Publication Date: June 27, 2003

Bulletin ID: DLB-03-21

 

Summary: Modification of guidance provided in DLB 03-20 (Master Promissory Notes for Subsidized/Unsubsidized Loans for 2003-2004)

 

Posted on 06-27-2003

 

June 2003

DLB-03-21

Subject: Modification of guidance provided in DLB 03-20 (Master Promissory Notes for Subsidized/Unsubsidized Loans for 2003-2004)�

Dear Partner:

We recently issued DLB 03-20 that announced a July 1, 2003 deadline for acceptance of the previous version of the Direct Subsidized/Unsubsidized Loan Master Promissory Note (MPN) that has an expiration date of August 31, 2002. However, a number of you have since told us that the July 1 deadline for acceptance of the previous version of the MPN would present problems for many schools. In response to your concerns, we are modifying the guidance that was provided in DLB-03-20.

MPN for 2003-2004 Direct Subsidized/Unsubsidized Loans:

For any 2003-2004 loans for which a new MPN is required, you must immediately begin using the revised version of the MPN with the October 31, 2005 expiration date. The October 2005 MPN is available on the Direct Loan website, on IFAP, or through the COD School Relations Center. However, because the revised version of the MPN was not available during a critical time in your processing, we understand that some of you used the previous version of the MPN with the August 31, 2002 expiration date when packaging your 2003-2004 loans, and that those MPNs are still being received from students. Therefore, for 2003-2004 subsidized/unsubsidized loans, we will continue to accept MPNs with the August 31, 2002 expiration date that are signed before October 1, 2003, provided the variable data on the notes is legible and has not printed over other text, and provided that the MPN ID printed on the note is appropriate for a 2003-2004 loan. MPNs with the August 31, 2002 expiration date that are signed on or after October 1, 2003 will not be accepted for 2003-2004 loans.

MPN for 2002-2003 Direct Subsidized/Unsubsidized Loans:

For 2002-2003 loans for which a new MPN is required, we will continue to accept the previous version of the MPN with the August 31, 2002 expiration date regardless of the date the MPN was signed.

If you have any questions about this bulletin, please contact COD School Relations at 800/848-0978 or email codsupport@acs-inc.com. Thank you for your ongoing partnership in the Direct Loan Program.

Sincerely,

Jane Holman
Acting Director, Title IV Delivery
Schools Channel