New Master Promissory Note Forms

    The revised Federal Stafford Loan Master Promissory Note (MPN) and related documents, which were approved earlier this year (see Dear Colleague Letter GEN-02-07), have been printed and will be distributed to schools immediately.  The new MPN forms include the following:

• MPN form
• School Certification form
• MPN Instructions and Borrower's Rights and Responsibilities Statement

    Please note the following:

1. Provide Only New MPN Forms to Borrowers Beginning January 1, 2003.  Beginning January 1, 2003, only the new MPN forms may be provided to borrowers.  Even though the new MPN forms did not change significantly from the previous version, please provide only the new forms to borrowers beginning January 1, 2003.


2. Use of Current Forms Through December 31, 2002.  To assure full usage of the current forms and to reduce waste, please use the existing forms to the extent possible through December 31, 2002.  If a student is provided with a current MPN form on or before December 31, 2002, but does not submit it until after January 1, 2003, the form will still be processed.  Schools which use the hard copy of the school certification must submit the new form for all certifications made on or after January 1, 2003.


3. Discard Old Forms.  To avoid confusion, please discard all existing supplies of the old forms immediately after December 31, 2002. Previous versions of the MPN, school certification forms, MPN instructions and borrower's rights and responsibilities should all be destroyed.


4. Supply of New Forms.  Your school representative will provide your campus with additional supplies of the new forms, as needed.