PLUS Loan Master Promissory Note

    The new Federal PLUS Application and Master Promissory Note (PLUS MPN) is now available for the 2003-2004 academic year.  After a one-year transition period, it will replace the current PLUS promissory note for the 2004-2005 academic year.

    The PLUS MPN is designed for a parent borrower to use as a multi-year note for one dependent student.  The note is valid for 10 years as long as the parent borrower, dependent student and lender do not change.  A new PLUS MPN is not required for each new loan unless required by the school, lender or parent.

    Multi-year note eligibility follows the same rules as those for Stafford Loans in that all domestic schools can use the multi-year feature unless ED states otherwise.  Foreign schools are able to use the multi-year feature only if the school has been expressly approved by ED.

    The new PLUS MPN may first be used for loan periods beginning on or after July 1, 2003.  The PLUS MNP must be used for all loan periods beginning on or after July 1, 2004 or for any loan certified on or after July 1, 2004 regardless of the loan period.

    The Utah Higher Education Assistance Authority (UHEAA) will provide training on implementation of the PLUS MPN on May 14 and 16, 2003 along with training on new regulations.  (See UHEAA Bulletin Volume 2003, Issue #13.)

    Any questions related to this Bulletin should be directed to the UHEAA Policy and Training Department at 801.321.7166 or by e-mail at mjohnson@utahsbr.edu.