Maintained for Historical Purposes

This resource is being maintained for historical purposes only and is not currently applicable.

Subject: Federal Family Education Loan (FFEL) Program London Inter-
Bank Offered Rate (LIBOR) Waiver

Publication Date: March 5, 2012

Posted Date: March 5, 2012

Subject: Federal Family Education Loan (FFEL) Program London Inter- Bank Offered Rate (LIBOR) Waiver

FR Type: Notice


[Federal Register Volume 76, Number 174 (Monday, March 5, 2012)]
[Notices]
[Pages 13103-13104]
From the Federal Register Online via the Government Printing Office [wais.access.gpo.gov]
[FR Doc No: 2012-5281]

==========================================

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DEPARTMENT OF EDUCATION


Notice of Proposed Information Collection Requests

AGENCY: Department of Education (ED).

ACTION: Notice of proposed information collection requests.

--------------------------------------------

SUMMARY: The Acting Director, Information Collection Clearance 
Division, Privacy, Information and Records Management Services, Office 
of Management, invites comments on the proposed information collection 
requests as required by the Paperwork Reduction Act of 1995 (Pub. L. 
104-13).

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 
March 9, 2012. A regular clearance process is also beginning. 
Interested persons are invited to submit comments on or before May 4, 
2012.

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, be faxed to (202) 395-
5806 or emailed to oira_submission@omb.eop.gov with a cc: to ICDocketMgr@ed.gov. Please note that written comments received in response to this notice will be considered public records.

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. The 
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 Acting Director, Information Collection 
Clearance Division, Privacy, Information and Records 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: February 29, 2012.
Kate Mullan,
Acting Director, Information Collection Clearance Division, Privacy, 
Information and Records Management Services, Office of Management.

Federal Student Aid

    Type of Review: New.
    Title: Federal Family Education Loan (FFEL) Program London Inter-
Bank Offered Rate (LIBOR) Waiver.
    OMB #: Pending.
    Abstract: The Consolidated Appropriations Act, 2012 requires that 
Federal Family Education Loan program Lenders be given the option to 
have their special allowance payments calculated using the 1-month 
London Inter-Bank Offered Rate (LIBOR). Lenders electing to have loans 
calculated using LIBOR will be required to sign a waiver. This waiver 
has to be signed no later than April 1, 2012.
    Additional Information: The Office of the Chief Financial Officer, 
Federal Student Aid requests Emergency Clearance for the information 
collection entitled "Federal Family Education Loan Program London 
Inter-Bank Offered Rate (LIBOR) Waiver" because a normal clearance is 
likely to cause a statutory deadline to be missed. On December 23, 
2011, the President signed the Consolidated Appropriations Act, 2012 
(Pub. L. 112-74), which directs that FFEL lenders be given the option 
of having their special allowance payments calculated using the one-
month LIBOR for the calendar quarter beginning April 1, 2012 and each 
subsequent quarter. Public Law 112-74 further directs that each lender 
electing the change must submit a waiver attesting to that choice no 
later than April 1, 2012.
    Reporting and Recordkeeping Hour Burden:
    Responses: 75.
    Burden Hours: 3,000.
    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 04806. 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 and OMB Control Number 
when making your request.

[[Page 13104]]

    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. 2012-5281 Filed 3-2-12; 8:45 am]
BILLING CODE 4000-01-P


Last Modified: 03/04/2012