Bulletin ID
DLB - 99 - 32
| PublicationDate: 6/1/99 BulletinID: DLB - 99 - 32 June 1999 DLB 99-32 Subject: Clarification on the Use of EDExpress Software with the Two Versions of the Master Promissory Note Dear Partner: This bulletin clarifies the use of the two versions of the Master Promissory Note (MPN) with EDExpress software. EDExpress Software Version 5.1 Users If you currently use EDExpress software version 5.1, you must use the original MPN (OMB form #1840-0732, which expires 12/31/2001). If you dont use this version of the software with the original version of the MPN, you will not get the $_______.00 in item #8 on the form. EDExpress Software Version 5.2 Users Once you install EDExpress software version 5.2 (as well as any future software releases for 1999-2000), you must use the revised MPN (OMB form #1840-0743, which expires 9/30/1999). The revised MPN should NOT have $_______.00 in item #8 of the form. The only text that should appear in item #8 on the revised MPN is: Requested Loan Amount: I request a total amount of subsidized and unsubsidized loans under this Master Promissory Note not to exceed the allowable maximums under the Higher Education Act. My school will notify me of the type(s) and amount(s) of loan(s) that I am eligible to receive. I may decline a loan or request a lower amount by contacting my school. Additional information about my right to cancel or reduce my loan is included in the Borrower's Rights and Responsibilities statement and Disclosure Statements that have been or will be provided to me. We expect to receive OMB approval for an extension to the revised version of the MPN before the 9/30/99 expiration date. REMINDER: With EDExpress software, you must order the promissory note version without data labels from the Loan Origination Center (LOC) for use with either the original or the revised version of the MPN. Thank you for your continued support of the Direct Loan Program. Sincerely, Margaret E. White, Acting Chair Direct Loan Task Force |