Section 455(i) of the Higher Education Act of 1965, as amended (the HEA) requires the U.S. Department of Education (the Department) to develop, print, and distribute a standard promissory note to schools that participate in the William D. Ford Federal Direct Loan Program (Direct Loan Program).
The One Big Beautiful Bill Act (OBBBA) signed into law on July 4, 2025, made statutory changes to Sections 455(a), 455(d), 455(e), 455(g), and 455(q) that impact borrower eligibility, terms and conditions, and borrowers’ rights and responsibilities for Direct Loans received on or after July 1, 2026. Additionally, previous provisions regulated in 34 CFR 685.209 effective July 1, 2024, were invalidated as a result of court actions on March 10, 2026. This is a request for a revision of this collection to align the promissory note with the requirements of the OBBBA.
Interested persons are invited to submit comments on or before June 8, 2026.
To view this Federal Register publication, click here.