Lender's Request for Payment of Interest and Special Allowance (JS)

Forms and Documents

Document	Type	Status	Availability

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

IC Document Collections

IC ID	Collection	Type	Status	Form
22170	Lender's Request for Payment of Interest and Special Allowance (JS)	Form	Migrated

ICR Details

OMB Control No: 1845-0013	ICR Reference No: 200205-1845-003
Status: Historical Active	Previous ICR Reference No: 200108-1845-006
Agency/Subagency: ED/FSA	Agency Tracking No:
Title: Lender's Request for Payment of Interest and Special Allowance (JS)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 07/31/2002
	Date Received in OIRA: 05/30/2002
Terms of Clearance: Under existing regulatory and administrative requirements, data regarding new and outstanding guaranteed student loans is collected through a labyrinth of intermediaries and processes. As a result, loan information is often incomplete and reporting is significantly delayed. Rather than lender payments on loan- level data, the Department makes fee payments based on summary data from 4000 lenders and 36 guaranty agencies while waiting for transaction level information to follow months later. This creates myriad problems: errors in determining contingent liability for financial statements, post-payment reconciliation problems between summary reports and loan data, constant changes in "actual" loan information, and ED's inability to verify loan data. Therefore, in order to maximize the practical utility of this data collection, ED shall submit to OMB, no later than 12/31/02, a detailed business case for making the necessary adjustments to the FFEL data system (including NSLDS) so that lender payments are based on loan-level data provided directly by the lenders on a quarterly or monthly basis, rather than on summary reports processed by other intermediaries.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2003	10/31/2003	07/31/2002
Responses	17,200	0	17,200
Time Burden (Hours)	41,925	0	41,925
Cost Burden (Dollars)	0	0	0

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Abstract: The Lender's Interest and Special Allowance Request (Form 799) is used by approximately 4,300 lenders participating in the Title IV, Part B loan programs. The ED Form 799 is used to pay interest and special allowance to holders of the Part B loans; and to capture quarterly data from lender's loan portfolio for financial and budgetary projections.

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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

IC Title	Form No.	Form Name
Lender's Request for Payment of Interest and Special Allowance (JS)	ED-799

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ICR Summary 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	17,200	17,200	0	0	0	0
Annual Time Burden (Hours)	41,925	41,925	0	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	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: 05/30/2002

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