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 methids 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 rates; 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
2,600,000
0
2,384,000
433,160
0
397,174
832,000
0
763,000
This form is the means by which a Federal Direct Stafford/Ford Loan and/or Federal Direct Unsubsidized Stafford/Ford Loan borrower promises to repay his or her loan.
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.
Federal Direct Stafford/Ford Loan and Federal Direct Unsubsidized Stafford/Ford Loan Promissory Note and Disclosure