Federal Family Education Loan (FFEL) Program Secured Overnight Financing Rate (SOFR) Election Form

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
60D Comment Responses for SOFR 20220830.docx	Supplementary Document	Uploaded 2022-08-30	Repair queued
Paperwork Burden Statement for SOFR ICR filing.docx	Supplementary Document	Uploaded 2022-06-08	Repair queued
1845-NEW SOFR Supporting Statement 2022 30D 20220830.docx	Supporting Statement A	Uploaded 2022-08-30	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
254124	Federal Family Education Loan (FFEL) Program Secured Overnight Financing Rate (SOFR) Election Form	Other-DRAFT_SOFR_CEOAuthorizingStatement 4 19 2022	New
254123	Federal Family Education Loan (FFEL) Program Secured Overnight Financing Rate (SOFR) Election Form	Other-DRAFT_SOFR_CEOAuthorizingStatement 4 19 2022	New
254122	Federal Family Education Loan (FFEL) Program Secured Overnight Financing Rate (SOFR) Election Form	Other-DRAFT_SOFR_CEOAuthorizingStatement 4 19 2022	New

ICR Details

OMB Control No: 1845-0169	ICR Reference No: 202206-1845-003
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: ED/FSA	Agency Tracking No: ED-2022-SCC-0084
Title: Federal Family Education Loan (FFEL) Program Secured Overnight Financing Rate (SOFR) Election Form
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/05/2022
Retrieve Notice of Action (NOA)	Date Received in OIRA: 09/06/2022
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2025	36 Months From Approved
Responses	128	0	0
Time Burden (Hours)	2,048	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Department of Education (ED) is requesting approval of a new information collection for the Federal Family Education Loan (FFEL) Program Secured Overnight Financing Rate (SOFR) Election form. On March 15, 2022, the President signed the Adjustable Interest Rate (LIBOR) Act into law. Among other things, the law amended section 438(b)(2)(I) of the Higher Education Act of 1965, as amended (HEA). This provision of the law requires FFEL Program lenders or an entity that holds a beneficial ownership interest in a FFEL Program loan (beneficial holder) to transition away from LIBOR based Special Allowance Payments (SAP) to a new formula set by the law based on SOFR. The transition may occur any time on or before June 30, 2023. However, a FFEL Program lender or beneficial holder must transition to the SOFR based SAP calculation by July 1, 2023, as a condition of continued participation in FFEL Program.

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Authorizing Statute(s): PL: Pub.L. 117 - 103 438(b)(2)(I) Name of Law: Consolidated Appropriations Act, 2022
  

Citations for New Statutory Requirements: PL: Pub.L. 117 - 103 438(b)(2)(I) Name of Law: Consolidated Appropriations Act, 2022

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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:
	87 FR 35975	06/14/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 54485	09/06/2022
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 3

table that charts list of burden

IC Title	Form No.	Form Name
Federal Family Education Loan (FFEL) Program Secured Overnight Financing Rate (SOFR) Election Form
Federal Family Education Loan (FFEL) Program Secured Overnight Financing Rate (SOFR) Election Form
Federal Family Education Loan (FFEL) Program Secured Overnight Financing Rate (SOFR) Election Form

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ICR Summary of Burden

table that charts list 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	128	0	0	128	0	0
Annual Time Burden (Hours)	2,048	0	0	2,048	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This is a new collection based on a statutory change due to the pending termination of LIBOR. Each respondent will submit documentation one time for a total of 128 responses and 2,048 burden hours.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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? No

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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: 09/06/2022

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