May 12, 2009

Revised MPNs, Addenda and PLDs Posted

The Office of Management and Budget (OMB) approved revised versions of the FFELP Master Promissory Note (MPN) and related documents. The MPNs, MPN addenda and Plain Language Disclosures (PLDs) have been updated to reflect statutory changes to the terms and conditions of the Stafford and PLUS loan programs made by the Higher Education Reconciliation Act of 2005, the College Cost Reduction and Access Act of 2007, the Ensuring Continued Access to Student Loans Act of 2008 and the Higher Education Opportunity Act of 2008, as well as changes made by final regulations issued on Nov. 1, 2007 and Oct. 23, 2008.

Program participants may begin to use these forms immediately. However, beginning Oct. 1, 2009, only the new forms may be provided to borrowers. Previous versions of the Stafford MPN, PLUS MPN, and PLUS Endorser Addendum received on or after the date of publication of the new forms should continue to be accepted for processing. See Dear Colleague Letter FP-09-04 for additional information about these updated forms and guidance for implementing them. The new forms are available in the School and Lender Forms section of our Web site.

If you have questions, please contact our Policy, Compliance and Training department at 405.234.4432 or pct@ogslp.org. We're here to help!