Loan Rehabilitation: Reasonable and Affordable Payments

ICR 202001-1845-005

OMB: 1845-0120

Federal Form Document

Forms and Documents
Document
Name
Status
Form and Instruction
Modified
Supporting Statement A
2020-03-30
IC Document Collections
ICR Details
1845-0120 202001-1845-005
Active 201612-1845-011
ED/FSA
Loan Rehabilitation: Reasonable and Affordable Payments
Extension without change of a currently approved collection   No
Regular
Approved without change 06/26/2020
Retrieve Notice of Action (NOA) 04/02/2020
  Inventory as of this Action Requested Previously Approved
06/30/2023 36 Months From Approved 06/30/2020
139,000 0 35,282
139,000 0 35,282
0 0 0

Borrowers who have defaulted on their Direct Loan or FFEL Program loans may remove those loans from default through a process called rehabilitation. Loan rehabilitation requires the borrower to make 9 payments within 10 months. The payment amount is set according to one of two formulas. The second of the two formulas uses the information that is collected in this form. The form makes it easier for borrowers to complete through simplified language, and easier for loan holders through a uniform, common format.

US Code: 20 USC 1078-6 Name of Law: null
  
None

Not associated with rulemaking

  85 FR 3900 01/23/2020
85 FR 18570 04/02/2020
Yes

1
IC Title Form No. Form Name
Loan Rehabilitation: Reasonable and Affordable Payments Form N/A N/A

  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 139,000 35,282 0 0 103,718 0
Annual Time Burden (Hours) 139,000 35,282 0 0 103,718 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
This is a request for an extension of this collection based on program adjustment to account for the increased use of the form over the past three years. There has been an increase in usage of 103,718 respondents and hours. There has been no change to the form or to the underlying regulations.

$0
No
    No
    No
No
No
No
No
Beth Grebeldinger 202 708-8242

  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.
04/02/2020


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