The Higher Education Act of 1965, as amended (HEA), established the Federal Family Education Loan (FFEL) Program, and the William D. Ford Federal Direct Loan (Direct Loan) Program under Title IV, Parts B and D respectively. The HEA provides for a maximum loan amount that a borrower can receive per year and in total. If a borrower receives more than the maximum amount, the borrower becomes ineligible for further Title IV aid (including Federal Pell Grants, Federal Supplemental Educational Opportunity Grants, Federal Work-Study, and Teacher Education Assistance for Higher Education (TEACH) Grants, Iraq and Afghanistan Service Grants) unless the borrower repays the excess amount or agrees to repay the excess amount according to the terms and conditions of the promissory note that the borrower signed. Agreeing to repay the excess amount according to the terms and conditions of the promissory note that the borrower signed is called reaffirmation, which is the subject of this collection. This renewal without change of the information collection is necessary for the Department of Education (the Department), as a holder of some FFEL Program loans and all Direct Loans, and all FFEL Program lenders to capture the borrowers formal agreement to repay any excess amount of FFEL or Direct Loan program loans that the borrower received according to the terms and conditions of the promissory note the borrower signed. The form has not been changed since its last update.
To view this Federal Register publication, click here.