Understanding Perkins MPN Functionality

Regulatory changes require that institutions must use the Perkins MPN for new Perkins loans and for former National Direct Student Loan borrowers made on or after November 1, 2004. The Perkins MPN functionality enables institutions to participate as an annual MPN or multi-year MPN school by tracking a signed MPN before a student can receive any Perkins loan funds. For the annual MPN, the borrower is required to sign a note once each award year for all loans made for that award year. For a multi-year MPN, the borrower signs a note once for all loans made until that note expires at your institution.

In addition to providing annual or multi-year options, the system provides institutions the means to offer students the option of completing and signing an electronic Perkins MPN (eMPN). PeopleSoft Self Service provides students multiple entry points to begin the process to complete and electronically sign the Perkins MPN. Perkins MPN notifications and disclosures are incorporated into the Perkins electronic MPN process. The Perkins eMPN process incorporates the guidance and recommendations in accordance with the Department of Education Federal Student Aid.

The system provides a way to track the date that the MPN was signed by the borrower, the date that the MPN was received by the school, the date that the school received a request from the student to cancel an MPN, and the expiration date. Schools can close the status of the expiration date on the Perkins MPN record if they receive a written request from the student to cancel additional multi-year MPN loans.

Schools can print and track Perkins MPNs by groups, career, or for a single student. They can control printing of MPNs at the time of award notification (offered award status) or after the student has accepted their Perkins loan award. They can select a sort order when printing for large groups of students. The print MPN process utilizes the Forms Engine routine.

The disbursement authorization process accommodates the Perkins MPN record and process, but you must ensure that the MPN requirement flag is set at the financial aid item type level. For the financial aid item types that are flagged, the disbursement authorization process assesses whether or not a student with a Perkins Loan award satisfies the MPN requirement.