STANDARDS, CRITERIA, AND PROCEDURES GOVERNING THE REPAYMENT AND CONSOLIDATION OF LOANS UNDER THE DIRECT LOAN PROGRAM

Forms and Documents

Document	Type	Status	Availability

No forms / supporting documents in this ICR. Check IC Document Collections.

IC Document Collections

IC ID	Collection	Type	Status	Form
134725	STANDARDS, CRITERIA, AND PROCEDURES GOVERNING THE REPAYMENT AND CONSOLIDATION OF LOANS UNDER THE DIRECT LOAN PROGRAM		Migrated

ICR Details

OMB Control No: 1840-0693	ICR Reference No: 199407-1840-004
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: ED/OPE	Agency Tracking No:
Title: STANDARDS, CRITERIA, AND PROCEDURES GOVERNING THE REPAYMENT AND CONSOLIDATION OF LOANS UNDER THE DIRECT LOAN PROGRAM
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/23/1994
	Date Received in OIRA: 07/29/1994
Terms of Clearance: Approved as amended by ED's memoranda to OMB of 8/18/94, 9/13/94, and 9/22/94. Approval is granted for 90 days, through December 22, 1994, ED submitted this form under the emergency clearance procedures outlined in 5 CFR 1320.18. ED will resubmit the package for standard PRA review expeditiously, to allow adequate opportunity for public comment and subsequent OMB action by 12/22. ED has also agreed that: -- ED will notify all lenders participating in the FFEL program that should their consolidation payment from ED exceed the amount owed by t borrower on the loan at the time the ED payment is received, lenders must rebate the overpayment promptly to ED. This notification will co in the form of a Dear Colleague letter that will be submitted for PRA review, prior to mail-out, as an addendum to this clearance package. -- ED will analyze consolidation payments and lender rebates given the current 60-day window in which borrowers may continue to make payments to determine the extent of overpayments made because borrowers continu to pay lenders while ED processes their consolidation loan payment. Based on this analysis, ED will recommend whether to maintain the current system for making consolidation payments to lenders. ED will also take steps to reduce the 60-day processing window as soon as possible. ED will report on progress with its next clearance request. -- ED will delete duplicative data elements on any current forms in which lenders report principal, interest and fees owed on FFELP loans.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/1994	12/31/1994
Responses	62,068	0	0
Time Burden (Hours)	22,278	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: THE STUDENT LOAN REFORM ACT OF 1993 (P.L. 103-66) AUTHORIZED THE FEDER DIRECT STUDENT LOAN PROGRAM TO MAKE LOANS BEGINNING JULY 1, 1994. THE SECRETARY PUBLISHED STANDARDS, CRITERIA, AND PROCEDURES GOVERNING THE REPAYMENT AND CONSOLIDATION OF LOANS UNDER THIS PROGRAM.

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Authorizing Statute(s): None

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
STANDARDS, CRITERIA, AND PROCEDURES GOVERNING THE REPAYMENT AND CONSOLIDATION OF LOANS UNDER THE DIRECT LOAN PROGRAM

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	62,068	0	0	62,068	0	0
Annual Time Burden (Hours)	22,278	0	0	22,278	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 07/29/1994

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