Lender's Application for Payment of Insurance Claim, ED Form 1207

Forms and Documents

Document	Type	Status	Availability
Form ED Form 1207 Lender Application for Payment of Insurance Claim	Form	Modified	Available
Att_Supporting Statement.docx	Supporting Statement A	Uploaded 2011-02-03	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
183061	Lender Application for Payment of Insurance Claim	Form	Modified

ICR Details

OMB Control No: 1845-0042	ICR Reference No: 201011-1845-005
Status: Historical Active	Previous ICR Reference No: 200712-1845-003
Agency/Subagency: ED/FSA	Agency Tracking No: 4418
Title: Lender's Application for Payment of Insurance Claim, ED Form 1207
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/10/2011
	Date Received in OIRA: 02/08/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2014	36 Months From Approved	04/30/2011
Responses	12	0	51
Time Burden (Hours)	3	0	14
Cost Burden (Dollars)	0	0	0

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Abstract: The ED Form 1207 - Lender's Application for Payment of Insurance Claim is completed for each borrower for whom the lender is filing a Federal claim. Lenders must file for payment within 90 days of the default, depending on the type of claim filed. ED uses the information on the ED Form 1207 to match disbursement data already on file for claim payment validation.

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Authorizing Statute(s): US Code: 20 USC 1078-1 Name of Law: Higher Education Act of 1965, as amended
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 69425	11/12/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 6769	02/08/2011
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Lender Application for Payment of Insurance Claim	ED Form 1207	Insurance Claim Form

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ICR Summary of Burden

	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	12	51	0	0	-39	0
Annual Time Burden (Hours)	3	14	0	0	-11	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The total annual burden of 3 hours and 12 responses for this extension of a currently approved collection has decreased by 11 hours. This is an adjustment due to a decrease of 39 respondents as a result of a decreased volume of rehabilitated loan claim requests.

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Annual Cost to Federal Government: $8,000

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 02/08/2011

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