Publication Date: July 18, 2016
Subject: Electronic Version of the Revised Perkins Loan Master Promissory Note
Summary: This letter provides schools that participate in the Federal Perkins Loan Program with an electronic version of the approved revised Federal Perkins Loan Master Promissory Note.
In Dear Colleague Letter GEN15-21, posted to IFAP on November 12, 2015, we announced the approval by the Office of Management and Budget (OMB) of the revised 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, 2018 and replaces the Perkins MPN that has an expiration date of September 30, 2015.
This letter provides schools that participate in the Federal Perkins Loan Program with an electronic version of the new Perkins MPN because institutions are permitted to award new Perkins Loans to undergraduate students through September 30, 2017 under the Perkins Loan Extension Act of 2015.
The Department has issued standards for the use of electronic signatures in the Title IV loan programs in the “Standards for Electronic Signatures in Electronic Student Loan Transactions” (Standards) to schools through Dear Partner Letter GEN-01-06 published on May, 2001 that is available on IFAP. It is important for schools to review the Standards before implementing the Perkins eMPN.
Jeff Baker, Director
Policy Liaison and Implementation
Federal Student Aid
U.S. Department of Education