[Federal Register Volume 89, Number 161 (Tuesday, August 20, 2024)]
[Notices]
[Pages 67427-67428]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-18592]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF EDUCATION

[Docket No.: ED-2024-SCC-0076]


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.

-----------------------------------------------------------------------

SUMMARY: In accordance with the Paperwork Reduction Act (PRA) of 1995, 
the Department is proposing a revision of a currently approved 
information collection request (ICR).

DATES: Interested persons are invited to submit comments on or before 
September 19, 2024.

ADDRESSES: Written comments and recommendations for proposed 
information collection requests should be submitted within 30 days of 
publication of this notice. Click on this link www.reginfo.gov/public/do/PRAMain to access the site. Find this information collection request 
(ICR) by selecting ``Department of Education'' under ``Currently Under 
Review,'' then check the ``Only Show ICR for Public Comment'' checkbox. 
Reginfo.gov provides two links to view documents related to this 
information collection request. Information collection forms and 
instructions may be found by clicking on the ``View Information 
Collection (IC) List'' link. Supporting statements and other supporting 
documentation may be found by clicking on the ``View Supporting 
Statement and Other Documents'' link.

FOR FURTHER INFORMATION CONTACT: For specific questions related to 
collection activities, please contact Beth Grebeldinger, 202-570-8414.

SUPPLEMENTARY INFORMATION: The Department 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;

[[Page 67428]]

(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: A revision of a currently approved ICR.
    Respondents/Affected Public: Individuals and Households; Private 
Sector.
    Total Estimated Number of Annual Responses: 9,862,685.
    Total Estimated Number of Annual Burden Hours: 4,021,663.
    Abstract: The Direct Loan Program promissory notes included in this 
collection contain information regarding the terms and conditions of 
the Saving on a Valuable Education (SAVE) repayment plan. However, 
implementation of the SAVE repayment plan is currently enjoined. The 
final versions of the promissory notes will reflect the law when it is 
finalized.
    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.
    The proposed changes to the forms currently approved under OMB No. 
1845-0007 include the following:

--Revised language in the promissory notes where necessary to reflect 
changes to the terms and conditions of Direct Loans made by final 
regulations published on November 1, 2022 (87 FR 65904) and July 10, 
2023 (88 FR 43820).
--To eliminate duplication of content, we have consolidated the 
information presented in the current Terms and Conditions and Borrowers 
Rights and Responsibilities Statement (BRR) into a single Terms and 
Conditions/BRR section.
--To make it easier for borrowers to complete the promissory notes, we 
have incorporated the instructions within the body of the promissory 
notes at the beginning of each section to which the instructions apply.
--To reduce the number of forms in this collection, we have eliminated 
the Additional Loan Listing Sheet and added extra spaces to list loans 
in the Consolidation Application/Promissory Note itself.
--To accommodate changes made to the Departments systems used in 
processing promissory notes, the current data field in all of the 
promissory notes that asks for the borrowers middle initial has been 
changed to request the borrowers full middle name, and a new data field 
asking for any suffix to the borrowers name (e.g., Jr. or Sr.) has been 
added.
--We have revised the Privacy Act Statement in each of the promissory 
notes based on the most recent updates to the applicable Systems of 
Records Notices.

    Dated: August 15, 2024.
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. 2024-18592 Filed 8-19-24; 8:45 am]
BILLING CODE 4000-01-P