View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1845-0026
ICR Reference No:
200702-1845-002
Status:
Historical Active
Previous ICR Reference No:
200601-1845-002
Agency/Subagency:
ED/FSA
Agency Tracking No:
3239
Title:
Guaranty Agency Financial Report
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
05/22/2007
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/23/2007
Terms of Clearance:
Approved for two years, provided Education continues to work on the issues outlined in the previous terms of clearance (pasted below for reference). The Department and OMB will work to review and coordinate the following: (1) the use of loan level data, consistent with the Office of Federal Student Aid's data strategy and concerns cited in the President's Management Agenda Scorecard; (2) data deemed necessary to derive guaranty agency costs that are comparable to FFEL subsidy costs; (3) changes to ensure that sufficient data are provided to on GA Federal Funds held outside of the Treasury, consistent with Treasury FMS Guidance (Treasury Transmittal Letter No. 608).
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2009
36 Months From Approved
05/31/2007
Responses
612
0
612
Time Burden (Hours)
33,660
0
33,660
Cost Burden (Dollars)
0
0
0
Abstract:
The Guaranty Agency Financial Report is used to request payments from and make payments to the Department of Education under the FFEL program authorized by Title IV, Part B of the HEA of 1965, as amended. The report is also used to monitor the agency's financial activities, including activities concerning its federal fund, operating fund and the agency's restricted account.
Authorizing Statute(s):
US Code:
20 USC 1071, Section 428
Name of Law: The Higher Education Act of 1965
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
71 FR 75238
12/14/2006
30-day Notice:
Federal Register Citation:
Citation Date:
72 FR 7626
02/16/2007
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Guaranty Agency Financial Report
N/A
Guaranty Agency Financial Report
ICR Summary of Burden
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
612
612
0
0
0
0
Annual Time Burden (Hours)
33,660
33,660
0
0
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
Annual Cost to Federal Government:
$884,152
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
Uncollected
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
Uncollected
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Barbara (BJ) Johnson 202 377-3327 bj.johnson@ed.gov
Common Form ICR:
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:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(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;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
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.
Certification Date:
02/23/2007
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