Electronic Version of the Revised Perkins Loan Master Promissory Note

Schools making Perkins Loans to students can use the revised Electronic Perkins MPN which allows students to sign electronically using their FSA ID. The new MPN expires September 30, 2018 and replaces the one that has an expiration date of September 30, 2015.

Institutions are permitted to award new Perkins Loans to undergraduate students through September 30, 2017 under the Perkins Loan Extension Act of 2015. http://bit.ly/2bbO1gP

The E-Sign Act is the law that allows students and others including lenders and borrowers to use electronic Master Promissory Notes and electronic signatures like the FSA ID with the same legal enforceability as signing traditional paper records. Schools that elect to use E-Signatures should adhere to the standards outlined by the department under the “Standards for Electronic Signatures In Electronic Student Loan Transactions” Although it was written in 2001 and some of the terms have been updated (i.e. FSA ID vs. FSA PIN and references to the retired FFEL program), the regs are otherwise relevant.