Shoptalk 534, January 5, 2010
Policy Resources
Ask the Policy Expert
Q.: ED has recently made available a revised Federal Perkins Master Promissory Note (MPN) with an expiration date of August 31, 2012, and an Addendum for borrowers who signed a previous version of the Federal Perkins MPN. What is the date on which schools must use the revised MPN?
A: The previous Perkins MPN expired on June 30, 2009, and ED announced the approval of a revised MPN and Addendum on September 28, 2009, in DCL CB-09-05. The revised MPN reflects changes make to the Perkins Loan program due to the College Cost Reduction and Access Act of 2007 and the Higher Education Opportunity Act of 2008.
In DCL CB-09-05, ED established September 30, 2009, as the last date on which a school was permitted to distribute the MPN with an expiration date of June 30, 2009. However, in DCL CB-09-07, published on October 2, ED announced an extension of the implementation date: as of December 31, 2009, schools were no longer permitted to distribute the Perkins MPN with an expiration date of June 30, 2009. This revised implementation date applies to both the paper and electronic versions of the MPN.
For more information, visit the Information for Financial Aid Professionals website.
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