Publication Date: September 2002
DCL ID: L-02-232
Approval of the Federal Stafford Loan Master Promissory Note Documents
Posted on 10-07-2002
Subject: Approval of the Federal Stafford Loan Master Promissory Note Documents
The attachments to this letter contain the revised Federal Stafford Loan Master Promissory Note (MPN) and related documents that have been approved by the Office of Management and Budget (OMB). The attached documents include the:
· Federal Stafford Loan Master Promissory Note -- Used by borrowers to obtain Federal Stafford Loans.
· Federal Stafford Loan School Certification -- Used by schools to certify a borrower's eligibility for a Federal Stafford Loan.
· Federal Stafford Loan Plain Language Disclosure - Minimum standard text to be provided to borrowers in connection with second or subsequent loans made under an MPN.
Implementation and Transition of New Forms
The Federal Stafford Loan MPN has been approved by OMB under control number 1845-0006. The expiration date of the MPN is September 30, 2005. The prior version of the Federal Stafford MPN expired on September 30, 2002. As part of its approval of the revised MPN, OMB has approved a 90-day extension for continued use of the prior version of the MPN.
Program participants may begin using the new forms immediately. Beginning January 1, 2003, only the new forms may be provided to borrowers. Lenders may, however, process the prior version of the MPN if those forms are received after January 1, 2003.
When the Federal Stafford Loan MPN is printed by an agency, it must be printed using black ink on white paper. This includes the information and/or logos identifying the guaranty agency that may be printed in the space provided in the upper left-hand corner of the promissory note. The typeface, point size, and general presentation of the form may not be changed from the form that the Secretary has approved. The actual number of copies is not being specified, so an agency may print as many copies of the original as are needed. An agency may print in the lower left-hand corner on the promissory note a reference to the type of copy (e.g. original, student copy, file, etc.).
The Department prescribes all the language contained in the Plain Language Disclosure (PLD). No changes to, deletions from or additions to the prescribed language of the PLD text are permitted. The PLD text may be enhanced by printing in any format or colors and may be combined with other information graphics.
Obtaining Copies for Reproduction
These documents are available in PDF format on ED's IFAP website (http://ifap.ed.gov) and as attachments to this letter. In addition, the forms are available on the National Council of Higher Education Loan Programs (NCHELP) web site at www.nchelp.org.
Guaranty agencies and lenders are responsible for ensuring that the forms they use are identical to the forms approved by the Secretary. No changes may be made to the documents except those expressly authorized above.
Jeff Baker, Director
Program Development Division
Federal Student Aid
in PDF Format, Size 155KB, pages 8
in PDF Format, Size 84KB, pages 2
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