Federal Direct Stafford/Ford Loan and Federal Direct Unsubsidized Stafford/Ford Loan Promissory Note and Disclosure

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability

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

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
21952	Federal Direct Stafford/Ford Loan and Federal Direct Unsubsidized Stafford/Ford Loan Promissory Note and Disclosure		Migrated

ICR Details

OMB Control No: 1840-0667	ICR Reference No: 199710-1840-006
Status: Historical Active	Previous ICR Reference No: 199610-1840-005
Agency/Subagency: ED/OPE	Agency Tracking No:
Title: Federal Direct Stafford/Ford Loan and Federal Direct Unsubsidized Stafford/Ford Loan Promissory Note and Disclosure
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/10/1997
	Date Received in OIRA: 10/16/1997
Terms of Clearance: 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.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/1998	12/31/1998	12/31/1999
Responses	2,600,000	0	2,384,000
Time Burden (Hours)	433,160	0	397,174
Cost Burden (Dollars)	832,000	0	763,000

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Abstract: 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.

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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

table that charts list of burden

IC Title	Form No.	Form Name
Federal Direct Stafford/Ford Loan and Federal Direct Unsubsidized Stafford/Ford Loan Promissory Note and Disclosure

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ICR Summary of Burden

table that charts list 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	2,600,000	2,384,000	0	0	216,000	0
Annual Time Burden (Hours)	433,160	397,174	0	0	35,986	0
Annual Cost Burden (Dollars)	832,000	763,000	0	0	69,000	0

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

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: 10/16/1997

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