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Latest From FSA: New Interest Rates and MPNs

September 25, 2013

Question: Will there be a new Master Promissory Note to go along with the new interest rates?

Federal Student Aid recently published an electronic announcement addressing this question. The answer?

“We are currently in the process of revising and updating the Direct Loan Program’s promissory notes to include information about the new interest rates…”

“In the meantime, the current Direct Subsidized Loan/Direct Unsubsidized Loan MPN and Direct PLUS Loan MPN remain valid for use, and any loan made under the current version, or any earlier version, of either MPN will be subject to the applicable interest rate formula as described in the August 9, 2013 Electronic Announcement, if the loan’s first disbursement date is on or after July 1, 2013.”

For more information, please reference the original electronic announcement.

Raina Chezem, Midwest Regional Director, Nelnet Partner Solutions

Raina Chezem, Midwest Regional Director, Nelnet Partner Solutions

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