Publication Date: November 13, 2007

Bulletin ID: DLB-07-21

Summary: Paper Master Promissory Note Acceptance Guidelines

Posted on 11-13-2007

Note: This Direct Loan Bulletin was updated on November 13, 2007 by replacing both the Microsoft Word and PDF versions of the attachment titled "Guidelines for Paper Master Promissory Notes" with corrected files. We did this to correct erroneous information in item #7 of the table on page 2 of 6. In item #7, we changed the information in the "Required?" column from "No" to "Yes" to accurately reflect that two references are required on a Master Promissory Note (MPN).

Dear Direct Loan Colleague:

In the past, we have provided a summary of acceptance guidelines for paper Master Promissory Notes (MPNs). The attachment to this bulletin provides updated guidelines for Direct Subsidized/Unsubsidized Loan MPNs and Direct PLUS Loan MPNs (for both parent borrowers and graduate and professional student borrowers). These guidelines will help you in reviewing your school’s MPNs for completeness before mailing them to us.

Note: The updated Direct PLUS Loan MPN guidelines are based on the revised Direct PLUS Loan MPN (expiration date 08/31/2010). For complete information about the revised Direct PLUS loan MPN, refer to DLB-07-20.

We remind you that borrowers can complete their MPNs electronically via the Direct Loan Electronic MPN Web site. The electronic process is faster and significantly reduces errors. However, we also remind you that every borrower has the right to complete a paper MPN if he or she chooses.

If you have questions about the information contained in this bulletin, please contact the COD School Relations Center at 800/848-0978 or by e-mail at CODSupport@acs-inc.com.

Thank you for your ongoing partnership in the Direct Loan Program.

Sincerely,

William Leith

Attachments/Enclosures:

Guidelines for Paper Master Promissory Notes in Microsoft Word Format, 68KB, 6 pages

Guidelines for Paper Master Promissory Notes in PDF Format, 227KB, 6 pages