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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

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

Last Modified: 06/25/2008