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Subject: Part 601 Preferred Lender Arrangements

Publication Date: October 2, 2009

Posted Date: October 2, 2009

Subject: Part 601 Preferred Lender Arrangements

FR Type: Notice

[Federal Register: October 2, 2009 (Volume 74, Number 190)]
[Page 50961-50962]
From the Federal Register Online via GPO Access []



Notice of Proposed Information Collection Requests

AGENCY: Department of Education.
SUMMARY: The Director, Information Collection Clearance Division, 
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: Interested persons are invited to submit comments on or before 
December 1, 2009.

SUPPLEMENTARY INFORMATION: Section 3506 of the Paperwork Reduction Act 
of 1995 (44 U.S.C. Chapter 35) requires that the Office of Management 
and Budget (OMB) provide interested Federal agencies and the public an 
early opportunity to comment on information collection requests. 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 Director, Information Collection 
Clearance Division, Regulatory Information Management Services, Office 
of Management, publishes that notice containing proposed information 
collection requests prior to submission of these requests to OMB. 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. OMB 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 
the respondents, including through the use of information technology.

    Dated: September 29, 2009.
Angela C. Arrington,
Director, Information Collection Clearance Division, Regulatory 
Information Management Services, Office of Management.

Federal Student Aid

    Type of Review: New.
    Title: Part 601 Preferred Lender Arrangements.
    Frequency: On Occasion.
    Affected Public: Individuals or household; Not-for-profit 
    Reporting and Recordkeeping Hour Burden:
    Responses: 13,674,883.
    Burden Hours: 3,197,761.
    Abstract: Part 601--Institution and Lender Requirements Relating to 
Education Loans is a new section of the proposed regulations governing 
private education loans offered at covered institutions by lenders also 
participating in the FFEL program. These proposed 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 proposed 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 are 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.
    Requests for copies of the proposed information collection request 
may be accessed from, by selecting the ``Browse 
Pending Collections'' link and by clicking on link number 4046. 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 or faxed to 202-401-0920. Please specify 
the complete title of the information collection when making your 
Comments regarding burden and/or the collection activity requirements 
should be electronically mailed to 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. E9-23809 Filed 10-1-09; 8:45 am]


Last Modified: 10/01/2009