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Department releases updated Master Promissory Note
April 29, 2020
It may look a lot like last year's model, but the Department of Education recently released a revised Master Promissory Note.
According to an April 24 Electronic Announcement, the revised Master Promissory Notes (MPNs) are for Direct Subsidized Loans and Direct Unsubsidized Loans (Direct Subsidized/Unsubsidized Loan MPN), as well as for Direct PLUS Loans (Direct PLUS Loan MPN).
In the Announcement, the Department said the Office of Management and Budget (OMB) has approved revised versions of the Direct Subsidized/Unsubsidized Loan MPN and the Direct PLUS Loan MPN, which now have the same OMB Control Number, 1845-0007. The new expiration date for both MPNs is 7/31/2022.
On April 26, the Department updated StudentAid.gov to use the most recently approved versions of the MPNs (both PDF versions and in the electronic process flows). The Department provides implementation guidance for schools that will print and use paper versions (in English) of the revised MPNs.
The Department also notes that MPNs in Spanish are only available for borrowers to complete electronically on StudentAid.gov.