| Publication Date: June 23, 2008 Bulletin ID: DLB-08-14 Summary: Revised Master Promissory Note for Direct PLUS Loans Posted on 06-23-2008 Dear Direct Loan Colleague: This bulletin announces the availability of a revised Federal Direct PLUS Loan Application and Master Promissory Note (Direct PLUS Loan MPN) and related forms, and provides guidance on the implementation of these documents. Information about a new MPN for Direct Subsidized Loans and Direct Unsubsidized Loans will be addressed in a separate Direct Loan Bulletin. 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, with an expiration date of 08/31/2010. The revised Direct PLUS Loan MPN reflects changes made to the terms and conditions of Direct PLUS Loans by the College Cost Reduction and Access Act (the CCRAA), Pub. L. 110-84, and final regulations that were published on November 1, 2007. For reference, we have attached the revised Direct PLUS Loan MPN to this bulletin. 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 attached document includes a revision date of 3/2008 at the bottom of the form to clearly distinguish it from the previous version. A school should discard the previous version once it begins using the revised version. Related Documents Endorser Addendum - OMB has also approved a revised Endorser Addendum for use with the revised Direct PLUS Loan MPN. The revised Endorser Addendum has the same OMB Control Number and expiration date as the revised Direct PLUS Loan MPN. The revised Endorser Addendum, like the revised Direct PLUS Loan MPN, reflects all of the changes made by the CCRAA and the November 1, 2007 final regulations. Note: The Ensuring Continued Access to Student Loans Act of 2008 (ECASLA), Pub. L. 110-227, made additional changes to the terms and conditions of Direct PLUS Loans that are not included in the attached revised Direct PLUS Loan MPN. Information about how we will inform Direct PLUS Loan borrowers of these additional changes will be provided in a future Direct Loan Bulletin. Timeline for Transition to the Revised Direct PLUS Loan MPN We are in the process of printing the revised Direct PLUS Loan MPN and making the necessary changes to Federal Student Aid systems to allow for implementation of the new form. Additional information about system implementation and related outage information will be provided in a forthcoming Electronic Announcement posted on the Information for Financial Aid Professionals (IFAP) Web site. The revised Direct PLUS Loan MPN will be implemented as follows: Paper Direct PLUS Loan MPN
More detailed information on Federal Student Aid's implementation of the revised Direct PLUS Loan MPN (paper version) and appropriate school actions is provided in an attachment to this bulletin titled "Implementation Guidance for the Revised Direct PLUS Loan MPN (Paper Version)." Note: The attached implementation guidance applies only to the paper version of the revised Direct PLUS Loan MPN. As in the past, schools are not required to provide a paper copy of the Direct PLUS Loan MPN to borrowers who complete the MPN electronically. Although we encourage the use of the electronic MPN option, we remind schools that they may not require student or parent borrowers to complete MPNs electronically. Electronic Direct PLUS Loan MPN
Schools do not have to take any action if their student and parent borrowers use the Direct Loan Electronic MPN Web site. Contact Information If you have questions about the information contained in this bulletin, please contact the COD School Relations Center at 800/848-0978 or by e-mail at CODSupport@acs-inc.com. Thank you for your ongoing partnership in the Direct Loan Program. Sincerely, William Leith Attachments/Enclosures: |