Annual Student Loan Acknowledgement – Preliminary Implementation in Late April 2020, Borrower Completion Requirement Delayed until 2021 – IFAP
In response to school concerns and the unprecedented disruptions caused by the coronavirus (COVID-19), we will be delaying the requirement that borrowers complete the Annual Student Loan Acknowledgement prior to disbursement for the 2020–21 Award Year. Instead, the borrower completion requirement will begin with the 2021–22 Award Year.
Background
In a November 21, 2019 Electronic Announcement, we informed schools about a change to our approved Master Promissory Note (MPN) confirmation processes. The new process will require student and parent borrowers 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.
The “Annual Student Loan Acknowledgement” process (previously referred to as the “Informed Borrowing Confirmation” process) will be available on StudentAid.gov beginning in late April 2020. However, while we plan to implement most of the functionality related to the Annual Student Loan Acknowledgement process, we will delay the requirement that borrowers complete the Annual Student Loan Acknowledgement prior to disbursement for the 2020–21 Award Year. Instead, the process must be completed before a borrower can receive the first disbursement of the first loan the borrower receives for a particular award year, starting with loans associated with the 2021–22 Award Year.