Approved as
amended by and consistent with ED's memo and revisions to OMB of
9/15/98 and 9/16/98. In addition, ED agrees to the following terms:
(1) ED will update OMB on the following initiatives in the regular
submission of this emergency approval request - (a) automation of
the loan verification process which should occur as soon as
possible, (b) lender access to NSLDS, (c) implementation of an
interactive web version of the application and promissory note. (2)
In the regular submission of this emergency approval request, ED
will revise the instructions and supporting materials of the form
to include a brief section that outlines specifically the
options/functions/tools that are available on the web to assist the
applicant in completing the application and note. (3) In order to
maximize utility and minimize burden, in the regular submission of
this emergency approval request, unless ED can prove defnitively
the need for obtaining 'loan type' from the applicant, ED will
remove this from the form. (4) Because ED indicates in the 9/15
memo that the interactive web application will be implemented
beginning 9/30/98, ED will, in the regular submission, update the
electronic response rate accordingly. (5) In implementing the
interactive web application and promissory note, ED will move to an
electronic signature alternative as soon a possible consistent with
the govt-wide initiative to implement electronic signatures on
instruments such as promissory notes and applications for benefits.
(6) Consistent with the 9/15 memo, ED will inform applicants on the
cover letter of the supporting material that they can obtain
estimated repayment information by calling a toll-free telephone
number or accessing a specific web site. (7) ED will revise the
prefunding summary sheet to inform applicants that the interest
rate presented is the maximum interest rate, that a lower interest
rate may be applicable, and information on how the applicant can
assess what the applicable interest is.
Inventory as of this Action
Requested
Previously Approved
03/31/1999
03/31/1999
01/31/1999
1,078,000
0
3,428,000
528,250
0
1,464,200
344,000
0
0
These forms are the means by which a
borrower applies for promises to repay a Federal Direct
Consolidation Loan and a lender verifies an eligible loan to be
consolidated.
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:
(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;
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.
Federal Direct Student Loans, Student Financial Assistance, Federal Aid Programs