ARTICLE · 12 MARCH 2021

FSA Delays Annual Student Loan Acknowledgment Requirement

Duane Morris LLP

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On March 8, 2021, the Federal Student Aid office ("FSA") of the U.S. Department of Education ("Department") published an Electronic Announcement that delays the implementation date for...

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On March 8, 2021, the Federal Student Aid office (“FSA”) of the U.S. Department of Education (“Department”) published an Electronic Announcement that delays the implementation date for the Annual Student Loan Acknowledgment. In a November 21, 2019 Electronic Announcement, the Department had previously notified schools about a change to the Master Promissory Note (MPN) confirmation process.

Pursuant to the new process, student and parent borrowers are required to view how much they currently owe in federal student loans, and to acknowledge that they have seen this amount before a school can make the first disbursement of the first Direct Loan that a student or parent borrower receives for each new award year.

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Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.

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