Recordkeeping Requirements for Institutions Participating in Student Financial Assistance Programs Authorized by Title IV, HEA

Forms and Documents

Document Name	Status

No forms / supporting documents in this ICR. Check IC Document Collections.

IC Document Collections

IC ID	Document Title	Status
21872	Recordkeeping Requirements for Institutions Participating in Student Financial Assistance Programs Authorized by Title IV, HEA	Migrated

ICR Details

OMB Control No: 1840-0537	ICR Reference No: 199609-1840-004
Status: Historical Inactive	Previous ICR Reference No: 199602-1840-005
Agency/Subagency: ED/OPE	Agency Tracking No:
Title: Recordkeeping Requirements for Institutions Participating in Student Financial Assistance Programs Authorized by Title IV, HEA
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 11/12/1996
	Date Received in OIRA: 09/13/1996
Terms of Clearance: The information collection requirements contained in the proposed records retention proposed rule are not approved at this time. ED has received public comment on this NPRM regarding the differential records retention length that woiuld be granted to schools (three years) as opposed to lenders (five years) as a result of this NPRM. In the preamble to the final rule, ED shall address this concern in a way that minimizes recordkeeping burden for all Title IV respondents, consistent with statutory requirements. ED will resubmit the final rule for PRA clearance. -- All currently approved provisions of the general provisions regulations remain approved through March 1999; this action concerns only the current NPRM.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/1999	11/30/1999	03/31/1999
Responses	93,603	0	93,603
Time Burden (Hours)	174,167	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The proposed rules require institutions to maintain records documenting their participation in student financial assistance programs authorized by title IV of the Higher Education Act of 1965 (title IV, HEA program). Regulations also include requirements for audits and repayments.

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Authorizing Statute(s): None

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Recordkeeping Requirements for Institutions Participating in Student Financial Assistance Programs Authorized by Title IV, HEA

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Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 09/13/1996

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