Notice of Terms and Conditions of Purchase of Loans under the Ensuring Continued Access to Student Loans Act of 2008. (JH)

ICR 200811-1845-005

OMB: 1845-0087

Federal Form Document

Forms and Documents
Document
Name
Status
Justification for No Material/Nonsubstantive Change
2008-11-28
Justification for No Material/Nonsubstantive Change
2008-11-28
Supporting Statement A
2008-07-28
Supplementary Document
2008-06-23
ICR Details
1845-0087 200811-1845-005
Historical Active 200807-1845-003
ED/FSA 03748
Notice of Terms and Conditions of Purchase of Loans under the Ensuring Continued Access to Student Loans Act of 2008. (JH)
No material or nonsubstantive change to a currently approved collection   No
Emergency 07/29/2008
Approved without change 11/28/2008
Retrieve Notice of Action (NOA) 11/28/2008
  Inventory as of this Action Requested Previously Approved
01/31/2009 01/31/2009 01/31/2009
9,700 0 9,650
18,800 0 18,500
0 0 0

As one of several measures intended to address concerns about the availability of loans under the Federal Family Education Loan (FFEL) Program during the 2008-2009 academic year, the Ensuring Continued Access to Student Loans Act of 2008 (ECASLA) provides the Department of Education (the Department) with temporary authority to purchase student loans from FFEL Program lenders. The documents included in this collection set forth the terms and conditions of the loan purchase program authorized by the ECASLA and collect the information from lenders that is required by the Department to administer the program.
As explained in items 1 and 2 of the supporting statement that is included with this emergency clearance request, section 459A of the Higher Education Act (“HEA”), which was signed into law on May 7, 2008, provides that the Secretary of Education, the Secretary of the Treasury, and the Director of the Office of Management and Budget must jointly determine the terms and conditions of the newly authorized loan purchase program. These documents set forth those terms and aid in the administration of the program. The Loan Purchase Program was established under the HEA by the ECASLA. Congress passed this law to ECASLA to remedy the market conditions that threatened the ability of student lenders o make student loans for the 2008-2009 academic year. While loans for the academic year can be originated as early as May, the bulk of originations occur during the period from July through August. The Department thus requests emergency clearance of the Documents because the regular clearance process would not enable us to make an OMB-approved set of Document available to lenders seeking to make student loans during the 2008-2009 academic year. The Department requests emergency clearance of the Documents by July 29, 2008. As explained in the accompanying supporting statement, to ensure that student lenders are able to utilize the Loan Purchase Program, the Documents must be reviewed by lenders in advance of final publication of the Notice of Terms and Conditions of Purchase of Loans under the Ensuring Continued Access to Student Loans Act of 2008. As such, the lending community must have final, approved versions of the Documents no later than July 29, 2008 to ensure that they will be able to utilize the Loan Purchase Program in time for the 2008-2009 academic year. Upon receiving emergency clearance of the Documents, the Department will submit the Documents for the regular clearance process.

PL: Pub.L. 110 - 227 7 Name of Law: Ensuring Continued Access to Student Loans Act of 2008
  
PL: Pub.L. 110 - 227 7 Name of Law: Ensuring Continued Access to Student Loans Act of 2008

Not associated with rulemaking

  73 FR 36304 06/26/2008
73 FR 36304 06/26/2008
No

  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 9,700 9,650 0 50 0 0
Annual Time Burden (Hours) 18,800 18,500 0 300 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
No
This is a new IC -- As one of several measures intended to address concerns about the availability of student loans under the Federal Family Education Loan (FFEL) Program during the 2008-2009 academic year, the Ensuring Continued Access to Student Loans Act of 2008 provides the U.S. Department of Education (the Department) with temporary authority to purchase student loans from FFEL Program lenders. This new authority requires the Department to collect certain information from lenders in order to administer the loan purchase program.

$0
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Jeff Baker 2023774009

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
11/28/2008


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