Servicemembers Civil Relief Act (SCRA): Interest Rate Limitation Request

ICR 201603-1845-010

OMB: 1845-0135

Federal Form Document

Forms and Documents
Document
Name
Status
Form and Instruction
Modified
Justification for No Material/Nonsubstantive Change
2016-03-31
Supporting Statement A
2015-10-05
IC Document Collections
ICR Details
1845-0135 201603-1845-010
Historical Active 201510-1845-017
ED/FSA
Servicemembers Civil Relief Act (SCRA): Interest Rate Limitation Request
No material or nonsubstantive change to a currently approved collection   No
Regular
Approved without change 04/11/2016
Retrieve Notice of Action (NOA) 04/05/2016
  Inventory as of this Action Requested Previously Approved
10/31/2018 10/31/2018 10/31/2018
200 0 200
67 0 67
0 0 0

The Servicemembers Civil Relief Act (SCRA) provides that those on active duty military service are entitled to have an interest rate in excess of 6% be capped at 6% for the duration of their qualifying military service. The Department is requesting the creation of a new information collection in support of these proposed regulations crafted through Negotiated Rulemaking. These Federal Family Education Loan (FFEL) Program and Direct Loan Program proposed regulations revise the current regulations. The proposed regulations will require a loan holder to match its database against the Department of Defense's Defense Manpower Data Center (DMDC) and automatically apply the interest rate limitation, as appropriate, to borrowers under the Servicemembers Civil Relief Act. The form in this collection would only be used in limited cases where the borrower is not found in the Defense Manpower Data Center, do not have a copy of military orders, but still wishes to receive benefits under the SCRA.

US Code: 20 USC 1078 and 1087 Name of Law: The Higher Education Act of 1965, as amended
  
None

1840-AD18 Final or interim final rulemaking 80 FR 67203 10/30/2015

No

1
IC Title Form No. Form Name
Servicemembers Civil Relief Act (SCRA) Interest Rate Limitation Request Form N/A SCRA Interest Rate Limitation Request form

  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 200 200 0 0 0 0
Annual Time Burden (Hours) 67 67 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
This is a new collection that is necessitated by a program change in the Direct Loan and FFEL Program proposed regulations. This new form would be used to capture instances in which a borrower's military service cannot be retrieved from the Department of Defense's Defense Manpower Data Center and the borrower does not have other evidence that could qualify them for the interest rate reduction under the SCRA. We expect the use of this collection to be very limited with a total of 200 individuals and 67 hours.

$0
No
No
No
No
No
Uncollected
Ian Foss 202 377-3681

  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.
04/05/2016


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