Federal Direct Consolidation Loan Program Application Documents

Forms and Documents

Document Name	Status
Form 1845-0053 Federal Direct Consolidation Loan Application and Promissory Note, Instructions, and Additional Loan Listing Sheet Form	Modified
Form 1845-0053 Federal Direct Consolidation Loan Request to Add Loans Form and Instruction	Modified
Form 1845-0053 Federal Direct Consolidation Loan Verification Certificate Form and Instruction	Modified
60D_FRN_1845-0053.pdf Supplementary Document	2014-02-12
1845-0053_SuppSt_30-Day_20140225[1].docx Supporting Statement A	2014-02-27

IC Document Collections

IC ID	Document Title	Status
22301	Federal Direct Consolidation Loan Application and Promissory Note, Instructions, and Additional Loan Listing Sheet Form	Modified
181525	Federal Direct Consolidation Loan Request to Add Loans Form and Instruction	Modified
181524	Federal Direct Consolidation Loan Verification Certificate Form and Instruction	Modified

ICR Details

OMB Control No: 1845-0053	ICR Reference No: 201402-1845-006
Status: Historical Active	Previous ICR Reference No: 201009-1845-001
Agency/Subagency: ED/FSA	Agency Tracking No: 1426.22
Title: Federal Direct Consolidation Loan Program Application Documents
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: 04/28/2014
	Date Received in OIRA: 02/27/2014
Terms of Clearance: Given the nature of student loan rules changing on an annual basis, OMB will be granting a two year clearance for this collection.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2016	36 Months From Approved	04/30/2014
Responses	2,430,000	0	1,992,600
Time Burden (Hours)	575,100	0	717,582
Cost Burden (Dollars)	0	0	0

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Abstract: This collection of information includes the following documents: (1) Federal Direct Consolidation Loan Application and Promissory Note (Application and Promissory Note); (2) Instructions for Completing the Federal Direct Consolidation Loan Application and Promissory Note (Instructions); (3)Additional Loan Listing Sheet; (4) Request to Add Loans; and (5) Loan Verification Certificate (LVC). The Application and Promissory Note serves as the means by which a borrower applies for a Federal Direct Consolidation Loan and promises to repay the loan. The Instructions explain to the borrower how to complete the Application and Promissory Note. The Additional Loan Listing Sheet provides additional space for a borrower to list loans that he or she wishes to consolidate, if there is insufficient space on the Application and Promissory Note. The Request to Add Loans serves as the means by which a borrower may add other loans to an existing Federal Direct Consolidation Loan within a specified time period. The LVC serves as the means by which the U.S. Department of Education obtains the information needed to pay off the holders of the loans that the borrower wants to consolidate. This revision updates the forms to reflect certain statutory and regulatory changes, revises language for greater clarity and for greater consistency with other Direct Loan Program promissory notes.

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Authorizing Statute(s): US Code: 20 USC 1087e(g) 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:
	78 FR 77665	12/24/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 11093	02/27/2014
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
Federal Direct Consolidation Loan Application and Promissory Note, Instructions, and Additional Loan Listing Sheet	1845-0053, 1845-0053	Federal Direct Consolidation Loan Application and Promissory Note ,   Federal Direct Consolidation Loan Additional Loan Listing Sheet
Federal Direct Consolidation Loan Verification Certificate	1845-0053	Federal Direct Consolidation Loan Verification Certificate
Federal Direct Consolidation Loan Request to Add Loans	1845-0053	Federal Direct Consolidation Loan Request to Add Loans

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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	2,430,000	1,992,600	0	0	437,400	0
Annual Time Burden (Hours)	575,100	717,582	0	-142,482	0	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: Yes

Burden Reduction Due to: Using Information Technology

Short Statement: Although the estimated number of respondents for the Direct Consolidation Application and Promissory Note has increased, the use of information technology to prepopulate portions of the Application and Promissory Note significantly reduced the time required by a borrower to complete the form. We are reporting a burden hour decrease of 142,482 hours as a program change and there is an adjustment due to the increase in respondents.

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Annual Cost to Federal Government: $41,440,853

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: 02/27/2014

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