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.
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:
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.
Acting General Manager, Application, Operations and Delivery Services
Publication Date: 3/6/2008