Federal Family Education Loan (FFEL) Program London Inter-Bank Offered Rate (LIBOR) Waiver

Forms and Documents

Document Name	Status
Exception Request - Holder Form and Instruction	New
Att_LIBOR Memo with Signature.pdf Supplementary Document	2012-02-28
Att_Supporting Statement for LIBOR Waiver.docx Supporting Statement A	2012-02-28

IC Document Collections

IC ID	Document Title	Status
201349	Exception Request - Holder Form and Instruction	New

ICR Details

OMB Control No: 1845-0112	ICR Reference No: 201202-1845-004
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: ED/FSA	Agency Tracking No: 4806
Title: Federal Family Education Loan (FFEL) Program London Inter-Bank Offered Rate (LIBOR) Waiver
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 03/09/2012
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/19/2012
	Date Received in OIRA: 02/29/2012
Terms of Clearance: This collection is approved on an emergency basis for six months. If Education chooses to collect this information past six months, they will be required to request approval under the full Paperwork Reduction Process.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2012	6 Months From Approved
Responses	75	0	0
Time Burden (Hours)	3,000	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Consolidated Appropriations Act, 2012 requires that Federal Family Education Loan Program Lenders be given the option to have their special allowance payments calculated using the 1-month London Inter-Bank Offered Rate (LIBOR). Lenders electing to have loans calculated using LIBOR will be required to sign a waiver. This waiver has to be signed no later than April 1, 2012.

Emergency Justfication: The Office of the Chief Financial Officer, Federal Student Aid (FSA) requests Emergency Clearance for the information collection entitled “Federal Family Education Loan (FFEL) Program London Inter-Bank Offered Rate (LIBOR) Waiver” because a normal clearance is likely to cause a statutory deadline to be missed. On December 23, 2011, the President signed the Consolidated Appropriations Act, 2012 (Public Law 112-74), which directs that FFEL lenders be given the option of having their special allowance payments calculated using the 1-month LIBOR for the calendar quarter beginning April 1, 2012 and each subsequent quarter. Public Law 112-74 further directs that each lender electing the change must submit a waiver attesting to that choice no later than April 1, 2012.

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Authorizing Statute(s): PL: Pub.L. 112 - 74 438(b)(2)(1) Name of Law: Consolidated Appropriations Act 2012
  

Citations for New Statutory Requirements: PL: Pub.L. 112 - 74 438(b)(2)(1) Name of Law: Consolidated Appropriations Act 2012

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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

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
Exception Request - Holder	N/A, N/A	Exception request - holder ,   Exception request - lender

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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	75	0	0	75	0	0
Annual Time Burden (Hours)	3,000	0	0	3,000	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: This is a new collection, thus all burden is considered new.

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Annual Cost to Federal Government: $11,250

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: 02/29/2012

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