Guaranty Agency Financial Report

Forms and Documents

Document Name	Status
1845-0026 Supporting Statement 30 day filing 8 2016.docx Supporting Statement A	2016-08-17

IC Document Collections

IC ID	Document Title	Status
22225	Guaranty Agency Financial Report - State Agency Instruction	Modified
221926	Guaranty Agency Financial Report - Not-for-Profit Agencies Instruction	New

ICR Details

OMB Control No: 1845-0026	ICR Reference No: 201606-1845-006
Status: Historical Active	Previous ICR Reference No: 201307-1845-002
Agency/Subagency: ED/FSA	Agency Tracking No:
Title: Guaranty Agency Financial Report
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/02/2016
	Date Received in OIRA: 08/22/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2019	36 Months From Approved	11/30/2016
Responses	672	0	744
Time Burden (Hours)	36,960	0	40,920
Cost Burden (Dollars)	0	0	0

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Abstract: The Guaranty Agency financial Reports is used by a guaranty agency to request payments of reinsurance for defaulted student loans; make payments for amounts due the Department, for collections on default and lender of last resort loan (default) claims on which reinsurance has been paid and for refunding amounts previously paid for reinsurance claims. The form is also used to determine required reserve levels for agencies and to collect debt information as required for the "Report on Accounts and Loans Receivable Due from the Public," SF 220-9 (Schedule 9 Report) as required by the U.S. Department of Treasury.

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Authorizing Statute(s): US Code: 20 USC 1071, Section 428 Name of Law: The Higher Education Act of 1965
  

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:
	81 FR 39634	06/17/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 56615	08/22/2016
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Guaranty Agency Financial Report - State Agency	NA	GAFR_Form_2016
Guaranty Agency Financial Report - Not-for-Profit Agencies	NA	GAFR Form 2016

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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	672	744	0	0	-72	0
Annual Time Burden (Hours)	36,960	40,920	0	0	-3,960	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 is showing a decrease in burden of 3,960 hours due to a decrease in the number of respondents using the form. The total estimated burden is 36,960 hours for this information collection extension request.

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Annual Cost to Federal Government: $884,152

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: 08/22/2016

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