The Federal Perkins Loan Master
Promissory Note (MPN) provides the terms and conditions of the
Perkins Loan program and is prepared by the participating eligible
institution and signed by the borrower. The borrower may receive
loans for a single academic year or multiple academic years. The
adoption of the MPN in the Perkins Loan Program has simplified the
loan process by eliminating the need for institutions to prepare
and students to sign, a promissory note each award year.
US Code:
20
USC 1087i-I Name of Law: Higher Education Act of 1965, as
amended
The Department of Education
(ED) is requesting a revision of the current Perkins Loan MPN form
and language. There are no changes to the data elements and 2 minor
changes to the terms of the note relating to regulatory
requirements. ED identified a downward adjustment of 185,988
respondent/responses and a corresponding decrease in burden hours
of 92,994. ED believes this is due to the use of the serial option
of the MPN, allowing a borrower to complete the MPN once for
multiple year use.
$0
No
No
No
No
No
Uncollected
Beth Grebeldinger 202
708-8242
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.