DLB-08-07: Revised Plain Language Disclosure For Direct PLUS Loans

Publication Date: March 6, 2008

Bulletin ID: DLB-08-07

Summary: Revised Plain Language Disclosure for Direct PLUS Loans

Dear Direct Loan Colleague:

As a result of changes made to the terms and conditions of Direct PLUS Loans by the College Cost Reduction and Access Act (the CCRAA), Pub. L. 110-84, we are providing a revised Direct PLUS Loan Plain Language Disclosure for Direct PLUS Loans (Direct PLUS Loan PLD).

The revised Direct PLUS Loan PLD is attached to this bulletin, applies to Direct PLUS Loans only, and replaces the previous version of the document. The revised Direct PLUS Loan PLD includes a revision date of "01-17-2008" in the lower right corner to clearly distinguish it from previous versions. A school should discard the previous version once it begins using the revised version.

Note: Information about how we will provide the CCRAA changes to borrowers signing new PLUS MPNs will be provided in a Direct Loan Bulletin later this year.

Implementation of Revised PLD for Direct PLUS Loans 

We are in the process of printing the revised Direct PLUS Loan PLD and making the necessary modifications to the COD System.

  • We expect that the revised paper PLD will be available for schools to order in bulk from the FSA Pubs Web site on or about March 16, 2008.
  • Beginning March 16, 2008, a PDF version of the revised PLD will be available on the Direct Loan Web site.
  • Beginning March 16, 2008, we will include a PLD in paper PLUS Disclosure Statement packages under the following circumstances:
    • When the school has opted to have the COD System print Disclosure Statements; or
    • When the school has not opted to have the COD System print Disclosure Statements, but includes a Disclosure Statement print code of "Y" or "R" in the award.
     

A school that provides the PLUS Disclosure Statement to borrowers must begin using the revised PLUS Loan PLD for borrowers who are receiving second or subsequent loans under a previously signed MPN as follows:

  • A school that wants to order paper copies of the PLD from us must begin using the revised version as soon as possible after it is available for order and delivery.
  • A school that wants to print the PDF version of the PLD must begin using the revised version as soon as possible.

If you have questions about the information contained in this bulletin, please contact the COD School Relations Center at 800/848-0978 or by e-mail at CODSupport@acs-inc.com.

Thank you for your ongoing partnership in the Direct Loan Program.

Sincerely,

William Leith
Acting General Manager, Application, Operations and Delivery Services

Attachments/Enclosures:

Direct PLUS Loan Plain Language Disclosure (Revised 1-17-2008) in PDF Format, 146KB, 2 pages 

 

Publication Date: 3/6/2008


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