Posted Date:August 7, 2009
Author: William Leith, Service Director, Program Management, Federal Student Aid
Subject: Revised Master Promissory Note for Direct PLUS Loans
We are pleased to announce the availability of a revised Federal Direct PLUS Loan Application and Master Promissory Note (Direct PLUS Loan MPN). An attachment to this announcement provides guidance on the implementation of this document. Information about a new MPN for Direct Subsidized Loans and Direct Unsubsidized Loans is provided in a separate August 7, 2009 Electronic Announcement on the Information for Financial Aid Professionals (IFAP) Web site.
Revised Direct PLUS Loan MPN
The Office of Management and Budget (OMB) has approved a revised Direct PLUS Loan MPN under OMB Control Number 1845-0068. The revised Direct PLUS Loan MPN reflects changes made to the terms and conditions of Direct PLUS Loans by the Higher Education Opportunity Act (the HEOA), Pub. L. 110-315, and final regulations that were published on November 1, 2007 and October 23, 2008.
For reference, we have attached the revised Direct PLUS Loan MPN to this announcement. Note that the revised Direct PLUS Loan MPN has the same 08/31/2010 expiration date as the previous Direct PLUS Loan MPN that is currently in use. The revised Direct PLUS Loan MPN includes a revision date of 03/2009 in the footer of the document to clearly distinguish it from the previous version that has a revision date of 03/2008. A school should discard the previous version once it begins using the revised version.
We have printed the revised Direct PLUS Loan MPN, and we are making the necessary changes to Federal Student Aid systems to allow for implementation of the revised form. Detailed implementation guidance for the revised Direct PLUS Loan MPN and the related documents described below is provided in the attachment titled “Implementation Guidance for the Revised Direct PLUS Loan MPN.”
Endorser Addendum—OMB has also approved a revised Endorser Addendum for use with the Direct PLUS Loan MPN. The revised Endorser Addendum has the same OMB Control Number and expiration date as the revised Direct PLUS Loan MPN.
Note: Because schools do not provide the Endorser Addendum, it is not included as an attachment to this announcement.
Plain Language Disclosure (PLD)—The PLD for Direct PLUS Loans has also been revised to reflect all of the statutory and regulatory changes that are included in the revised Direct PLUS Loan MPN.
Addendum to Current Direct PLUS Loan Application and Master Promissory Note and Endorser Addendum (Direct PLUS Loan MPN Addendum)—This MPN Addendum explains changes to loan terms and conditions made by the HEOA and the final regulations cited above that are not included in the current Direct PLUS Loan MPN. It is to be used only with the current paper version of the Direct PLUS Loan MPN (OMB No. 1845-0068, Expiration Date 08/31/2010, with a revision date of 03/2008 in the lower right corner) until a school begins using the revised paper Direct PLUS Loan MPN (03/2009 revision date).
If you have questions about the information in this announcement, contact the COD School Relations Center at 800/848-0978. You may e-mail CODSupport@acs-inc.com.