Since this is a contract that sets the terms for all loans that students and parents sign and loan policies and repayment terms change so frequently, OMB is granting ED with a two year approval for this collection instead of a three year approval.
Inventory as of this Action
Requested
Previously Approved
02/29/2016
36 Months From Approved
07/31/2014
5,207,137
0
5,239,078
2,603,569
0
2,619,539
0
0
0
The Federal Direct Stafford/Ford Loan (Direct Subsidized Loan) and Federal Direct Unsubsidized Stafford/Ford Loan (Direct Unsubsidized Loan) Master Promissory Note (MPN) serves as the means by which an individual agrees to repay a Direct Subsidized Loan and/or Direct Unsubsidized Loan. An MPN is a promissory note under which a borrower may receive loans for a single or multiple academic years. This revision incorporates changes to information based on statutory and regulatory changes as well as expanding repayment plan information, deleting outdated information and clarifying information through updated charts and language.
US Code:
20 USC 1087a
Name of Law: Higher Education Act 1965 as amended
There is a downward adjustment due to a decrease in the number of respondents, as explained in the Supporting Statement, Item 15. The Department is identifying program changes based on statutory changes made to the interest rates through the Bipartisan Student Loan Certainty Act of 2013 (P.L. 113-28), and the eligibility time limits made by the Moving Ahead for Progress in the 21st Century Act (P.L. 112-141). We are also adding and expanding repayment plan information, deleting outdated information and supplying clearer information through updated charts and language.
$28,172
No
No
Yes
No
No
Uncollected
Jon Utz 202 377-4040
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:
(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;
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.
Form 1845-0007 Master Promissory Note, William D. Ford Federal Direct Loan Program
RE_ TICAS 30-Day Comments on Direct Subsidized Loan_Direct Unsubsidized Loan MPN (1845-0007).pdf
1845-0007.Supporting Statement_30-DAY_2013-11-01.doc
Master Promissory Note, William D. Ford Federal Direct Loan Program