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Subject: Part 601 Preferred Lender Arrangements

Publication Date: December 23, 2009

Posted Date: December 23, 2009

Subject: Part 601 Preferred Lender Arrangements

FR Type: Notice

[Federal Register: December 23, 2009 (Volume 74, Number 245)]
[Page 68258-68259]
From the Federal Register Online via GPO Access []


Submission for OMB Review; Comment Request

AGENCY: Department of Education.
SUMMARY: The Acting Director, Information Collection Clearance 
Division, Regulatory Information Management Services, Office of 
Management, invites comments on the submission for OMB review as 
required by the Paperwork Reduction Act of 1995.

DATES: Interested persons are invited to submit comments on or before 
January 22, 2010.

ADDRESSES: Written comments should be addressed to the Office of 
Information and Regulatory Affairs, Attention: Education Desk Officer, 
Office of Management and Budget, 725 17th Street, NW., Room 10222, New 
Executive Office Building, Washington, DC 20503, or should be faxed to 
(202) 395-5806 or send e-mail to

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 

[[Page 68259]]

statutory obligations. The Acting Director, Information Clearance 
Division, Regulatory Information Management Services, Office of 
Management, publishes a 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.

    Dated: December 18, 2009.
James Hyler,
Acting 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 households; 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 
    Requests for copies of the information collection submission for 
OMB review 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 the Internet address 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 
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. E9-30514 Filed 12-22-09; 8:45 am]


Last Modified: 12/22/2009