Federal Stafford Loan (Subsidized and Unsubsidized) Program Master Promissory Note

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
22001	Federal Stafford Loan (Subsidized and Unsubsidized) Program Master Promissory Note	Migrated

ICR Details

OMB Control No: 1840-0717	ICR Reference No: 199901-1840-003
Status: Historical Active	Previous ICR Reference No: 199601-1840-005
Agency/Subagency: ED/OPE	Agency Tracking No:
Title: Federal Stafford Loan (Subsidized and Unsubsidized) Program Master Promissory Note
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/10/1999
	Date Received in OIRA: 01/07/1999
Terms of Clearance: Approved as an extension without change and consistent with ED's memo of 3/5/99 and the following terms: 1) OMB notes that this approval request is titled erroneously. This is not a *master* promissory note, rather it is an FFEL promissory note with single year functionality only. 2) OMB further notes that an FFEL *master* promissory note with both single year and multi-year functionality was approved in December of 1998 under OMB No. 1840-0731. Thus, the note covered under this approval (1840-0717) should only be used for the period of time necessary for the FFEL community to make the transition to the *master* note. Given that ED has worked it out with the FFEL community that all loans made after July 1, 2000 will have to use the *master* note under 1840-0731, the approval for 1840-0717 will lapse on 6/30/2000. 3) OMB further notes that a similar transition is occurring with the DL promissory notes. Specifically, in December of 1998, OMB approved a DL *master* promissory note with both single year and multi-year functionality under OMB No. 1840- 0732. The old DL prom note (OMB No. 1840-0667) is set to expire in 12/31/99. Thus all direct loans made after January 1, 2000 will be made using the *master* note.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2000	06/30/2000	03/31/1999
Responses	1,400,000	0	2,800,000
Time Burden (Hours)	700,000	0	1,400,000
Cost Burden (Dollars)	0	0	0

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Abstract: This promissory note is the means by which a Federal Stafford Program Loan borrower promises to repay his or her loan.

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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
Federal Stafford Loan (Subsidized and Unsubsidized) Program Master Promissory Note

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	1,400,000	2,800,000	0	-1,400,000	0	0
Annual Time Burden (Hours)	700,000	1,400,000	0	-700,000	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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: Yes

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: 01/07/1999

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