FFELP Community Advised to Continue Use of Current MPN, Deferment Forms

The U.S. Department of Education has issued guidance regarding the use of two types of education-loan forms that were to expire Sept. 30, 2005.

The Department recently advised the National Council of Higher Education Loan Programs that the Federal Family Education Loan Program community should continue to use the expired Federal Stafford-loan Master Promissory Note. FFELP participants can continue to use this form until a revised MPN is approved by the Office of Management and Budget.

In addition, the OMB has extended the expiration date for all deferment forms with a current expiration date of Sept. 30, 2005. The extension allows the FFELP community to continue using the current deferment forms until Feb. 28, 2006.

USA Funds^® will keep you apprised of updates regarding the Stafford MPN and deferment forms.