View Information Collection Request (ICR) Package

OMB Control No: 1845-0007	ICR Reference No: 202405-1845-001
Status: Active	Previous ICR Reference No: 202203-1845-003
Agency/Subagency: ED/FSA	Agency Tracking No: ED-2024-SCC-0076
Title: William D. Ford Federal Direct Loan Program (Direct Loan Program) Promissory Notes and related forms
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/30/2024
	Date Received in OIRA: 08/20/2024
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2027	36 Months From Approved	10/31/2024
Responses	9,862,685	0	9,862,685
Time Burden (Hours)	4,021,663	0	4,021,665
Cost Burden (Dollars)	0	0	0

Abstract: Note: The Direct Loan Program promissory notes included in this collection contain information regarding the terms and conditions of the Saving on a Valuable Education (SAVE) repayment plan. However, implementation of the SAVE repayment plan is currently enjoined. The final versions of the promissory notes will reflect the law when it is finalized. The Direct Subsidized Loan and Direct Unsubsidized Loan Master Promissory Note (Subsidized/Unsubsidized MPN) serves as the means by which an individual agrees to repay a Direct Subsidized Loan and/or Direct Unsubsidized Loan. The Direct PLUS Loan Master Promissory Note (PLUS Loan MPN) serves as the means by which an individual applies for and agrees to repay a Direct PLUS Loan. If a Direct PLUS Loan applicant is determined to have an adverse credit history, the applicant may qualify for a Direct PLUS Loan by obtaining an endorser who does not have an adverse credit history. The Endorser Addendum serves as the means by which an endorser agrees to repay the Direct PLUS Loan if the borrower does not repay it. An MPN is a promissory note under which a borrower may receive loans for a single or multiple academic years. The MPN explains the terms and conditions of the loans that are made under the MPN. The Direct Consolidation Loan Application and Promissory Note (Consolidation Note) serves as the means by which a borrower applies for a Direct Consolidation Loan and promises to repay the loan. It also explains the terms and conditions of the Direct Consolidation Loan. The Consolidation Note Instructions explain to the borrower how to complete the Consolidation Note. The Consolidation Additional Loan Listing Sheet provides additional space for a borrower to list loans that he or she wishes to consolidate. The Consolidation Request to Add Loans serves as the means by which a borrower may add other loans to an existing Direct Consolidation Loan within a specified time period. The Consolidation Loan Verification Certificate 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. The proposed changes to the forms currently approved under OMB No. 1845-0007 include the following: -Revised language in the promissory notes where necessary to reflect changes to the terms and conditions of Direct Loans made by final regulations published on November 1, 2022 (87 FR 65904) and July 10, 2023 (88 FR 43820). -To eliminate duplication of content, we have consolidated the information presented in the current Terms and Conditions and Borrowers Rights and Responsibilities Statement (BRR) into a single Terms and Conditions/BRR section. -To make it easier for borrowers to complete the promissory notes, we have incorporated the instructions within the body of the promissory notes at the beginning of each section to which the instructions apply. -To reduce the number of forms in this collection, we have eliminated the Additional Loan Listing Sheet and added extra spaces to list loans in the Consolidation Application/Promissory Note itself. -To accommodate changes made to the Departments systems used in processing promissory notes, the current data field in all of the promissory notes that asks for the borrowers middle initial has been changed to request the borrowers full middle name, and a new data field asking for any suffix to the borrowers name (e.g., Jr. or Sr.) has been added. -We have revised the Privacy Act Statement in each of the promissory notes based on the most recent updates to the applicable Systems of Records Notices.

Authorizing Statute(s): US Code: 20 USC 1087a et seq Name of Law: Higher Education Act 1965 as amended

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:
	89 FR 46376	05/29/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 67427	08/20/2024
Did the Agency receive public comments on this ICR? Yes

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	9,862,685	9,862,685	0
Annual Time Burden (Hours)	4,021,663	4,021,665	-2
Annual Cost Burden (Dollars)	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: While the Department is not reporting any decrease in responses, we are noting a slight decrease in respondents and corresponding decrease of 2 hours due to a correction caused by a prior math error.

Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. Yes

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

Agency Contact: Beth Grebeldinger 202 708-8242

View ICR - OIRA Conclusion