(FP-06-08) (FP-06-08) Approval of FFEL Stafford and FFEL PLUS MPN

Publication Date: May 2006

DCL ID: FP-06-08

Subject: Approval of FFEL Stafford and FFEL PLUS MPN

Summary: This letter provides approval of the Federal Family Education Loan (FFEL) Program’s Federal Stafford Loan Master Promissory Note and the Federal Family Education Loan (FFEL) Program’s Federal PLUS Loan and Application Master Promissory Note and provides guidance on the implementation of these forms.

Posted on 05-23-2006

Dear Colleague:

The attachments to this letter contain Office of Management and Budget (OMB) approved FFEL Program Master Promissory Notes for:

• Federal Stafford Loans, and
• Federal PLUS Loans

The FFEL Program’s Federal Stafford Loan Master Promissory Note (Stafford MPN) and the FFEL Program’s Federal PLUS Loan and Application Master Promissory (PLUS MPN) have been approved by OMB without any changes to the text or format previously approved form. These approved MPNs are available for immediate use, under the conditions described below.

Implementation and Transition

The attached OMB-approved Stafford MPN and PLUS MPN are available for immediate use, and program participants may begin distributing the revised form immediately. The Stafford MPN has a new OMB Expiration Date of February 29, 2008. The PLUS MPN has a new OMB Expiration Date of March 31, 2008. Program participants must reflect the new expiration date on the hardcopy version of the MPNs the next time they are scheduled for reprinting and distribution. Program participants must change the expiration date on web-based versions of the documents as soon as possible.

Imaging Technology

Both MPNs require the borrower to complete and sign the form in ink unless the borrower is signing the document electronically. While an ink signature is needed to accommodate imaging technology, a pencil signature does not invalidate the form. Requiring the borrower to complete and sign the hardcopy form in ink is consistent with the use of other common FFEL Program forms.

In developing the form, consideration was given to bar coding. Accordingly, space at the top, bottom, or sides of the form may be used for this purpose.
Printing Instructions

The enclosed form must be printed using black ink on white paper. The typeface, point size, and general presentation of the form may not be changed. The program names appear in the header of the form. While a program participant may change the order of the program names, the names of the other program(s) must remain on the form.

Obtaining Copies for Reproduction

Both MPNs are available in PDF format 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 are responsible for ensuring that the MPNs used by the agency and its lenders are identical to the approved forms. No changes may be made to the form except those expressly authorized above.

Sincerely,

Jeff Baker, Director
Policy Liaison and Implementation
Federal Student Aid