March 14, 2007 |
| Revised Promissory Note Addendum and Plain Language Disclosure for Federal Stafford Loans |
On March 1, 2007 the U.S. Department of Education announced the revised Promissory Note Addendum and Plain Language Disclosure (PLD) for Federal Stafford Loans made under the FFEL Program. There are no changes to the Addendum or PLD for the Federal PLUS Loan MPN, nor to the Addendum to the Federal Consolidation Loan Promissory Note. The announcement was posted in Financial Partner Letter FP-07-02. Program participants must discontinue use of the original Addendum and PLD and begin using the revised forms as soon as possible. The revised documents include information on the HERA loan limit changes that take effect for loans first disbursed on or after July 1, 2007. Item 9 in the PLD has been revised by adding a sentence to clarify that some loans with a variable interest rate have a rate that is lower during in-school, grace, and deferment periods, and higher during repayment and forbearance periods. Utah Higher Education Assistance Authority is pleased to announce that the new Addendum and Plain Language Disclosure are now available during the on-line loan completion process. For schools distributing loan packets with a paper Master Promissory Note, UHEAA recommends that the new documents be printed and included. A PDF version of each form is attached for your convenience and may be copied. Any questions related to this Bulletin should be directed to UHEAA Policy and Training at 801.321.7166, or by e-mail to mjohnson@utahsbr.edu. Attachments: |
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