Guaranty Agency Financial Report (JS)

Forms and Documents

Document Name	Status

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

IC Document Collections

IC ID	Document Title	Status
22222	Guaranty Agency Financial Report (JS) Form	Migrated

ICR Details

OMB Control No: 1845-0026	ICR Reference No: 200301-1845-001
Status: Historical Active	Previous ICR Reference No: 199911-1845-003
Agency/Subagency: ED/FSA	Agency Tracking No:
Title: Guaranty Agency Financial Report (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 without change	Conclusion Date: 03/07/2003
	Date Received in OIRA: 01/07/2003
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 basing fee and other 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. To address this issue and other student aid data issues, FSA has indicated its intention to develop a data architecture that can be used to identify potential improvements in timely receipt of critical program and financial data and elimination of duplicative reporting systems. The data architecture should address the above-described issue by addressing the viability and benefits of obtaining loan level data from lenders on a more tiely basis as well as receiving data that are necessary to conduct cohort and risk level account. Therefore, in order to maximize the practical utility of this data collection and prior to the next submission of this package for clearance, ED shall report on the status of the data architecture and information it yields on whether to make the necessary adjustments to the FFEL data system (including NSLDS) so that fee payments are based on loan level data directly provided 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	03/31/2004	03/31/2004	03/31/2003
Responses	612	0	612
Time Burden (Hours)	33,660	0	33,660
Cost Burden (Dollars)	0	0	0

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Abstract: The Guaranty Agency Financial Report is used to request payments from and make payments to the Department of Education under the FFEL program authorized by Title IV, Part B, of the HEA of 1965, as amended. The report is also used to monitor the agency's financial activities, including activities concerning its federal fund; operating fund and the agency's restricted account.

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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
Guaranty Agency Financial Report (JS)	2000

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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	612	612	0	0	0	0
Annual Time Burden (Hours)	33,660	33,660	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: 01/07/2003

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