() Summary: Direct Loan Promissory Note Expiration Dates, An Update

Publication Date: September 4, 2002

Bulletin ID: DLB-02-29

Summary: Direct Loan Promissory Note Expiration Dates, An Update

Posted on 09-06-2002

September 2002

DLB-02-29

Subject: Direct Loan Promissory Note Expiration Dates, An Update

Dear Partner,

This bulletin will provide an update on the promissory notes for the Direct Loan Program.

The current master promissory note (MPN) for subsidized/unsubsidized loans was due to expire on 8/31/02. However, schools may continue to use the current MPN for the remainder of the 2002-2003 award year. A revised MPN is working its way through our clearance process, and we expect to have OMB approval soon.

The revised MPN will be used beginning with the 2003-2004 award year for any loans for which a new MPN is required. If necessary, schools will still be able to use the current MPN to process "late" 2002-2003 loans after the start of 2003-2004.

Please refer to bulletin DLB 02-09 issued earlier this year for concerns about PLUS promissory notes.

If you have any questions about this bulletin, please contact the COD Schools Relations Center at 800/848-0978 or via email at CODsupport@afsa.com. We thank you for your ongoing partnership in the Direct Loan Program.

Sincerely,

Jane Holman
Acting Director, Title IV Delivery
Schools Channel