CB-02-12

SUMMARY: This letter provides electronic versions of the Federal Perkins Loan Program and National Direct Student Loan (NDSL) promissory notes (Perkins eNotes).

July 2002

CB-02-12

SUMMARY: This letter provides electronic versions of the Federal Perkins Loan Program and National Direct Student Loan (NDSL) promissory notes (Perkins eNotes).

Dear Partner:

To assist schools and their borrowers to achieve the benefits provided for in the Electronic Signatures in Global and National Commerce Act (E-Sign Act) of 2000, the Department of Education is providing you with electronic versions of the Federal Perkins Loan Program and National Direct Student Loan (NDSL) promissory notes. These eNotes are comparable to the paper promissory notes approved for use in the Perkins Loan Program that were published with Dear Partner Letter CB-01-13, in November 2001. These electronic versions of the promissory notes were modeled after the MPN in use in the William D. Ford Federal Direct Loan Program.

Schools are reminded that the Perkins eNotes should be used in conjunction with the Standards for Electronic Signatures in Electronic Loan Transactions (Standards) published as Dear Partner Letter GEN-01-06 in May 2001 [ http://ifap.ed.gov/dpcletters/gen0106.html ]. The use of the eNotes contained in this document, coupled with the use of the SFA-PIN or another authentication system that meets the Department's e-signature standards, will protect institutions from liability in the form of repayment to their Perkins Loan Fund should a court determine that a loan is legally unenforceable solely on the basis of the e-signature process utilized by the school. Schools should become familiar with the Standards when implementing the Perkins eNotes.

The attached documentation includes the following four Federal Perkins and NDSL promissory notes that have been created as eNotes and as PDF Forms for use by schools for the Perkins eNote process:

Federal Perkins Loan Promissory Note (Closed-End)Federal Perkins Note Loan Promissory Note (Open-End)NDSL Promissory Note (Closed-End)NDSL Promissory Note (Open-End)

A description of the attachments to this Dear Partner Letter follows:

Perkins_eNote_Supporting_Documentation.zip (1069kb)

Contains all necessary supporting documentation for the eNotes and options for schools who would like to display the promissory note in PDF format after the borrower has signed it. The supporting documentation contains information on the format and layout of the eNotes, as well as suggested usage (1 file).

Perkins_eNote_PDF_Forms.zip (188kb)

Contains PDF Forms (both "pdf" and "fdf" files) for use by schools who would like to display the promissory note in PDF format after the borrower has signed it (8 files).

Perkins_eNote_Templates_Browser_v3_Compatible.zip (46kb)

Contains the four eNotes in HTML format that is compatible with older Internet browsers (for example, Netscape 3.0 and above and Internet Explorer 3.0 and above) (4 files).

We would like to thank Pennsylvania State University, an electronic Perkins Promissory Note pilot school, and the Coalition of Higher Education Assistance Organizations (COHEAO) for their assistance in the development of the Perkins eNotes.

FSA will assist schools that are interested in offering a web-based Perkins process to their borrowers. If you have any questions concerning the Perkins and NDSL eNotes and their use, please contact Neil Sattler at (202) 377-3513 or via e-mail at Neil.Sattler@ed.gov

Sincerely

Greg WoodsChief Operating OfficerFederal Student Aid

Attachments:

Last Modified: 07/23/2002