1845-0085 – Affected Public – Private Not-For-Profit Institutions 5/3/2023
This request is for the extension of a current paperwork collection in the Office of Management and Budget (OMB) Control Number 1845-0085 for the reporting requirement contained in the regulations for States, not-for-profit lenders and eligible lender trustees under 34 CFR 682.302 for the Federal Family Education Loan (FFEL) Program. Section 682.302 contains information collection requirements. The information collection requirements are necessary to determine or recertify eligibility to receive program benefits and to prevent fraud and abuse of program funds. As required under the Paperwork Reduction Act of 1995 (44 U.S.C. 3507(d)), the Department of Education (the Department) is including a link above to this section of the regulations to OMB for its review.
The regulations in §682.302 require a State, non-profit entity, or eligible lender trustee to provide to the Secretary a certification on the State or non-profit entity’s letterhead signed by the State or non-profit’s Chief Executive Officer which states the basis upon which the entity qualifies as a State or non-profit entity. The submission must include documentation establishing the entity’s State or non-profit status. In addition, the submission must include the name and lender identification number for which the eligible not-for-profit designation is being certified.
Once an entity has been approved as an eligible not-for-profit holder, the entity must provide to the Secretary an annual certification on the State or non-profit entity’s letterhead signed by the CEO, which includes the name and lender identification number(s) of the entities for which designation is being recertified. The annual certification must state that the State or non-profit entity has not altered its status as a State or non-profit entity since its prior certification to the Secretary and that it continues to satisfy the requirements of an eligible not-for-profit holder either in its own right or through a trust agreement with an eligible lender trustee.
When an approved not-for-profit holder has a change in status, within 10 days of becoming aware of the occurrence of a change that may result in a State or non-profit entity that has been designated an eligible not-for-profit holder, either directly or through an eligible lender trustee, losing that eligibility, the State or non-profit entity must submit details of the change to the Secretary.
Amount of burden for Not-for-profit entities:
501(c) (3) non-profit entities submitting one response 20
Average time to complete the submission 1.0 hour
Total time to complete the submissions 20 hours
| File Type | application/vnd.openxmlformats-officedocument.wordprocessingml.document |
| Author | Beth Grebeldinger |
| File Modified | 0000-00-00 |
| File Created | 2023-07-29 |