Federal Direct Stafford/Ford Loan and Federal Direct Subsidized/Unsubsidized Stafford/Ford Loan Master Promissory Note

ICR 201311-1845-002

OMB: 1845-0007

Federal Form Document

Forms and Documents
IC Document Collections
ICR Details
1845-0007 201311-1845-002
Historical Active 201304-1845-001
ED/FSA 1388.15
Federal Direct Stafford/Ford Loan and Federal Direct Subsidized/Unsubsidized Stafford/Ford Loan Master Promissory Note
Revision of a currently approved collection   No
Regular
Approved without change 02/28/2014
Retrieve Notice of Action (NOA) 11/07/2013
Since this is a contract that sets the terms for all loans that students and parents sign and loan policies and repayment terms change so frequently, OMB is granting ED with a two year approval for this collection instead of a three year approval.
  Inventory as of this Action Requested Previously Approved
02/29/2016 36 Months From Approved 07/31/2014
5,207,137 0 5,239,078
2,603,569 0 2,619,539
0 0 0

The Federal Direct Stafford/Ford Loan (Direct Subsidized Loan) and Federal Direct Unsubsidized Stafford/Ford Loan (Direct Unsubsidized Loan) Master Promissory Note (MPN) serves as the means by which an individual agrees to repay a Direct Subsidized Loan and/or Direct Unsubsidized Loan. An MPN is a promissory note under which a borrower may receive loans for a single or multiple academic years. This revision incorporates changes to information based on statutory and regulatory changes as well as expanding repayment plan information, deleting outdated information and clarifying information through updated charts and language.

US Code: 20 USC 1087a Name of Law: Higher Education Act 1965 as amended
  
None

Not associated with rulemaking

  78 FR 52169 08/22/2013
78 FR 66906 11/07/2013
No

1
IC Title Form No. Form Name
Master Promissory Note, William D. Ford Federal Direct Loan Program 1845-0007 Direct Subsidized Loan/Direct Unsubsidized Loan MPN

  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 5,207,137 5,239,078 0 0 -31,941 0
Annual Time Burden (Hours) 2,603,569 2,619,539 0 0 -15,970 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
There is a downward adjustment due to a decrease in the number of respondents, as explained in the Supporting Statement, Item 15. The Department is identifying program changes based on statutory changes made to the interest rates through the Bipartisan Student Loan Certainty Act of 2013 (P.L. 113-28), and the eligibility time limits made by the Moving Ahead for Progress in the 21st Century Act (P.L. 112-141). We are also adding and expanding repayment plan information, deleting outdated information and supplying clearer information through updated charts and language.

$28,172
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.
11/07/2013


© 2024 OMB.report | Privacy Policy