The proposed regulations would allow schools that participate in the Perkins Loan Program to grant deferments based upon information from another FFEL holder or from the Department of Education instead of requiring the borrower to provide a duplicate request for deferment to multiple loan holders. As a result, burden for borrowers and loan holders would decrease.
A total of 41,700 Perkins, FFEL and Direct loan borrowers were granted a non-in-school deferment in Award Year 2006 and received loans with more than one loan holder.
41,700 borrowers granted non-in-school deferment with multiple holders
X .25 hours projected amount of decreased burden per borrower
10,425 hours total number of hours of decreased burden
For 2007-2008: # of Loans: %
Total projected # of Perkins Loan Program awards 501,000 .03
Total projected # of FFEL Program awards 12,483,000 .78
Total projected # of Direct Loan Program awards 3,039,000 .19
Total # of Title IV projected loans 16,023,000 1.00
Total Burden Reduction for the Perkins Loan Program:
10,425 total hours of burden reduction
X .03 percentage of all projected loans as Perkins
313 total # of hours of decreased burden in the Perkins Loan program
Affected Entities:
The amount of burden reduction is split between borrowers and loan holders. The majority of the burden reduction is provided to the borrowers since they will not have to complete and submit additional, duplicative deferment requests.
Affected Entity: % of burden hours of burden = total hours of
reduction reduction reduction
BORROWERS: .9 313 282
LOAN HOLDERS: .1 313 31 313
Respondents, Responses and Burden Hours:
# of Respondents # of Responses # Hrs/Response #Hrs
Burden
1251 1251 .25 = -313
| File Type | application/msword |
| File Title | SUPPORTING STATEMENT |
| Author | I.R.G. |
| Last Modified By | Sheila.Carey |
| File Modified | 2007-06-12 |
| File Created | 2007-06-12 |