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Publication Date: June 26, 2008 FRPart: Page Numbers: 36304-36305 Summary: Documents Associated with the Notice of Terms and Conditions of Purchase of Loans under the Ensuring Continued Access to Student Loans Act of 2008 Posted on 06-26-2008 [Federal Register: June 26, 2008 (Volume 73, Number 124)]
[Notices]
[Page 36304-36305]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr26jn08-32]
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DEPARTMENT OF EDUCATION
Notice of Proposed Information Collection Requests
AGENCY: Department of Education.
ACTION: Notice of Proposed Information Collection Requests.
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SUMMARY: The IC Clearance Official, Regulatory Information Management
Services, Office of Management, invites comments on the proposed
information collection requests as required by the Paperwork Reduction
Act of 1995.
DATES: An emergency review has been requested in accordance with the
Act (44 U.S.C. Chapter 3507 (j)), since public harm is reasonably
likely to result if normal clearance procedures are followed. Approval
by the Office of Management and Budget (OMB) has been requested by June
27, 2008.
ADDRESSES: Written comments regarding the emergency review should be
addressed to the Office of Information and Regulatory Affairs,
Attention: Bridget Dooling, Desk Officer, Department of Education,
Office of Management and Budget; 725 17th Street, NW., Room 10222, New
Executive Office Building, Washington, DC 20503 or faxed to (202) 395-6974.
SUPPLEMENTARY INFORMATION: Section 3506 of the Paperwork Reduction Act
of 1995 (44 U.S.C. Chapter 35) requires that the Director of OMB
provide interested Federal agencies and the public an early opportunity
to comment on information collection requests. The Office of Management
and Budget (OMB) may amend or waive the requirement for public
consultation to the extent that public participation in the approval
process would defeat the purpose of the information collection, violate
State or Federal law, or substantially interfere with any agency's
ability to perform its statutory obligations. The IC Clearance
Official, Regulatory Information Management Services, Office of
Management, publishes this notice containing proposed information
collection requests at the beginning of the Departmental review of the
information collection. Each proposed information collection, grouped
by office, contains the following: (1) Type of review requested, e.g.,
new, revision, extension, existing or reinstatement; (2) Title; (3)
Summary of the collection; (4) Description of the need for, and
proposed use of, the information; (5) Respondents and frequency of
collection; and (6) Reporting and/or Recordkeeping burden. ED invites
public comment.
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
respondents, including through the use of information technology.
Dated: June 23, 2008.
Angela C. Arrington, IC Clearance Official, Regulatory Information Management Services,
Office of Management.
Federal Student Aid
Type of Review: New.
Title: Documents Associated with the Notice of Terms and Conditions
of Purchase of Loans under the Ensuring Continued Access to Student
Loans Act of 2008.
Abstract: As one of several measures intended to address concerns
about the availability of loans under the Federal Family Education Loan
(FFEL) Program during the 2008-2009 academic year, the Ensuring
Continued Access to Student Loans Act of 2008 (ECASLA) provides the
Department of Education (the Department) with temporary authority to
purchase student loans from FFEL Program lenders. The documents
included in this collection set forth the terms and conditions of the
loan purchase program authorized by the ECASLA and collect the
information from lenders that is required by the Department to
administer the program.
Additional Information
The U.S. Department of Education (Department) requests that OMB
grant an emergency clearance by June 27, 2008 for Loan Purchase Program
information collection documents associated with the newly authorized
authority to purchase loans, as per the Ensuring Continued Access to
Student Loans Act of 2008 (``ECASLA''):
1. Master Participation Agreement, with exhibits;
2. Master Loan Sale Agreement, with exhibits; and
3. Additional documents forthcoming specifying data intended to be
collected.
Section 459A of the Higher Education Act (``HEA''), signed into law
on May 7, 2008, provides that the Secretary of Education, the Secretary
of the Treasury, and the Director of the Office of Management and
Budget must jointly determine the terms and conditions of this newly
authorized loan purchase program. These information collection
documents set forth those terms and aid in the administration of the
program.
The Loan Purchase Program was established under the HEA by the
ECASLA. Congress passed this law to remedy market conditions
threatening the ability of student lenders to make student loans for
the 2008-2009 academic year. While loans for the academic year can be
originated as early as May, the bulk of originations occur during the
period from July through August. To ensure that student lenders are
able to utilize the Loan Purchase Program, the Documents must be
reviewed by lenders in advance of final publication of the Notice of
Terms and Conditions of Purchase of Loans under the Ensuring Continued
Access to Student Loans Act of 2008. As such, the lending community
must have final, approved versions of the Documents no later than June
27, 2008 to ensure that they will be able to utilize the Loan Purchase
Program in time for the 2008-2009 academic year. The Department thus
requests emergency clearance because the regular clearance process
would not enable us to make an OMB-approved set of Documents available
to lenders seeking to make student loans during the 2008-2009 academic
year.
Upon receiving emergency clearance of the Documents, the Department
will submit the ECASLA Loan Purchase Program documents for regular
clearance process, including notice of a 60-day public comment period.
Frequency: On Occasion.
Affected Public: Businesses or other for-profit.
Reporting and Recordkeeping Hour Burden:
Responses: 9,650.
Burden Hours: 22,800.
Requests for copies of the proposed information collection request
may be accessed from http://edicsweb.ed.gov, by selecting the ``Browse
Pending Collections'' link and by clicking on link number 3748. When
you access the information collection, click on ``Download
Attachments'' to view. Written requests for information should be
addressed to U.S. Department of Education, 400 Maryland Avenue, SW.,
LBJ, Washington, DC 20202-4537. Requests may also be electronically
mailed to the Internet address ICDocketMgr@ed.gov or faxed to 202-401-
0920. Please specify the complete title of the information collection
when making your request.
Comments regarding burden and/or the collection activity
requirements, should be electronically mailed to ICDocketMgr@ed.gov.
Individuals who use a telecommunications device for the deaf (TDD) may
call the Federal Information Relay Service (FIRS) at 1-800-877-8339.
[FR Doc. E8-14540 Filed 6-25-08; 8:45 am]
BILLING CODE 4000-01-P
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