Publication Date: October 25, 2012
Subject: OMB Approval of Federal Perkins Loan Program Master Promissory Note
Summary: This letter announces the availability of a new OMB-approved Federal Perkins Loan Master Promissory Note and provides guidance on the implementation of the new note.
The Office of Management and Budget (OMB) has approved a new Federal Perkins Loan Program Master Promissory Note (Perkins MPN) under OMB Control Number 1845-0074. The revised Perkins MPN has an expiration date of September 30, 2015 and replaces the current Perkins MPN that has an expiration date of August 31, 2012. There are no substantive differences between this new Perkins MPN and the Perkins MPN with the August 31, 2012 expiration date. The new Perkins MPN is included as an attachment to this letter in both PDF and Word formats.
Effective date for use of the revised Perkins MPN
As of January 1, 2013, schools may no longer distribute the Perkins MPN with the August 31, 2012 expiration date. Only the new Perkins MPN included with this Dear Colleague Letter may be distributed to borrowers on or after January 1, 2013. However, if, prior to January 1, 2013, a school has already distributed the Perkins MPN with the August 31, 2012 expiration date to a borrower, that MPN remains valid for making loans. Similarly, if a school uses the Perkins MPN as a multi-award year promissory note students who previously signed a Perkins MPN with an earlier expiration date may continue to receive Perkins Loan advances under that MPN for up to 10 years from the date the student signed that MPN.
Document formats for the revised Perkins MPN
A school may not change the presentation of the Perkins MPN. Nor may a school change, delete, or add to the text of the MPN, except that the bracketed sentence relating to minimum monthly payment may be deleted at the option of the school. Consistent with past guidance, the addition of coding (for example, bar coding for filing or processing purposes) is permitted.
If you have questions about this letter or the implementation of the new Perkins MPN, please contact Brian Smith at (202) 502-7551.
Jeff Baker, Director
Policy Liaison and Implementation
Federal Student Aid
U.S. Department of Education