Approved as
amended by ED's memos to OMB of 12/02/97, 12/03/97, and 12/09/97.
In addition, the following terms apply: 1) ED will continue 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 in 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 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
210,000
0
203,000
105,000
0
101,500
67,000
0
6,000
This form is the means by which a
Federal Direct PLUS 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 PLUS Loan Application and Promissory Note