New collection (Request for a new OMB Control Number)
No
Regular
Approved with change
05/15/2024
05/07/2024
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
05/31/2027
36 Months From Approved
74,000
0
0
24,050
0
0
0
0
0
This is a new collection. The Joint Consolidation Loan Separation Act (JCLSA), amended the Higher Education Act of 1965, as amended (HEA) to allow joint consolidation co-borrowers to apply to separate an existing joint Direct Consolidation Loan or Federal Consolidation Loan into individual Direct Consolidation Loans. The HEA, as amended by the JCLSA, requires joint consolidation loan borrowers to apply to the U.S. Department of Education if they wish to separate an existing joint consolidation loan into one or more individual Direct Consolidation Loans. The JCLSA allows for either joint application or separate application. Under the joint application option, each joint consolidation loan co-borrower applies for an individual Direct Consolidation Loan. Unless the co-borrowers agree on an alternate amount specified in a divorce decree, court order, or settlement agreement, each co-borrowers new individual Direct Consolidation Loan will be made for an amount equal to the co-borrowersâ portion of the remaining outstanding balance of the joint consolidation loan. Under the separate application option, a co-borrower who certifies that they have experienced an act of domestic violence or economic abuse from the other co-borrower, or that they are unable to reasonably reach or access the loan information of the other co-borrower, may apply separately for a new individual Direct Consolidation Loan, without regard to whether or when the other co-borrower applies. In this circumstance, the applying co-borrowers new Direct Consolidation Loan will be made for an amount equal to that individualâs portion of the joint consolidation loan, determined as described above for the joint application option.
US Code:
20 USC 1087(e)(g)
Name of Law: Higher Education Act of 1965, as amended
US Code: 20 USC 1087(e)(g) Name of Law: Higher Education Act of 1965, as amended
This is a new information collection. We anticipate 37,337 respondents (based on 37,000 individual applications and 335 loan holders) with a total number of 74,000 responses and a total of 24,050 hours (based on 18500 hours for individual applications and 5,500 for loan holders).
$0
No
No
No
No
No
No
No
Beth Grebeldinger 202 708-8242
Reginfo record details
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.
Joint Consolidation Loan Separation Application