83-C Change Worksheet 1845-0087

PAPERWORK REDUCTION ACT

CHANGE WORKSHEET

Agency/Subagency Federal Student Aid		OMB Control Number 1845 - 0087
	Enter only items that change Current Record	New Record
Agency form number(s)
Annual reporting and record keeping hour burden
Number of respondent	500	500
Total annual responses	9,650	9,700
Percent of these responses collected electronically	5 %	5 %
Total annual hours	18,500	18,800
Difference		300
Explanation of difference		Program change – 50 respondents at 6 hours = 300 additional hours.
Program change adjustment
Annual reporting and record keeping cost burden (in thousands of dollars)
Total annualized capital/startup costs
Total annual costs (O&M)
Total annualized cost requested
Difference
Explanation of difference
Program change adjustment
Other change** This change request is to provide for the expansion of the Loan Purchase Commitment Program to include FFEL Program loans made for the 2007-2008 academic year. To implement this expansion a new Master Loan Sale Agreement was developed (separate from the 2008-2009 MLSA). FFEL Program lenders wishing to sell 2007-2008 loans to the Department must execute the new agreement even if they had executed a 2008-2009 MLSA. However, the new MLSA has an alternate execution process for such lenders so that they are not required to submit as much supporting documentation. This abbreviated execution process is described within the MLSA as well as on the Adoption Agreement Form (Exhibit A to the MLSA). It is expected that no more than approximately 50 lenders will execute the 2008-2009 MLSA and virtually all of them will be able to use the abbreviated execution process. In addition to the obvious change of academic year and the abbreviated execution process, there are two other substantive differences between the 2008-2009 loan purchase program process and the process for 2007-2008 loans, as follows – While the 2008-2009 process, that began in August of 2008, ends on September 20, 2009, the 2007-2008 process will begin on or about December 1, 2008 and will end no later than February 28, 2009. 2. The Department will purchase 2007-2008 FFEL Program loans for 87 percent of the sum of the outstanding principal balance of the loan plus outstanding accrued, but unpaid borrower interest. This is opposed to the price the Department has and will pay for 2008-2009 loans which is the same as for the 2007-2008 loans plus a reimbursement of the lender’s one percent loan fee plus a $75.00 loan de-conversion fee.
Signature of Senior Official or designee:	Date:	For OIRA Use _________________________________ _________________________________

**This form cannot be used to extend an expiration date

OMB 83-C