Section 685.301 and 685.304 – Entrance Counseling for Graduate/Professional PLUS Borrowers
The proposed changes to §§685.301 and 685.304 would require institutions to provide entrance counseling to students as a part of the process for certifying a Direct Loan Grad/PLUS loan. Institutions have automated the loan counseling process to a high degree, therefore the burden increase to the institution is small.
# of Direct Loan Grad/PLUS Loans:
July, 2006 – April, 2007 X Additional % of = Total # loans
loans April through
June, 2007
18,785 1.33 24,984
Amount of increased burden per Grad/PLUS loan = .5 hours (30 minutes)
Affected Entities:
# of loans X Time to complete = Hours of
entrance counseling increased burden
BORROWERS: 24,984 .5 hours (30 minutes) 12,492
INSTITUTIONS: 24,984 .017 hours (1 minute) 424
Total Increase in Burden Hours: 12,916 hours
Respondents, Responses and Burden Hours:
# of Respondents # of Responses # Hrs/Response #Hrs
Burden
Borrowers 24,984 24,984 .5 = 12,492
Institutions 24,984 24,984 .017 = 424
File Type | application/msword |
File Title | SUPPORTING STATEMENT |
Author | I.R.G. |
Last Modified By | Sheila.Carey |
File Modified | 2007-06-06 |
File Created | 2007-06-06 |