January 17, 2008

ED Announces Revised Promissory Note Addenda and PLDs

In DCL FP-08-02, the Department of Education provides the revised promissory note addenda and Plain Language Disclosures (PLDs) for Stafford loans and PLUS loans, and a new promissory note addendum for Consolidation loans.

The revised documents include the changes made to loan terms and conditions by both the Higher Education Reconciliation Act of 2005 (HERA) and the College Cost Reduction and Access Act (CCRAA).

Until a revised Stafford Master Promissory Note is developed and approved for use, the revised documents must be used with the current promissory notes to inform borrowers of loan term changes enacted by HERA and/or CCRAA. Program participants are advised to discontinue use of current addenda and PLDs and begin using the revised addenda and PLDs as soon as possible.

Click here for more detail, including the revised forms and implementation and reproduction instructions. You can also find the revised forms on OGSLP's Web site.