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

Forms and Documents

Document Name	Status
Form 1845-0007 Master Promissory Note, William D. Ford Federal Direct Loan Program Form and Instruction	Modified
RE_ TICAS 30-Day Comments on Direct Subsidized Loan_Direct Unsubsidized Loan MPN (1845-0007).pdf Supplementary Document	2013-12-17
30D_FRN_1845-0007.pdf Supplementary Document	2013-11-07
60D_FRN_1845-0007.pdf Supplementary Document	2013-08-22
1845-0007.Supporting Statement_30-DAY_2013-11-01.doc Supporting Statement A	2013-11-04

IC Document Collections

IC ID	Document Title	Status
184192	Master Promissory Note, William D. Ford Federal Direct Loan Program Form and Instruction	Modified

ICR Details

OMB Control No: 1845-0007	ICR Reference No: 201311-1845-002
Status: Historical Active	Previous ICR Reference No: 201304-1845-001
Agency/Subagency: ED/FSA	Agency Tracking No: 1388.15
Title: Federal Direct Stafford/Ford Loan and Federal Direct Subsidized/Unsubsidized Stafford/Ford Loan Master Promissory Note
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/28/2014
	Date Received in OIRA: 11/07/2013
Terms of Clearance: 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
Expiration Date	02/29/2016	36 Months From Approved	07/31/2014
Responses	5,207,137	0	5,239,078
Time Burden (Hours)	2,603,569	0	2,619,539
Cost Burden (Dollars)	0	0	0

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Abstract: 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to information based on statutory and regulatory changes as well as expanding repayment plan information, deleting outdated information and clarifying information through updated charts and language.

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Authorizing Statute(s): US Code: 20 USC 1087a Name of Law: Higher Education Act 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:
	78 FR 52169	08/22/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 66906	11/07/2013
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
Master Promissory Note, William D. Ford Federal Direct Loan Program	1845-0007	Direct Subsidized Loan/Direct Unsubsidized Loan MPN

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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	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

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: 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.

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Annual Cost to Federal Government: $28,172

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]? Yes

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: 11/07/2013

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