Comment Request: Federal Family Education Loan Program Secured Overnight Financing Rate Election Form

This notice is seeking comments on a new information collection for the FFEL Program Secured Overnight Financing Rate (SOFR) Election form. The adjustable Interest Rate Act provides that FFEL Program lenders or entities that hold a beneficial ownership interest in a FFEL Program loan must transition away from LIBOR based Special Allowance Payments to a new formula set by the law based on the SOFR. The transition may occur any time on or before June 30, 2023, but a FFEL Program lender or beneficial holder must transition to the SOFR based SAP calculation by July 1, 2023, as a condition of continued participation in FFEL Program.

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