ED Approves New Perkins Master Promissory Notes
The Department of Education has developed an electronic version of the Federal Perkins Loan Master Promissory Note (eMPN). Institutions electing to use this electronic version of the recently approved master promissory note should review ED’s “Standards for Electronic Signatures in Electronic Student Loan Transactions”.
Last month, ED announced in Dear Colleague Letter CB-03-11 that colleges and universities could begin using a paper version of the Federal Perkins Loan Master Promissory Note for the 2003-2004 Award Year. While more guidance is expected from ED on this matter shortly, institutions will be required to use the Perkins MPN for all loans made on or after November 1, 2004.
For more information about the eMPN, see the August Dear Colleague Letter CB-03-13. NACUBO’s contact is Laurie Quarles, senior policy analyst, at (202) 861-2543 or firstname.lastname@example.org.