Approved
consistent with ED's memo to OMB of 8/20/99. In addition, the
following terms of clearance apply: (1) ED will continue efforts to
consolidate the number of prom notes to minimize the number of
different types of prom notes and thus minimize confusion among
respondents. (2) Specifically, the DL prom note (w/out multi year
functionality - 1840-0667) expires 12/99 and will no longer be in
use after that time. The FFEL prom note (w/out multi year
functionality - 1840-0717) expires 6/2000 and will no longer be in
use after that time. OMB provides ED with a 3 year clearance for
the revised MPNs (DL: 1840-0743, FFEL: 1840-0742), However, ED will
make every effort to phase out the original MPNs (DL: 1840- 0732,
FFEL: 1840-0731) by 7/2000. Consistent with the 8/20 memo, ED will
consult with all appropriate stakeholders on the appopriate
strategy and timeframe for these phase outs. (3) In developing ED
procedures for the application/request process for multi- year
functionality and notification/ confirmation, ED will ensure that
institutions are provided (and made aware of) an option to submit
the two application/requests simoultaneously rather than as
separate application/requests. (4) OMB notes that the designation
of an MPN single numeric identifier distinct and unique from an
overarching single identifier is completely inconsistent with the
original premise of ED's single identifier initiative. ED will
continue its efforts to develop a single numeric identifier to be
used by institutions for all purposes with respect to dealings with
the ED. (5) By 11/1/99 ED will submit for OMB review and approval a
common FFEL consolidation application and prom note. (6) ED will
develop recertificaiton procedures to ensure that students
acknowledge the loans they are taking each year, even under an
MPN.
Inventory as of this Action
Requested
Previously Approved
09/30/2002
09/30/2002
1,400,000
0
0
1,400,000
0
0
0
0
0
This promissory note is the means by
which a Federal Stafford Program 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 Stafford Loan (Subsidized and Unsubsidized) Program Master Promissory Note