Approved as amended by ED's memos to OMB of 12/02/97, 12/03/97, and 12/09/97. In addition, the following conditions apply: 1) ED will continue in its consultations with both commercial and public entities on methods for developing and implementing a multi-year promissory note. The focus/goal of these consultations will be to a) obtain a set of development and implementation options based on established and/or innovative practices of other entities with regard to multi-year notes, and b) determine whether a common standardized form for both the Direct Loan and FFEL programs is feasible and desirable (Note: If ED and the lending industry cannot agree on standardized formats for both programs, ED should justify any recommendations for customizing the forms in either program); 2) ED will provide to OMB an update on the "Pilot Project" for the multi-year note. This update should contain a specific timeline for the implementation of the project; 3) ED will continue its consultation with both commercial and public entities on methods for developing and implementing a promissory note adaptable to the situation where interest rates vary from loan to loan or within loans. The focus/ goal of these consultations will be to obtain a set of development and implementation options based on established and/or innovative practices of other entities with regard to prom notes and varying interest; 4) ED will brief OMB on terms 1, 2, and 3 within 6 months of clearance; 5) Given that the pilot project is scheduled for 99-00 and many of the issues relating to multi-year notes are unresolved (including how HEA reauthorization will affect multi-year notes), this approval request is given a one year clearance.
Inventory as of this Action
Requested
Previously Approved
12/31/1998
12/31/1998
12/31/1999
52,500
0
50,750
26,250
0
25,375
17,000
0
16,000
This form is the means by which an endorser for a Federal Direct PLUS Loan borrower with an adverse credit history applies for and promises to repay the Federal Direct PLUS Loan if the borrower does not repay it.
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.
Addendum to Federal Direct PLUS Loan Promissory Note Endorser