This collection
is approved with the following terms of clearance: Education's
request for an emergency clearance for the collection is approved
to meet Congressional legislative mandates. This collection will be
valid for 180 days. If Education decides to use the form beyond the
approved emergency clearance timeframe, it must resubmit to OMB
under the normal PRA clearance process for a three year
approval.
Inventory as of this Action
Requested
Previously Approved
09/30/2009
6 Months From Approved
25
0
0
18
0
0
0
0
0
The Department of Education is
requesting emergency clearance of all documents associated with
this clearance by February 23, 2009 to meet Congressional
legislative mandates. This data collection is necessary to conduct
an auction for the rights to originate PLUS loans to parent
borrowers under the Federal PLUS Program authorized by Section 428B
of Title IV of the Higher Education Act of 1965, as amended (HEA)
for the period beginning on or after July 1, 2009 and ending June
30, 2011. The HEA, as amended by the HEOA of 2008, requires that
the right to originate PLUS loans to new parent borrowers under the
Federal PLUS Program be determined through a competitive sealed
bid, one-round auction to be conducted for each State, the District
of Columbia, and Puerto Rico (State). The information requested is
necessary to determine whether the winning bidders will be able to
make and service the PLUS Loans made to parents as a result of the
auction as well as to conduct the auction itself.
The Department of
Educations (the Department) Office of Postsecondary Education
requests that OMB grant an emergency clearance for all documents
associated with this clearance by March 2, 2009 so that
Congressional legislative mandates may be satisfied. The
Competitive Loan Auction Pilot Program for PLUS loans is a new
Federal Family Education Loan program. This pilot program was
mandated by Congress in the College Cost Reduction and Access Act
of 2007 (CCRAA) and in the Higher Education Act (HEA) of 1965, as
amended, Title IV, Part I, Section 499, Competitive Loan Auction
Pilot Program. We are requesting permission for an emergency
clearance to allow eligible lenders to participate in the
prequalification process. We must meet the deadline set by Congress
to have the pilot program in place and running by July 1, 2009, so
that lenders may process student aid applications. The Department
will conduct The Competitive Loan Auction Pilot Program in two
parts. First, lenders must submit a prequalification form that
collects specific information necessary for the Department to
determine if the lender has the financial and technological
resources necessary to make loans to parents under the PLUS loan
program in the state(s) in which the lender will bid. Secondly,
once pre-qualified, lenders may submit a bid which is the lowest
special allowance payment (SAP), as defined in Section 438 of the
HEA, they are willing to accept for Federal PLUS loans made
pursuant to the auction. Only two eligible lenders (as defined in
Section 435(d) of the HEA) meeting the pre- qualification
requirements will be identified for each State and they will be the
sole eligible lenders authorized to originate Federal PLUS loans to
new parent borrowers. The Department requests emergency clearance
of the documents by February 23, 2009. Members of the higher
education community have informed us of the urgency of getting the
auction done and identifying the appropriate lenders so that they
may complete the packaging of financial aid for student borrowers
entering institutions within their state in a timely manner. The
Department must have clearance of the documents by February 23,
2009, so that the prequalification process can be started, the
subsequent auction held and winning bidders notified and announced
so they will have sufficient time to operationalize their business
processes.
PL:
Pub.L. 89 - 329 499 Name of Law: The Higher Education Act of
1965 as Amended
This is a new information
collection resulting from a Pilot Program mandated by the College
Cost Reduction and Access Act (CCRAA); as a new information
collection all burden is new.
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Donald Conner
2025027818
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.
Competitive Loan Auction Pilot Program
PLUS_auction_fed_reg_notice_v6b4 DRS 2-2_feb_9 dab.doc
Competitive Loan Auction Pilot Program