34 CFR 682.401
is approved for collection under the Paperwork Reduction Act. At
the same time, OMB reasserts the existing terms of clearance as
transmitted to ED on 1/18/91, which informed ED to assess paperwork
burden on the public in the developmen of final regulations for the
GSL program based on the 1986 Higher Education Act reauthorization.
The one-year approval granted for paperwork burden in this final
regulation will allow ED sufficient tim to commence proceedings
against schools whose default rates are above eligibility
thresholds; however, OMB continues to urge the Department submit
its final regulations based on the 1986 HEA reauthorization as soon
as possible.
Inventory as of this Action
Requested
Previously Approved
08/31/1992
08/31/1992
01/31/1992
9,550,000
0
9,550,000
24,874,428
0
24,874,428
0
0
0
THIS FINAL REGULATION IS NEEDED TO
DETAIL THE CRITERIA FOR A GUARANTEE AGENCY TO HANDLE REQUESTS FOR
INFORMATION MADE BY AN INSTITUTION THAT HAS LOST ITS ELIGIBILITY TO
PARTICIPATE IN THE GSL PROGRAMS IF ITS COHORT DEFAULT RATES ARE
ABOVE 35 PERCENT FOR THREE CONSECUTIVE YEARS.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.