The Department is requesting that three separate ICR packages be combined into a single ICR using OMB Control Number 1845-0007. The three separate ICR packages cover: the Direct Subsidized Loan and Direct Unsubsidized Loan Master Promissory Note, 1845-0007; the Direct PLUS Loan Master Promissory Note and Direct PLUS Loan Endorser Addendum, 1845-0068 ; and the Direct Consolidation Loan Application and Promissory Note and Related Forms, 1845-0053. We are streamlining all of the forms by eliminating duplicative and obsolete information, reordering items to present information in a more logical order, using plain language to present information more clearly, adding information about the new cancer treatment deferment, updating information about the borrower defense discharge provisions to show changes made through the November 1, 2016 regulation. For the PLUS master promissory note (MPN) we are revising the information and instruction section to clarify who qualifies as a âparentâ. The promissory notes serve as the means by which an individual applies for and agrees to repay a Federal Direct Loan. It also informs the borrower of the terms and conditions of the Direct Loan and includes a statement of borrower's rights and responsibilities. Instructions explain how to complete the applications. The additional forms for the Direct Consolidation Loan allows the borrower to list all loans that they wish to include that would not fit on the application, and add other loans within the allowed time frame once the Consolidation Loan is made. The LVC for the Consolidation Loan serves as the means by which the Department obtains information needed to pay off the holders of the loans being consolidated.
US Code:
20 USC 1087a
Name of Law: Higher Education Act 1965 as amended
The Department is reporting a program change due to the statutory addition of the new cancer treatment deferment which is being included in the loan terms. While the Department is combining three previously separate information collections into one collection, there is no anticipated increase in the number of summed responses at 9,862,685 for summed burden hours at 4,021,665.
$0
No
Yes
Yes
No
No
No
Uncollected
Beth Grebeldinger 202 708-8242
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.
Direct Consolidation Loan Application and Promissory Note and Related Forms
1845-0007_SupportingStatement_30-Day_20190712 rev.docx
Direct Consolidation Loan Application and Promissory Note and Related Forms