Income Based repayment - notifications

ICR 201302-1845-001

OMB: 1845-0114

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2012-09-17
IC Document Collections
IC ID
Document
Title
Status
202423
Unchanged
ICR Details
1845-0114 201302-1845-001
Historical Active 201209-1845-006
ED/FSA 4865
Income Based repayment - notifications
New collection (Request for a new OMB Control Number)   No
Regular
Approved without change 02/22/2013
Retrieve Notice of Action (NOA) 02/22/2013
Pre-approval contingent upon no substantive changes to this collection after adoption of the final rule. Otherwise this collection should be re-submitted to OMB for review.
  Inventory as of this Action Requested Previously Approved
10/31/2015 36 Months From Approved
290,268 0 0
23,221 0 0
0 0 0

Under the proposed regulations in §§682.215(e)(2) and 685.221.(e)(2), the Federal Family Education Loan (FFEL) loan holder or the Department in the case of a Direct Loan, after making a determination that a borrower has a partial financial hardship to qualify for an income based repayment (IBR) repayment plan would send the borrower a written notification that would include the following information: the borrower's scheduled monthly payment amount, and the time period during which that monthly payment amount will apply (annual payment period); information about the requirement for the borrower to annually provide income information (and, in some cases for married FFEL program borrowers, information about the eligible loans of the borrower's spouse) and certify family size, if the borrower chooses to remain on the IBR plan after the initial year on the plan, an explanation that the borrower will be notified in advance of the date by which the loan holder must receive this information; an explanation of the consequences if the borrower does not annually provide the required information; and information about the borrower's option to request, at any time during the borrower's current annual payment period, that the loan holder recalculate the borrower's monthly payment amount if the borrower's financial circumstances have changed and the income amount that was used to calculate the borrower's current monthly payment no longer reflects the borrower's current income.

US Code: 20 USC 1001 Name of Law: Higher Education Act of 1965, as amended
  
None

1840-AD05 Final or interim final rulemaking 77 FR 66088 11/01/2012

No

1
IC Title Form No. Form Name
Income based repayment - notifications

  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 290,268 0 0 290,268 0 0
Annual Time Burden (Hours) 23,221 0 0 23,221 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Changing Regulations
No
The increase in burden is due to the new requirements for loan holders to provide written notifications to borrowers that can show they have a partial financial hardship and are placed into an income based repayment (IBR) plan.

$0
No
No
No
No
No
Uncollected
Dan Klock 202 377-4026

  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.
09/17/2012


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