Federal Perkins Loan Program Master Promissory Note

ICR 201505-1845-001

OMB: 1845-0074

Federal Form Document

Forms and Documents
Document
Name
Status
Form and Instruction
Modified
Supplementary Document
2015-07-16
Supporting Statement A
2015-07-16
IC Document Collections
ICR Details
1845-0074 201505-1845-001
Historical Active 201207-1845-001
ED/FSA
Federal Perkins Loan Program Master Promissory Note
Revision of a currently approved collection   No
Regular
Approved without change 09/25/2015
Retrieve Notice of Action (NOA) 07/21/2015
  Inventory as of this Action Requested Previously Approved
09/30/2018 36 Months From Approved 09/30/2015
276,934 0 462,922
138,467 0 231,461
0 0 0

The Federal Perkins Loan Master Promissory Note (MPN) provides the terms and conditions of the Perkins Loan program and is prepared by the participating eligible institution and signed by the borrower. The borrower may receive loans for a single academic year or multiple academic years. The adoption of the MPN in the Perkins Loan Program has simplified the loan process by eliminating the need for institutions to prepare and students to sign, a promissory note each award year.

US Code: 20 USC 1087i-I Name of Law: Higher Education Act of 1965, as amended
  
None

Not associated with rulemaking

  80 FR 27298 05/13/2015
80 FR 43072 07/21/2015
Yes

1
IC Title Form No. Form Name
Federal Perkins Loan Program Master Promissory Note NA Federal Perkins Loan Master Promissory Note

  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 276,934 462,922 0 0 -185,988 0
Annual Time Burden (Hours) 138,467 231,461 0 0 -92,994 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The Department of Education (ED) is requesting a revision of the current Perkins Loan MPN form and language. There are no changes to the data elements and 2 minor changes to the terms of the note relating to regulatory requirements. ED identified a downward adjustment of 185,988 respondent/responses and a corresponding decrease in burden hours of 92,994. ED believes this is due to the use of the serial option of the MPN, allowing a borrower to complete the MPN once for multiple year use.

$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.
07/21/2015


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