The Federal Perkins MPN has been revised by the College Cost Reduction and Access Act of 2007 (CCRAA) (Pub. L. 110-84) and the Higher Education Opportunity Act of 2008 (HEOA) (Pub. L. 108-315) and is available beginning October 1, 2009. If you signed a Perkins MPN before that date, please go to the website provided here and read the attached Addendum for important changes to the terms and conditions of your loan.
The Federal Perkins Loan Master Promissory Note (MPN) has been updated to reflect changes to the terms and conditions of Perkins Loans that were made by the College Cost Reduction and Access Act of 2007 (CCRAA) (Pub. L. 110-84) and the Higher Education Opportunity Act of 2008 (HEOA) (Pub. L. 108-315).
The Department of Education (the Department) has developed an Addendum to explain the changes made by the CCRAA and the HEOA to borrowers who sign the current Perkins MPN before the revised MPN is implemented, or who previously received Perkins Loans under an MPN or promissory note that was signed before the Addendum was made available. The statutory changes reflected in the revised Perkins MPN and Addendum include the following:
In addition to the changes described above, the revised Perkins MPN includes, on page 1, a new authorization that allows for the use of automated telephone dialing equipment or artificial or pre-recorded voice or text messages to contact the borrower regarding his or her loan request or loan(s) at any current or future number for a cell phone or other wireless device that the borrower provides.
The full Perkins Loan Addendum is available to you for your review on line.
If you have any questions, please contact the Perkins loan office at 724-357-2207 ext.2243.Office of the Bursar