Sections 682.401, 682.603 and 685.301 – Maximum Length of a loan period
The proposed changes would eliminate the maximum 12-month loan period for annual loan limits in the FFEL Program thus allowing institutions to certify a single loan for student in shorter non-term or nonstandard term programs or when the loan period is longer than 12 months. As a result, these changes will decrease burden for schools and lenders.
# of borrowers in the FFEL Program in 2007-2008:
Loan Type # of loans
Subsidized 5,913,000
Unsubsidized 4,786,000
PLUS 797,000
Total 11,496,000
% of affected loans .10
# of affected loans 1,149,600
Total amount of time to certify
and disburse loan X .5 hours (30 minutes)
Total decrease in burden 574,800
Affected Entities:
# of affected X time to = Total burden loans certify & reduction
disburse by
affected entity
INSTITUTIONS: 574,800 .5 287,400
LENDERS: 574,800 .5 287,400 1,149,600 574,800
Respondents, Responses and Burden Hours:
# of Respondents # of Responses # Hrs/Response #Hrs
Burden
8,767 1,149,600 .5 = 574,800
| File Type | application/msword |
| File Title | Sections 682 |
| Author | DoED User |
| Last Modified By | DoED User |
| File Modified | 2007-06-04 |
| File Created | 2007-06-04 |