TG updates

TG begins PLUS MPN processing; all systems "go"

TG is the first guarantor in the nation to announce that it is ready to process loan guarantees for parent borrowers using the new Federal PLUS Loan Application and Master Promissory Note (PLUS MPN). As a result, TG's school partners will be able to help their PLUS loan borrowers take advantage of the same convenience that has been enjoyed by Stafford loan borrowers for nearly four years.

To support the new form, TG has modified the application process for any school using TG's AdvanTG Web™ and Loans by Web™ products, and other school-based software products in the marketplace.

"We're very excited to be able to implement this process for schools that are early adopters of the PLUS MPN. TG continues to place a high value on the efficiencies that technology brings our business partners and customers, allowing them to take advantage of the new streamlined processes as soon as they are ready," said Kyle Smith, TG assistant vice president of loan guarantee operations.

Transition period
FFELP participants have the option to use the new PLUS MPN immediately for loan periods on or after July 1, 2003. To allow sufficient time to print the PLUS MPN and to make system changes necessary to use the PLUS MPN, a one-year transition period will be allowed during which schools and parent borrowers may complete and lenders may accept the new PLUS MPN or the current Application and Promissory Note for Federal PLUS Loan. For loan periods beginning on or after July 1, 2004, or for any loan certified on or after July 1, 2004, regardless of the loan period, only the PLUS MPN may be used.

TG encourages schools to communicate with their lenders and servicers about the timelines and processes involved in implementing the new form.

More information
For more information about TG's guarantee process for the PLUS MPN, contact TG loan guarantee operations at (800) 252-9743, ext. 4894, or lgo.helps@tgslc.org.

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