The Department of Education (the Department) is submitting the Lenderâs Interest and Special Allowance Request & Report, ED Form 799 for extension of the current OMB approval. The information collected on the ED Form 799 is needed to pay interest and special allowance to holders of Federal Family Education Loans, for internal financial reporting, budgetary projections, and for audit and lender reviews by the Department, Servicers, External Auditors and Government Accountability Office (GAO).
The legal authority for collecting this information is Title IV, Part B of the Higher Education Act of 1965, as amended by the Higher Education Reconciliation Act of 2005 (âthe HERAâ), (Pub. L. 109-171). The Department is requesting the continual approval for regulatory sections 682.304 and 682.414.
The Department is requesting an extension citing a total burden hours of 2,827. This is an adjustment based on a decrease of 712 hours. The reduction is due to a decrease of participating lenders. There are no program or form changes.
$237,140
No
No
No
No
No
No
No
Carolyn Rose 202 803-1502
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.