Section 682.402 – Loan Discharge for Death
The proposed regulations would allow the use of an accurate and complete copy of a borrower’s death certificate, instead of only permitting the submission of the original or a certified copy of the certificate.
The # of death discharges for Title IV loans as of September 30, 2006 are as follows:
Program Type # of loans % by program
FFEL Program 55,148 .78
Direct Loan Program 14,199 .20
Perkins Loan Program 1,692 .02
Total # of Title IV Loan 71,039 1.00
Discharges for Death
Current Requirement:
Amount of time to contact the Office of Vital Statistics to obtain a certified copy of a death certificate = .25 hour (15 minutes).
Proposed Requirement:
Amount of time to copy and submit a copy of an original or certified copy of a death certificate = .17 hour (10 minutes).
.25 hour (15 minutes)
less .17 hour (10 minutes)
Burden reduction per record .08 hour (5 minutes)
Total burden reduction:
# of death discharges 71,039
amount of burden reduction X .08 hour (5 minutes)
Total burden hours reduced 5,683 hours
Total burden reduction by program:
Program type: % of discharges total hours of hours of
by program burden reduction reduction by
program
FFEL Program .78 5,683 4,433
Direct Loan Program .20 5,683 1,137
Perkins Loan Program .02 5,683 113
5,683
Affected Entities: % of entity hours of amount of burden reduction
impacted reduction by by affected entity
FFEL program
SURVIVOR OF
BORROWER: .6 4,433 2,660
LOAN HOLDER: .4 4,433 1,773
4,433
Respondents, Responses and Burden Hours:
# of Respondents # of Responses # Hrs/Response #Hrs
Burden
34,021 55,410 .08 = 4,433
File Type | application/msword |
File Title | Section 682 |
Author | DoED User |
Last Modified By | DoED User |
File Modified | 2007-06-04 |
File Created | 2007-06-04 |