Stafford Master Promissory Note Approved Through February 2008

On March 22, 2006, the U.S. Department of Education announced that the Federal Stafford Loan Master Promissory Note has been approved with no changes through Feb. 29, 2008. Federal Family Education Loan Program participants are working with the Department to develop an MPN addendum that will explain changes to loan terms and conditions that are a result of the federal Deficit Reduction Act of 2005. The addendum will accompany the current Stafford MPN until the development of a new Stafford MPN that incorporates the changes required by the 2005 Deficit Reduction Act.