William D. Ford Federal
Direct Loan Program (Direct Loan Program) Promissory Notes and
related forms
Revision of a currently approved collection
No
Regular
06/21/2022
Requested
Previously Approved
36 Months From Approved
07/31/2022
9,862,685
9,862,685
4,021,665
4,021,665
0
0
The Direct Subsidized Loan and Direct
Unsubsidized Loan Master Promissory Note (Subsidized/Unsubsidized
MPN) serves as the means by which an individual agrees to repay a
Direct Subsidized Loan and/or Direct Unsubsidized Loan. The Direct
PLUS Loan Master Promissory Note (PLUS Loan MPN) serves as the
means by which an individual applies for and agrees to repay a
Direct PLUS Loan. If a Direct PLUS Loan applicant is determined to
have an adverse credit history, the applicant may qualify for a
Direct PLUS Loan by obtaining an endorser who does not have an
adverse credit history. The Endorser Addendum serves as the means
by which an endorser agrees to repay the Direct PLUS Loan if the
borrower does not repay it. An MPN is a promissory note under which
a borrower may receive loans for a single or multiple academic
years. The MPN explains the terms and conditions of the loans that
are made under the MPN. The Direct Consolidation Loan Application
and Promissory Note (Consolidation Note) serves as the means by
which a borrower applies for a Direct Consolidation Loan and
promises to repay the loan. It also explains the terms and
conditions of the Direct Consolidation Loan. The Consolidation Note
Instructions explain to the borrower how to complete the
Consolidation Note. The Consolidation Additional Loan Listing Sheet
provides additional space for a borrower to list loans that he or
she wishes to consolidate. The Consolidation Request to Add Loans
serves as the means by which a borrower may add other loans to an
existing Direct Consolidation Loan within a specified time period.
The Consolidation Loan Verification Certificate serves as the means
by which the U.S. Department of Education obtains the information
needed to pay off the holders of the loans that the borrower wants
to consolidate. This revision updates the Subsidized/Unsubsidized
MPN and the Consolidation Note by removing information related to
the 150% Subsidized Usage Limit requirements. This previous
statutory provision was repealed by the Free Application for
Federal Student Aid (FAFSA) Simplification Act, part of the part of
the Consolidated Appropriations Act, 2021 (Public Law 116-260), and
no longer applies to borrowers of Direct Subsidized Loans and
Direct Consolidation Loans. There are no proposed changes to the
PLUS MPN or to any of the other forms included in this
submission.
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.
Direct Subsidized Loan and Direct Unsubsidized Loan MPN; Direct PLUS Loan MPN; Direct Consolidation Loan Application and Promissory Note
1845-0007_60-Day ED Response_2022-SCC-0037-0008.docx
Direct Subsidized Loan and Direct Unsubsidized Loan MPN; Direct PLUS Loan MPN; Direct Consolidation Loan Application and Promissory Note