This is a request for a new collection. The information collected through this new form will support both involuntary collection and voluntary resolution of defaulted Federal student loans in the following categories: Involuntary collection where the Department of Education (ED) and guaranty agencies utilize two methods to involuntarily collect defaulted student loans: the Treasury Offset Program (TOP) and Administrative Wage Garnishment (AWG). And voluntary resolution: defaulted borrowers can resolve their loan balance by making voluntary payments or through the loan rehabilitation program authorized by the Higher Education Act of 1965, as amended, and described in regulations at 34 CFR 682.405(b)(1)(iii) and 34 CFR 685.211(f). ED will use the new form in place of the existing Loan Rehabilitation: Income and Expense Information form (OMB No. 1845-0120) and will allow schools and guaranty agencies to use the new form for the same purposes for which ED will use it. Note that guaranty agencies may continue to use the current form in lieu of the new form if they choose.
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