PLUS Adverse Credit Reconsideration Loan Counseling

Forms and Documents

Document Name	Status
Final 1845-0129 PLUS Adverse Credit Supporting Statement 10 23 2014.docx Supporting Statement A	2014-10-23

IC Document Collections

IC ID	Document Title	Status
212625	Final PLUS Adverse Credit Loan Individual Other-Regulatory Language for 34 CFR685.200	Modified

ICR Details

OMB Control No: 1845-0129	ICR Reference No: 201410-1845-005
Status: Historical Active	Previous ICR Reference No: 201409-1845-002
Agency/Subagency: ED/FSA	Agency Tracking No:
Title: PLUS Adverse Credit Reconsideration Loan Counseling
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/29/2014
	Date Received in OIRA: 10/23/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2017	36 Months From Approved
Responses	421,052	0	0
Time Burden (Hours)	352,047	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The final regulations would update the standard for determining if a potential parent or graduate/professional student borrower has an adverse credit history for purposes of eligibility for a Direct PLUS Loan. Specifically, the regulations would amend the definition of adverse credit history and require PLUS loan counseling for a parent or graduate/professional student with an adverse credit history who is approved for a PLUS loan as a result of the Secretary's determination that extenuating circumstances exist or through obtaining a creditworthy endorser.

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Authorizing Statute(s): US Code: 20 USC 1078-2 Name of Law: Higher Education Act of 1965, as amended Federal PLUS Loans
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1840-AD17	Final or interim final rulemaking	79 FR 63317	10/23/2014

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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
Final PLUS Adverse Credit Loan Individual

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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	421,052	0	0	421,052	0	0
Annual Time Burden (Hours)	352,047	0	0	352,047	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 request for a new information collection. The program change is a result of the final regulatory language implementing changes in 34 CFR Section 685.200. We are estimating an additional 352,047 hours of burdens to individuals. The increase in burden is due to the expansion of the requirements for borrowers who have been denied a PLUS loan due to an adverse credit determination and who appeal the loan denial determination using the extenuating circumstances review or by obtaining a creditworthy endorser to complete the required enhanced PLUS loan counseling.

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Annual Cost to Federal Government: $0

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: 10/23/2014

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