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
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.