TG: New Addenda and Revised PLDs

The Guarantor of Choice^SM

New Addenda and Revised PLDs

Forms

The Higher Education Reconciliation Act of 2005 (HERA) and the College Cost Reduction and Access Act (CCRAA) changed some of the terms of Federal Stafford, PLUS, and Consolidation loans. The three addenda below describe the changes to each specific loan type and explain how to complete the application or MPN form applicable to that loan type. The PLDs, also found below, describe the changes to each specific loan type but are used to disclose the changed terms to borrowers of subsequent loans under an existing master promissory note.

Guarantors, lenders, and servicers, in conjunction with the U.S. Department of Education, developed the addenda and PLDs in the interest of providing uniform and standardized disclosure information to borrowers. The new addenda and PLDs replace the prior addenda and PLDs, which covered only HERA changes. The addenda are to be distributed with the applicable application and/or master promissory note (MPN) until the common forms are replaced with new approved forms. The PLDs are to be distributed when subsequent loans are made under an existing MPN.

TG will include the appropriate addendum with each packet prepared by TG through the Application Printing and Processing Service (APPS). TG will also include a supply of appropriate addenda with each shipment of forms prepared through our preprint process and with each forms order of applications and MPNs.

Borrowers who signed an MPN before the latest addenda were approved and those borrowing subsequent loans under an MPN will receive the applicable PLD from their lender. In these cases, an addenda is not required.

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