Part 601 Preferred Lender Arrangements

Forms and Documents

Document Name	Status
Part 601 Public Affected Party Form and Instruction	Modified
Part 601 Private Affected Party Form and Instruction	Modified
Part 601 For-Profit Affected Party Form and Instruction	Modified
Part 601 Individual Affected Party Form and Instruction	Modified
1845-0101 Supporting Statement 20220614.docx Supporting Statement A	2022-06-14

IC Document Collections

IC ID	Document Title	Status
205978	Part 601 Public Affected Party Form and Instruction	Modified
205977	Part 601 Private Affected Party Form and Instruction	Modified
205976	Part 601 For-Profit Affected Party Form and Instruction	Modified
191624	Part 601 Individual Affected Party Form and Instruction	Modified

ICR Details

OMB Control No: 1845-0101	ICR Reference No: 202203-1845-010
Status: Received in OIRA	Previous ICR Reference No: 201903-1845-007
Agency/Subagency: ED/FSA	Agency Tracking No: ED-2022-SCC-0048
Title: Part 601 Preferred Lender Arrangements
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 06/21/2022

	Requested	Previously Approved
Expiration Date	36 Months From Approved	08/31/2022
Responses	18,623,389	18,623,389
Time Burden (Hours)	3,801,989	3,801,989
Cost Burden (Dollars)	0	0

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Abstract: 34 CFR Part 601 - Institution and Lender Requirements Relating to Education Loans is a section of the regulations governing private education loans offered at covered institutions. These 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 ensure that borrowers receive additional disclosures about Title IV, HEA program assistance prior to obtaining a private education loan. The Department is submitting the unchanged Private Education Loan Applicant Self-Certification for OMB's continued approval. While information about the applicant's cost of attendance and estimated financial assistance must be provided to the student, if available, the student will provide the data to the private loan lender who must collect and maintain the self-certification form prior to disbursement of a Private Education Loan. The Department will not receive the Private Education Loan Applicant Self-Certification form and therefore will not be collecting and maintaining the form or its data.

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

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 22197	04/14/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 36836	06/21/2022
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 4

IC Title	Form No.	Form Name
Part 601 For-Profit Affected Party	N/A	Private education Loan Application Self-Certification
Part 601 Individual Affected Party	N/A	Private Education Loan Applicant Self-Certification
Part 601 Private Affected Party	N/A	Private education Loan Application Self-Certification
Part 601 Public Affected Party	N/A	Private education Loan Application Self-Certification

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ICR Summary of Burden

	Total Request	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	18,623,389	18,623,389	0	0	0	0
Annual Time Burden (Hours)	3,801,989	3,801,989	0	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:

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Annual Cost to Federal Government: $0

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

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

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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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: 06/21/2022

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