Federal Perkins Loan Program Master Promissory Note

Forms and Documents

Document Name	Status
Federal Perkins Loan Program Master Promissory Note Form and Instruction	Modified
60D Notice Comment Response Summary.docx Supplementary Document	2015-07-16
1845-0074 suppstatptA 30 day comment period July 2015.docx Supporting Statement A	2015-07-16

IC Document Collections

IC ID	Document Title	Status
22339	Federal Perkins Loan Program Master Promissory Note Form and Instruction	Modified

ICR Details

OMB Control No: 1845-0074	ICR Reference No: 201505-1845-001
Status: Historical Active	Previous ICR Reference No: 201207-1845-001
Agency/Subagency: ED/FSA	Agency Tracking No:
Title: Federal Perkins Loan Program 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: 09/25/2015
	Date Received in OIRA: 07/21/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2018	36 Months From Approved	09/30/2015
Responses	276,934	0	462,922
Time Burden (Hours)	138,467	0	231,461
Cost Burden (Dollars)	0	0	0

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Abstract: The Federal Perkins Loan Master Promissory Note (MPN) provides the terms and conditions of the Perkins Loan program and is prepared by the participating eligible institution and signed by the borrower. The borrower may receive loans for a single academic year or multiple academic years. The adoption of the MPN in the Perkins Loan Program has simplified the loan process by eliminating the need for institutions to prepare and students to sign, a promissory note each award year.

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Authorizing Statute(s): US Code: 20 USC 1087i-I 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:
	80 FR 27298	05/13/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 43072	07/21/2015
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Federal Perkins Loan Program Master Promissory Note	NA	Federal Perkins Loan Master Promissory Note

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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	276,934	462,922	0	0	-185,988	0
Annual Time Burden (Hours)	138,467	231,461	0	0	-92,994	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: The Department of Education (ED) is requesting a revision of the current Perkins Loan MPN form and language. There are no changes to the data elements and 2 minor changes to the terms of the note relating to regulatory requirements. ED identified a downward adjustment of 185,988 respondent/responses and a corresponding decrease in burden hours of 92,994. ED believes this is due to the use of the serial option of the MPN, allowing a borrower to complete the MPN once for multiple year use.

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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: 07/21/2015

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