Notice of Terms and Conditions of Purchase of Loans under the Ensuring Continued Access to Student Loans Act of 2008. (JH)

Forms and Documents

Document Name	Status
Notice of Terms and Conditions of Purchase of Loans under the Ensuring Continued Access to Student Loans Act of 2008. (JH) Form and Instruction	Modified
Ensuring Continued SuppStatement.FINAL.07-01-08.doc Supporting Statement A	2008-07-28
Ensuring Continued Access emergency memo.pdf Supplementary Document	2008-06-23

IC Document Collections

IC ID	Document Title	Status
185429	Notice of Terms and Conditions of Purchase of Loans under the Ensuring Continued Access to Student Loans Act of 2008. (JH) Form and Instruction	Modified

ICR Details

OMB Control No: 1845-0087	ICR Reference No: 200807-1845-003
Status: Historical Active	Previous ICR Reference No: 200806-1845-006
Agency/Subagency: ED/FSA	Agency Tracking No: 03748
Title: Notice of Terms and Conditions of Purchase of Loans under the Ensuring Continued Access to Student Loans Act of 2008. (JH)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 07/29/2008
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/29/2008
	Date Received in OIRA: 07/28/2008
Terms of Clearance: This is a 6-month approval. ED will submit a full ICR for this collection before the expiration of this emergency ICR.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2009	6 Months From Approved
Responses	9,650	0	0
Time Burden (Hours)	18,500	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: As one of several measures intended to address concerns about the availability of loans under the Federal Family Education Loan (FFEL) Program during the 2008-2009 academic year, the Ensuring Continued Access to Student Loans Act of 2008 (ECASLA) provides the Department of Education (the Department) with temporary authority to purchase student loans from FFEL Program lenders. The documents included in this collection set forth the terms and conditions of the loan purchase program authorized by the ECASLA and collect the information from lenders that is required by the Department to administer the program.

Emergency Justfication: As explained in items 1 and 2 of the supporting statement that is included with this emergency clearance request, section 459A of the Higher Education Act (“HEA”), which was signed into law on May 7, 2008, provides that the Secretary of Education, the Secretary of the Treasury, and the Director of the Office of Management and Budget must jointly determine the terms and conditions of the newly authorized loan purchase program. These documents set forth those terms and aid in the administration of the program. The Loan Purchase Program was established under the HEA by the ECASLA. Congress passed this law to ECASLA to remedy the market conditions that threatened the ability of student lenders o make student loans for the 2008-2009 academic year. While loans for the academic year can be originated as early as May, the bulk of originations occur during the period from July through August. The Department thus requests emergency clearance of the Documents because the regular clearance process would not enable us to make an OMB-approved set of Document available to lenders seeking to make student loans during the 2008-2009 academic year. The Department requests emergency clearance of the Documents by July 29, 2008. As explained in the accompanying supporting statement, to ensure that student lenders are able to utilize the Loan Purchase Program, the Documents must be reviewed by lenders in advance of final publication of the Notice of Terms and Conditions of Purchase of Loans under the Ensuring Continued Access to Student Loans Act of 2008. As such, the lending community must have final, approved versions of the Documents no later than July 29, 2008 to ensure that they will be able to utilize the Loan Purchase Program in time for the 2008-2009 academic year. Upon receiving emergency clearance of the Documents, the Department will submit the Documents for the regular clearance process.

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Authorizing Statute(s): PL: Pub.L. 110 - 227 7 Name of Law: Ensuring Continued Access to Student Loans Act of 2008
  

Citations for New Statutory Requirements: PL: Pub.L. 110 - 227 7 Name of Law: Ensuring Continued Access to Student Loans Act of 2008

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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:
	73 FR 36304	06/26/2008
30-day Notice:	Federal Register Citation:	Citation Date:
	73 FR 36304	06/26/2008
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Notice of Terms and Conditions of Purchase of Loans under the Ensuring Continued Access to Student Loans Act of 2008. (JH)	NA, NA	Master Loan Sale Agreement ,   Master Participation Agreement

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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	9,650	0	0	9,650	0	0
Annual Time Burden (Hours)	18,500	0	0	18,500	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: This is a new IC -- As one of several measures intended to address concerns about the availability of student loans under the Federal Family Education Loan (FFEL) Program during the 2008-2009 academic year, the Ensuring Continued Access to Student Loans Act of 2008 provides the U.S. Department of Education (the Department) with temporary authority to purchase student loans from FFEL Program lenders. This new authority requires the Department to collect certain information from lenders in order to administer the loan purchase program.

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Annual Cost to Federal Government: $0

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)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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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: 07/28/2008

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