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Perkins Loan Master Promissory Note

February 13, 2003

The Department of Education published a notice in the Federal Register requesting comments on the proposed Federal Perkins Loan Program Master Promissory Note (MPN). The note is designed to permit a borrower to receive loans for a single academic year or for multiple academic years. Use of the MPN will streamline the process for both the institution and the borrower by eliminating the need for separate promissory notes for each award year.

Perkins Loan administrators may wish to comment on implementation issues, as well as the language and layout of the MPN. Colleges and universities will be allowed to use an electronic version of the MPN if they follow the standards for electronic signatures outlined in the “Dear Partner” letter, GEN-01-06, published in May 2001. Comments on the MPN are due by February 28.

To view the Federal Register notice, go to http://ifap.ed.gov/fregisters/FR12302002.html. To access the proposed Perkins Loan MPN, visit http://edicsweb.ed.gov and select the “Browse Pending Collections” link. Scroll down to document link number 02185, and select the attached Word document, “Att_Perkins MPN.doc.”

The NACUBO contact is Laurie Quarles, senior policy analyst, (202) 861-2543, laurie.quarles@nacubo.org.