[Federal Register Volume 87, Number 118 (Tuesday, June 21, 2022)]
[Notices]
[Pages 36835-36836]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-13168]
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DEPARTMENT OF EDUCATION
[Docket No.: ED-2022-SCC-0037]
Agency Information Collection Activities; Submission to the
Office of Management and Budget for Review and approval; Comment
Request; William D. Ford Federal Direct Loan Program (Direct Loan
Program) Promissory Notes and Related Forms
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 revision of a currently approved collection.
DATES: Interested persons are invited to submit comments on or before
July 21, 2022.
ADDRESSES: Written comments and recommendations for proposed
information collection requests should be sent within 30 days of
publication of this notice to www.reginfo.gov/public/do/PRAMain. Find
this information collection request by selecting ``Department of
Education'' under ``Currently Under Review,'' then check ``Only Show
ICR for Public Comment'' checkbox. Comments may also be sent to
[email protected].
FOR FURTHER INFORMATION CONTACT: For specific questions related to
collection activities, please contact Jon Utz, (202) 377-4040.
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: William D. Ford Federal Direct Loan Program
(Direct Loan Program) Promissory Notes and related forms.
OMB Control Number: 1845-0007.
Type of Review: Revision of a currently approved collection.
Respondents/Affected Public: Individuals or Households Total
Estimated Number of Annual Responses: 9,862,685.
Total Estimated Number of Annual Burden Hours: 4,021,665.
[[Page 36836]]
Abstract: The Direct Subsidized Loan and Direct Unsubsidized Loan
Master Promissory Note (Subsidized/Unsubsidized MPN) serves as the
means by which an individual agrees to repay a Direct Subsidized Loan
and/or Direct Unsubsidized Loan.
The Direct PLUS Loan Master Promissory Note (PLUS Loan MPN) serves
as the means by which an individual applies for and agrees to repay a
Direct PLUS Loan. If a Direct PLUS Loan applicant is determined to have
an adverse credit history, the applicant may qualify for a Direct PLUS
Loan by obtaining an endorser who does not have an adverse credit
history. The Endorser Addendum serves as the means by which an endorser
agrees to repay the Direct PLUS Loan if the borrower does not repay it.
An MPN is a promissory note under which a borrower may receive
loans for a single or multiple academic years. The MPN explains the
terms and conditions of the loans that are made under the MPN.
The Direct Consolidation Loan Application and Promissory Note
(Consolidation Note) serves as the means by which a borrower applies
for a Direct Consolidation Loan and promises to repay the loan. It also
explains the terms and conditions of the Direct Consolidation Loan. The
Consolidation Note Instructions explain to the borrower how to complete
the Consolidation Note. The Consolidation Additional Loan Listing Sheet
provides additional space for a borrower to list loans that he or she
wishes to consolidate. The Consolidation Request to Add Loans serves as
the means by which a borrower may add other loans to an existing Direct
Consolidation Loan within a specified time period. The Consolidation
Loan Verification Certificate serves as the means by which the U.S.
Department of Education obtains the information needed to pay off the
holders of the loans that the borrower wants to consolidate.
This revision updates the Subsidized/Unsubsidized MPN and the
Consolidation Note by removing information related to the 150%
Subsidized Usage Limit requirements. This previous statutory provision
was repealed by the Free Application for Federal Student Aid (FAFSA)
Simplification Act, part of the part of the Consolidated Appropriations
Act, 2021 (Public Law 116-260), and no longer applies to borrowers of
Direct Subsidized Loans and Direct Consolidation Loans. There are no
proposed changes to the PLUS MPN or to any of the other forms included
in this submission.
Dated: June 14, 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. 2022-13168 Filed 6-17-22; 8:45 am]
BILLING CODE 4000-01-P