Part 601 - Institution and Lender Requirements Relating to Education Loans

Forms and Documents

Document Name	Status
Att_Part 601.Priv.Educ.Loans.Perkins.Cancellations.OMB.1845.XXXC.SupportingStatement.11.12.09.doc Supporting Statement A	2009-11-12

IC Document Collections

IC ID	Document Title	Status
191201	Part 601 Institution Lender Requirements Perkins Cancellations Public Institutions Other-Table	New
191200	Part 601 Institution Lender Requirements Perkins Cancellations Borrowers Other-Table	New
191192	Part 601 Institution Lender Requirements Perkins Cancellations Private Sector Other-Table	New

ICR Details

OMB Control No: 1845-0100	ICR Reference No: 200911-1845-001
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: ED/FSA	Agency Tracking No: 4048
Title: Part 601 - Institution and Lender Requirements Relating to Education Loans
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 01/05/2010
	Date Received in OIRA: 11/13/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2013	36 Months From Approved
Responses	117,162	0	0
Time Burden (Hours)	43,938	0	0
Cost Burden (Dollars)	0	0	0

---

Abstract: Part 601 - Institution and Lender Requirements Relating to Education Loans is a new section of the final regulations governing private education loans offered at covered institutions by lenders also participating in the FFEL program. These final regulations provide for new Perkins loan cancellations. These final regulations assure the Secretary that the integrity of the program is protected from fraud and misuse of program funds and places requirements on institutions and lenders to insure that borrowers receive additional disclosures about Title IV, HEA program assistance prior to obtaining a private education loan.

---

Authorizing Statute(s): US Code: 20 USC 1019-1019d Name of Law: Higher Education Act of 1965, as amended
  

Citations for New Statutory Requirements: US Code: 20 USC 674.53 Name of Law: HEOA

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1840-AC95	Final or interim final rulemaking	74 FR 55626	10/28/2009

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 44356	08/28/2009
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 56824	11/03/2009
Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
Part 601 Institution Lender Requirements Perkins Cancellations Public Institutions
Part 601 Institution Lender Requirements Perkins Cancellations Private Sector
Part 601 Institution Lender Requirements Perkins Cancellations Borrowers

---

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	117,162	0	117,162	0	0	0
Annual Time Burden (Hours)	43,938	0	43,938	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The implementation of the final regulations as a result of the Negotiated Rulemaking process created additional information collections burden.

---

Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

---

Common Form ICR:  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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 11/13/2009

---