[Federal Register Volume 87, Number 114 (Tuesday, June 14, 2022)]
[Notices]
[Pages 35975-35976]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-12734]


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DEPARTMENT OF EDUCATION

[Docket No.: ED-2022-SCC-0084]


Agency Information Collection Activities; Comment Request; 
Federal Family Education Loan (FFEL) Program Secured Overnight 
Financing Rate (SOFR) Election Form

AGENCY: Federal Student Aid (FSA), Department of Education (ED).

ACTION: Notice.

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SUMMARY: In accordance with the Paperwork Reduction Act of 1995, ED is 
proposing a new information collection.

DATES: Interested persons are invited to submit comments on or before 
August 15, 2022.

ADDRESSES: To access and review all the documents related to the 
information

[[Page 35976]]

collection listed in this notice, please use http://www.regulations.gov 
by searching the Docket ID number ED-2022-SCC-0084. Comments submitted 
in response to this notice should be submitted electronically through 
the Federal eRulemaking Portal at http://www.regulations.gov by 
selecting the Docket ID number or via postal mail, commercial delivery, 
or hand delivery. If the regulations.gov site is not available to the 
public for any reason, ED will temporarily accept comments at 
[email protected]. Please include the docket ID number and the title 
of the information collection request when requesting documents or 
submitting comments. Please note that comments submitted by fax or 
email and those submitted after the comment period will not be 
accepted. Written requests for information or comments submitted by 
postal mail or delivery should be addressed to the PRA Coordinator of 
the Strategic Collections and Clearance Governance and Strategy 
Division, U.S. Department of Education, 400 Maryland Ave. SW, LBJ, Room 
6W208D, Washington, DC 20202-8240.

FOR FURTHER INFORMATION CONTACT: For specific questions related to 
collection activities, please contact Beth Grebeldinger, 202-377-4018.

SUPPLEMENTARY INFORMATION: The Department of Education (ED), in 
accordance with the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 
3506(c)(2)(A)), provides the general public and Federal agencies with 
an opportunity to comment on proposed, revised, and continuing 
collections of information. This helps the Department assess the impact 
of its information collection requirements and minimize the public's 
reporting burden. It also helps the public understand the Department's 
information collection requirements and provide the requested data in 
the desired format. ED is soliciting comments on the proposed 
information collection request (ICR) that is described below. The 
Department of Education is especially interested in public comment 
addressing the following issues: (1) is this collection necessary to 
the proper functions of the Department; (2) will this information be 
processed and used in a timely manner; (3) is the estimate of burden 
accurate; (4) how might the Department enhance the quality, utility, 
and clarity of the information to be collected; and (5) how might the 
Department minimize the burden of this collection on the respondents, 
including through the use of information technology. Please note that 
written comments received in response to this notice will be considered 
public records.
    Title of Collection: Federal Family Education Loan (FFEL) Program 
Secured Overnight Financing Rate (SOFR) Election Form.
    OMB Control Number: 1845-NEW.
    Type of Review: A new information collection.
    Respondents/Affected Public: Private Sector; State, Local, and 
Tribal Governments.
    Total Estimated Number of Annual Responses: 128.
    Total Estimated Number of Annual Burden Hours: 2,048.
    Abstract: The Department of Education (ED) is requesting approval 
of a new information collection for the FFEL Program 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 
Secured Overnight Financing Rate (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.

    Dated: June 8, 2022.
Kun Mullan,
PRA Coordinator, Strategic Collections and Clearance Governance and 
Strategy Division, Office of Chief Data Officer, Office of Planning, 
Evaluation and Policy Development.
[FR Doc. 2022-12734 Filed 6-13-22; 8:45 am]
BILLING CODE 4000-01-P