The release of newly revised Master Promissory Notes (MPN) is announced in this EA. As is obvious, these MPNs are for those schools and/or borrowers who wish to utilize a paper MPN versus the electronic options. The new paper MPNs have an expiration date of February 29, 2016. Between now and December 31, 2014, borrowers may use either the new MPN or the prior Direct Subsidized/Unsubsidized MPN with an expiration date of July 31, 2014, or the prior PLUS Loan MPN edition that had an expiration date of November 30, 2013, as applicable. As of January 1, 2015, only the new MPNs will be accepted. This announcement also has an attachment that has a chart with specific guidance for implementing the new MPNs, including the transition period details. Of note is that the paper MPNs will only be available in English. Borrowers desiring to complete a Spanish language MPN will need to utilize the electronic option online.
EA – Posted August 28, 2014 – (Application Processing). Notice of the Draft 2015-2016 Federal Student Aid Application Materials
Schools are reminded of the availability of the draft versions of the Federal Student Aid application materials for 2015-2016. Additionally, public comments are solicited regarding the draft versions. Individuals who have ideas for improving the application process may want to view these draft versions and then submit any suggestions for improving the materials. The deadline for submitting comments is October 27, 2014. The draft versions of the forms and instructions are available at https://www.regulations.gov where you would select Docket ID number ED-2014-ICCD-0126. Alternatively, you may go directly to the material by linking to https://www.regulations.gov/#!docketDetail;D=ED-2014-ICCD-0126.