[Federal Register Volume 77, Number 250 (Monday, December 31, 2012)]
[Notices]
[Pages 77050-77051]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-31459]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF EDUCATION
[Docket No. ED-2012-ICCD-0074]
Agency Information Collection Activities; Part 601 Preferred
Lender Arrangements
AGENCY: Office of Federal Student Aid (FSA), Department of Education
(ED).
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (44
U.S.C. chapter 3501 et seq.), ED is proposing an extension of an
existing information collection of a previously approved collection.
DATES: Interested persons are invited to submit comments on or before
February 28, 2013.
ADDRESSES: Comments submitted in response to this notice should be
submitted electronically through the Federal eRulemaking Portal at
http://www.regulations.gov by selecting Docket ID number ED-2012-ICCD-
0074 or via postal mail, commercial delivery, or hand delivery. Please
note that comments submitted by fax or email and those submitted after
the comment period will not be accepted. Written requests for
information or comments submitted by postal mail or delivery should be
addressed to the Director of the Information Collection Clearance
Division, U.S. Department of Education, 400 Maryland Avenue SW., LBJ,
Room 2E105, Washington, DC 20202-4537.
[[Page 77051]]
FOR FURTHER INFORMATION CONTACT: Electronically mail
[email protected]. Please do not send comments here.
SUPPLEMENTARY INFORMATION: The Department of Education (ED), in
accordance with the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C.
3506(c)(2)(A)), provides the general public and Federal agencies with
an opportunity to comment on proposed, revised, and continuing
collections of information. This helps the Department assess the impact
of its information collection requirements and minimize the public's
reporting burden. It also helps the public understand the Department's
information collection requirements and provide the requested data in
the desired format. ED is soliciting comments on the proposed
information collection request (ICR) that is described below. The
Department of Education is especially interested in public comment
addressing the following issues: (1) Is this collection necessary to
the proper functions of the Department; (2) will this information be
processed and used in a timely manner; (3) is the estimate of burden
accurate; (4) how might the Department enhance the quality, utility,
and clarity of the information to be collected; and (5) how might the
Department minimize the burden of this collection on the respondents,
including through the use of information technology. Please note that
written comments received in response to this notice will be considered
public records.
Title of Collection: Part 601 Preferred Lender Arrangements.
OMB Control Number: 1845-0101.
Type of Review: an extension of an existing information collection
of a previously approved information collection.
Respondents/Affected Public: Individuals or households.
Total Estimated Number of Annual Responses: 13,674,883.
Total Estimated Number of Annual Burden Hours: 3,197,761.
Abstract: Part 601--Institution and Lender Requirements Relating to
Education Loans is a new section of the regulations governing private
education loans offered at covered institutions by lenders also
participating in the FFEL program. These regulations assure the
Secretary that the integrity of the program is protected from fraud and
misuse of program funds and places requirements on institutions and
lenders to insure that borrowers receive additional disclosures about
Title IV, HEA program assistance prior to obtaining a private education
loan. These regulations require covered institutions to provide a
variety of new loan disclosures, disclosures on private loans, for
institutions to prepare and submit an annual report on the use of
private loans, and to establish and adopt a code of conduct for
institutions participation in a preferred lender arrangement. The
Department, in conjunction with outside entities is submitting the
Private Education Loan Applicant Self-Certification form for OMB's
approval. While information about the applicant's cost of attendance
and estimated financial assistance must be provided to the student, if
available, the student will provide the data to the private loan lender
who must collect and maintain the self-certification form prior to
disbursement of a Private Education Loan. The Department will not
receive the Private Education Loan Applicant Self-Certification form
and therefore will not be collecting and maintaining the form or its
data.
Dated: December 26, 2012.
Stephanie Valentine,
Acting Director, Information Collection Clearance Division, Privacy,
Information and Records Management Services, Office of Management.
[FR Doc. 2012-31459 Filed 12-28-12; 8:45 am]
BILLING CODE 4000-01-P