The current Perkins Loan Master Promissory Note (MPN) expired on June 12 and the updated version has not been cleared by the Office of Management and Budget (OMB). The Department of Education provided guidance to remind schools that the current Perkins MPN -- with the June 30, 2009 expiration date -- remains valid for use until the revised Perkins MPN has been approved by OMB and made available to schools.

NASFAA has received several inquiries from members regarding the availability and status of the updated Perkins MPN. In response, NASFAA reminds members of the June 12, 2009 Electronic Announcement which notes that, "The June 30 expiration date does not in any way limit the use of the current Perkins MPN to make Perkins Loans now or in the future, nor does it impact the enforceability of the loans made under it."

When the revised Perkins MPN has been approved by OMB, the Department will issue an announcement of the availability of the new note and implementation guidance for the revised Perkins MPN. Stay tuned to Today's News for further developments.

Posted 09/08/09 to www.NASFAA.org. Redistribution to non-NASFAA institutions is prohibited. Please submit Web site questions or comments to Web@NASFAA.org.