Part 601 - Institution and Lender
Requirements Relating to Education Loans is a section of the
regulations governing private education loans offered at covered
institutions by lenders also participating in the FFEL program.
These regulations assure the Secretary that the integrity of the
program is protected from fraud and misuse of program funds and
places requirements on institutions and lenders to insure that
borrowers receive additional disclosures about Title IV, HEA
program assistance prior to obtaining a private education loan.
These regulations require covered institutions to provide a variety
of new loan disclosures, disclosures on private loans,for
institutions to prepare and submit an annual report on the use of
private loans, and to establish and adopt a code of conduct for
institutions participation in a preferred lender arrangement. The
Department, in conjunction with outside entities are submitting the
Private Education Loan Applicant Self-Certification form for OMB's
approval. While information about the applicant's cost of
attendance and estimated financial assistance must be provided to
the student, if available, the student will provide the data to the
private loan lender who must collect and maintain the
self-certification form prior to disbursement of a Private
Education Loan. The Department will not receive the Private
Education Loan Applicant Self-Certification form and therefore will
not be collecting and maintaining the form or its data.
US Code:
20 USC 1019-1019d Name of Law: Higher Education Act of 1965, as
amended
PL: Pub.L. 111 - 152 2201 Name of Law: Health
Care and Education Reconciliation Act of 2010
The Department is requesting a
revision of the current information collection. There has been no
changes to the required reporting or recordkeeping requirements of
the Institution and Lender Requirements Relating to Education
Loans. We have calculated an increase in burden due to a change in
statute. The authority for lenders to make new loans under the
Federal Family Education Loan program was terminated as of July 1,
2010 as a result of the Student Aid and Fiscal Responsibility
(SAFRA) Act that was included in the Public Law 111-152, the Health
Care and Reconciliation Act of 2010 (HCERA). We are calculating
burden in this collection for institutions who had previously
participated in the FFEL program who may now only participate in
the Direct Loan program and those who previously participated in
the Direct Loan program only.
$0
No
No
No
No
No
Uncollected
Beth Grebeldinger 202
708-8242
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.
Form 1845-0101 Part 601 State, Local, or Tribal Governments
30D_FRN_1845-0101.pdf
State Affected Party Information 1845-0101 v2.doc
1845-0101v2 Burden Table 30 day comment period.xls
suppstatptA 1845-0101 v2 30 day comment period rev.docx
Part 601 State, Local, or Tribal Governments