William D. Ford Federal Direct Loan (Direct Loan) Program Federal Direct PLUS Loan Master Promissory Note and Endorser Addendum

ICR 201008-1845-003

OMB: 1845-0068

Federal Form Document

Forms and Documents
Document
Name
Status
Form and Instruction
Modified
Form and Instruction
Modified
Supporting Statement A
2010-08-23
ICR Details
1845-0068 201008-1845-003
Historical Active 200902-1845-007
ED/FSA 4339
William D. Ford Federal Direct Loan (Direct Loan) Program Federal Direct PLUS Loan Master Promissory Note and Endorser Addendum
Revision of a currently approved collection   No
Regular
Approved with change 11/02/2010
Retrieve Notice of Action (NOA) 08/25/2010
  Inventory as of this Action Requested Previously Approved
11/30/2013 36 Months From Approved 11/30/2010
1,364,219 0 254,375
682,110 0 127,188
0 0 0

The Federal Direct PLUS Loan Master Promissory Note (Direct PLUS Loan MPN) serves as the means by which an individual applies for and agrees to repay a Federal Direct PLUS Loan. The Direct PLUS Loan MPN also informs the borrower of the terms and conditions of Direct PLUS Loan and includes a statement of borrower's rights and responsibilities. A Direct PLUS Loan borrower must not have an adverse credit history. If an applicant for a Direct PLUS Loan is determined to have an adverse credit history, the applicant may qualify for a Direct PLUS Loan by obtaining an endorser who does not have an adverse credit history. The Endorser Addendum serves as the means by which an endorser agrees to repay the Direct PLUS Loan if the borrower does not repay it.

US Code: 20 USC 1087e(i), 1078-2(a)(1)(A) Name of Law: Higher Education Act of 1965, as amended
  
PL: Pub.L. 111 - 152 2201 Name of Law: Health care & Education Reconciliation Act

Not associated with rulemaking

  75 FR 34990 06/21/2010
75 FR 52316 08/25/2010
Yes

2
IC Title Form No. Form Name
Federal Direct PLUS Loan Application and Master Promissory Note NA Direct Loan Master Promissory Note
Endorser Addendum NA Endorser Addendum

  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 1,364,219 254,375 1,109,844 0 0 0
Annual Time Burden (Hours) 682,110 127,188 554,922 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The Health Care and Education Reconciliation Act of 2010 (Public Law 111-152) eliminated the authority for lenders to make new loans under the Federal Family Education Loan (FFEL) Program effective July 1, 2010. As a result, all new PLUS loans made on or after July 1, 2010 will be Federal Direct PLUS Loans. This will significantly increase the number of respondents from the previous approval of 254,375 respondents to 1,364,219 respondents. This results in a program change due to statute of 1,109,844 respondents and 554,922 burden hours for this collection.

$1,327,890
No
No
No
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.
08/25/2010


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