William D. Ford Federal Direct Loan Program Repayment Plan Selection Form

ICR 201008-1845-002

OMB: 1845-0014

Federal Form Document

Forms and Documents
Document
Name
Status
Form and Instruction
Modified
Supporting Statement A
2010-08-25
IC Document Collections
ICR Details
1845-0014 201008-1845-002
Historical Active 200907-1845-018
ED/FSA 4340
William D. Ford Federal Direct Loan Program Repayment Plan Selection Form
Revision of a currently approved collection   No
Regular
Approved without change 11/04/2010
Retrieve Notice of Action (NOA) 08/25/2010
  Inventory as of this Action Requested Previously Approved
11/30/2013 36 Months From Approved 11/30/2010
660,000 0 331,000
217,800 0 109,230
0 0 0

A Direct Loan Program borrower may use the Repayment Plan Selection form to select an initial repayment plan prior to entering repayment, or to request a change from the borrower's current repayment plan to a different repayment plan. For borrowers who select the Income Contingent Repayment (ICR) Plan or the Income-Based Repayment (IBR) Plan, the Repayment Plan Selection form also serves as the means by which the U.S. Department of Education collects the information needed to calculate the borrower's monthly payment amount and, in the case of the IBR Plan, the information needed to determine the borrower's initial eligibility to repay under this plan.

US Code: 20 USC 1087e(d) Name of Law: Higher Education Act of 1965, as amended
  
PL: Pub.L. 111 - 152 2201 Name of Law: Health Care and Education Reconciliation Act

Not associated with rulemaking

  75 FR 34989 06/21/2010
75 FR 52317 08/25/2010
Yes

1
IC Title Form No. Form Name
William D. Ford Federal Direct Loan Program Repayment Plan Selection Form NA Direct Loan Repayment Plan Selection

  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 660,000 331,000 329,000 0 0 0
Annual Time Burden (Hours) 217,800 109,230 108,570 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
There is an increase of 108,570 hours due to an expected increase in the number of respondents. This is a result of the Health Care and Education Reconciliation Act of 2010 (Public Law 111-152), which terminated the authority of lenders to make new FFEL Program loans effective July 1, 2010. This will increase the number of Direct Loans that are made, and with more Direct Loans being made there will be an increase of 329,000 respondents completing the Repayment Plan Selection form.

$718,184
No
No
Yes
No
No
Uncollected
Jon Utz 202 377-4040

  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.
08/25/2010


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