New Consolidation-Loan Application and Promissory Note Approved
In Dear Colleague Letter FP-07-03, the U.S. Department of Education announces the approval of the revised Federal Consolidation Loan Application and Promissory Note and related documents.
The following also are included in the revised Federal Consolidation-loan-related documents:
Among the updates to the documents are those reflecting provisions of the Higher Education Reconciliation Act of 2005 and the Higher Education Extension Act of 2006 — including references to the “9/11 discharge” of outstanding loan balances.
Beginning Oct. 1, 2007, only these new forms may be provided to borrowers. Lenders may process the prior version of the application and promissory note if they receive it after Oct. 1, however. The documents expire Jan. 31, 2010.
Lenders that continue to use the prior version of the Federal Consolidation Loan Application and Promissory Note at this time still must also use the addendum that includes updated information that is contained in the new version of the application and promissory note.
You will need Adobe Acrobat Reader to download the documents from the USA Funds® Web site.
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