William D. Ford Federal Direct Loan Program Promissory Notes and Related Forms
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The law includes a revision of the William D. Ford Federal Direct Loan Program's information collection request, focusing on the promissory notes and related forms mandated by the Department of Education. This revision is necessary to align with recent statutory changes impacting borrower eligibility, terms and conditions, and rights and responsibilities related to Direct Loans starting July 1, 2026. The Department of Education is seeking public comments on this revision to assess its impact and improve its information collection processes.
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Key Changes
- The promissory note will be revised to comply with the OBBBA requirements.
- Changes will impact borrower eligibility and loan terms effective from July 1, 2026.
- Previous regulations invalidated due to court actions.
Obligations
What this law requires
Develop, print, and distribute standard promissory notes for the William D. Ford Federal Direct Loan Program that align with statutory changes from the One Big Beautiful Bill Act effective July 1, 2026
Revise promissory note forms to reflect changes to Sections 455(a), 455(d), 455(e), 455(g), and 455(q) of the Higher Education Act impacting borrower eligibility, terms and conditions, and borrowers' rights and responsibilities
Accept public comments on the revised information collection request through regulations.gov by June 8, 2026
Assess the impact of revised information collection requirements on Direct Loan Program participants and borrowers
Provide updated promissory note forms to schools participating in the William D. Ford Federal Direct Loan Program