New Perkins Promissory Note Released

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June 28, 2006

A revised master promissory note for the Federal Perkins Loan program is now available. Effective July 1, institutions may no longer distribute the old Perkins MPN, which expired June 30. A loan may be made using the expiring MPN only if it was sent to the borrower before June 30. A revised electronic version of the MPN will be available soon, according to the Department of Education.

The only change to the MPN is the addition of the new military deferment enacted as part of the Higher Education Reconciliation Act in February. Note that institutions are required to notify all borrowers who received Perkins loans after July 1, 2001, about the availability of this new deferment.

The MPN is an attachment to ED Dear Colleague letter CB-06-10.

The NACUBO contact for student aid issues is Anne Gross, vice president, regulatory affairs.