Posted Date: June 12, 2009

Author: Jeff Baker, Director Policy Liaison and Implementation, Federal Student Aid

Subject: Status of Federal Perkins Loan Master Promissory Note

In response to recent inquiries from schools, we are issuing this announcement to clarify the status of the Federal Perkins Loan Master Promissory Note (Perkins MPN). The current Perkins MPN, which is approved under Office of Management and Budget (OMB) Control Number 1845-0074, has an expiration date of June 30, 2009. A revised version of the Perkins MPN is currently being cleared through OMB, but we will not have OMB's approval of the revised Perkins MPN until later this summer, after June 30. However, in accordance with the terms of the OMB paperwork clearance process, the current Perkins MPN with the June 30, 2009 expiration date will remain valid for use until the revised Perkins MPN has been approved by OMB and made available to schools.

The June 30 expiration date does not in any way limit the use of the current Perkins MPN to make Perkins Loans now or in the future, nor does it impact the enforceability of the loans made under it. If a school uses the Perkins MPN as a multi-award year promissory note, a student who has signed the current Perkins MPN with the June 30, 2009 expiration date may continue to receive loans under that MPN for future award years and will not be required to sign the revised Perkins MPN once it becomes available. Similarly, schools may have students execute the current note after June 30, 2009 and such students may continue to receive loans under that note in the future.

After the revised Perkins MPN has been approved by OMB, we will issue an announcement of the availability of the new note. This announcement will also include implementation guidance for the revised Perkins MPN.

Thank you for your cooperation.

 

   

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