Federal Direct Consolidation Loan Program Application Documents

ICR 201512-1845-005

OMB: 1845-0053

Federal Form Document

Forms and Documents
ICR Details
1845-0053 201512-1845-005
Historical Active 201402-1845-006
ED/FSA
Federal Direct Consolidation Loan Program Application Documents
Revision of a currently approved collection   No
Regular
Approved with change 04/12/2016
Retrieve Notice of Action (NOA) 02/23/2016
  Inventory as of this Action Requested Previously Approved
04/30/2019 36 Months From Approved 04/30/2016
3,454,476 0 2,430,000
817,429 0 575,100
0 0 0

This is collection of information includes the following documents: (1) Federal Direct Consolidation Loan Application and Promissory Note (Application and Promissory Note); (2) Instructions for Completing the Federal Direct Consolidation Loan Application and Promissory Note (Instructions); (3)Additional Loan Listing Sheet; (4) Request to Add Loans; and (5) Loan Verification Certificate (LVC). The Application and Promissory Note serves as the means by which a borrower applies for a Federal Direct Consolidation Loan and promises to repay the loan. The Instructions explain to the borrower how to complete the Application and Promissory Note. The Additional Loan Listing Sheet provides additional space for a borrower to list loans that he or she wishes to consolidate, if there is insufficient space on the Application and Promissory Note. The Request to Add Loans serves as the means by which a borrower may add other loans to an existing Federal Direct Consolidation Loan within a specified time period. The LVC serves as the means by which the U.S. Department of Education obtains the information needed to pay off the holders of the loans that the borrower wants to consolidate. This revision updates the forms to reflect regulatory changes, and revises language for greater clarity.

US Code: 20 USC 1087e(g) Name of Law: Higher Education Act of 1965, as amended
  
None

Not associated with rulemaking

  80 FR 79037 12/18/2015
81 FR 8701 02/22/2016
No

  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 3,454,476 2,430,000 0 0 1,024,476 0
Annual Time Burden (Hours) 817,429 575,100 0 0 242,329 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
ED is reporting an increase of 242,329 as an adjustment, due to an increase in the number of individuals completing the Direct Consolidation Loan Application and Promissory Note. Although it is not possible to definitively explain the reason for the increase, it may be attributable to an increase in the number of borrowers with FFEL Program loans who wish to consolidate to take advantage of certain benefits that are available only for Direct Loans.

$0
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.
02/23/2016


© 2024 OMB.report | Privacy Policy