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.
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.