Approved
consistent with ED's submission of 10/23/98. In addition, the
following terms of clearance apply: 1) ED will continue its work
towards eliminating the current GA reporting system (i.e. the 1189
and 1130) in favor of a system based on loan-level data (NSLDS or a
successor system). 2) To the maximum extent possible, the
NSLDS-based system (or the successor system based on loan-level
data) should be: (a) the primary data source for ED's information
needs related to GAs; (b) provide timely and accurate data; (c) be
capable of supporting clean audits; (d) eliminate unnecessary
burden on GAs while ensuring that ED has adequate data to not only
make payments to GAs, but to effectively manage and improve ED's
financial management system and the student financial aid process
in general. 3) In the context of the development of new regulations
for HEA Reauthorization, ED should develop a list of regulatory
changes or other administrative changes needed in order to best
meet the goals of term 2 above. 4) ED will ensure that the
initiative to further consolidate and streamline the GA forms (the
"forms 2000" initiative) acts as an effective interim step towards
the end goal of an NSLDS system consistent with term 2 above.
Further, ED will continue its work with GAs to ensure that the
transition to the NSLDS-based system is minimally burdensome.
Specifically, ED should provide GAs with expected future
requirements under the NSLDS- based system and where appropriate,
provide timelines for implementation. Further, ED should continue
to consult GAs on the burden-implications of taking multiple
interim steps vs. making a change to NSLDS in one step. 5) ED will,
6 months from this clearance, provide OMB with an update on
progress made on these terms of clearance. As part of that update,
ED will to the best of its ability, provide a specific time-frame
by which the transition to the NSLDS-based system will be complete.
6) OMB commends ED for the hard work they have done thus far in
consolidating the GA forms and investigating NSLDS
reasonability.
Inventory as of this Action
Requested
Previously Approved
09/30/1999
09/30/1999
10/31/1998
185
0
185
9,250
0
2,941
0
0
0
The Guaranty Agency Quarterly/Annual
Report is submitted by 37 agencies operating a student loan
insurance program under agreement with the Department of Education.
These reports are used to evaluate agency operations, make payments
to agencies as authorized by law, and to make reports to
Congress.
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.
Guaranty Agency Quarterly/Annual Report