Notice2022-12734
Agency Information Collection Activities; Comment Request; Federal Family Education Loan (FFEL) Program Secured Overnight Financing Rate (SOFR) Election Form
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 14, 2022
Issuing agencies
Education Department
Abstract
In accordance with the Paperwork Reduction Act of 1995, ED is proposing a new information collection.
Full Text
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<title>Federal Register, Volume 87 Issue 114 (Tuesday, June 14, 2022)</title>
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[Federal Register Volume 87, Number 114 (Tuesday, June 14, 2022)]
[Notices]
[Pages 35975-35976]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-12734]
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DEPARTMENT OF EDUCATION
[Docket No.: ED-2022-SCC-0084]
Agency Information Collection Activities; Comment Request;
Federal Family Education Loan (FFEL) Program Secured Overnight
Financing Rate (SOFR) Election Form
AGENCY: Federal Student Aid (FSA), Department of Education (ED).
ACTION: Notice.
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SUMMARY: In accordance with the Paperwork Reduction Act of 1995, ED is
proposing a new information collection.
DATES: Interested persons are invited to submit comments on or before
August 15, 2022.
ADDRESSES: To access and review all the documents related to the
information
[[Page 35976]]
collection listed in this notice, please use <a href="http://www.regulations.gov">http://www.regulations.gov</a>
by searching the Docket ID number ED-2022-SCC-0084. Comments submitted
in response to this notice should be submitted electronically through
the Federal eRulemaking Portal at <a href="http://www.regulations.gov">http://www.regulations.gov</a> by
selecting the Docket ID number or via postal mail, commercial delivery,
or hand delivery. If the <a href="http://regulations.gov">regulations.gov</a> site is not available to the
public for any reason, ED will temporarily accept comments at
<a href="/cdn-cgi/l/email-protection#d29b9196bdb1b9b7a69fb5a092b7b6fcb5bda4"><span class="__cf_email__" data-cfemail="9fd6dcdbf0fcf4faebd2f8eddffafbb1f8f0e9">[email protected]</span></a>. Please include the docket ID number and the title
of the information collection request when requesting documents or
submitting comments. Please note that comments submitted by fax or
email and those submitted after the comment period will not be
accepted. Written requests for information or comments submitted by
postal mail or delivery should be addressed to the PRA Coordinator of
the Strategic Collections and Clearance Governance and Strategy
Division, U.S. Department of Education, 400 Maryland Ave. SW, LBJ, Room
6W208D, Washington, DC 20202-8240.
FOR FURTHER INFORMATION CONTACT: For specific questions related to
collection activities, please contact Beth Grebeldinger, 202-377-4018.
SUPPLEMENTARY INFORMATION: The Department of Education (ED), in
accordance with the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C.
3506(c)(2)(A)), provides the general public and Federal agencies with
an opportunity to comment on proposed, revised, and continuing
collections of information. This helps the Department assess the impact
of its information collection requirements and minimize the public's
reporting burden. It also helps the public understand the Department's
information collection requirements and provide the requested data in
the desired format. ED is soliciting comments on the proposed
information collection request (ICR) that is described below. The
Department of Education is especially interested in public comment
addressing the following issues: (1) is this collection necessary to
the proper functions of the Department; (2) will this information be
processed and used in a timely manner; (3) is the estimate of burden
accurate; (4) how might the Department enhance the quality, utility,
and clarity of the information to be collected; and (5) how might the
Department minimize the burden of this collection on the respondents,
including through the use of information technology. Please note that
written comments received in response to this notice will be considered
public records.
Title of Collection: Federal Family Education Loan (FFEL) Program
Secured Overnight Financing Rate (SOFR) Election Form.
OMB Control Number: 1845-NEW.
Type of Review: A new information collection.
Respondents/Affected Public: Private Sector; State, Local, and
Tribal Governments.
Total Estimated Number of Annual Responses: 128.
Total Estimated Number of Annual Burden Hours: 2,048.
Abstract: The Department of Education (ED) is requesting approval
of a new information collection for the FFEL Program SOFR Election
form. On March 15, 2022, the President signed the Adjustable Interest
Rate (LIBOR) Act into law. Among other things, the law amended section
438(b)(2)(I) of the Higher Education Act of 1965, as amended (HEA).
This provision of the law requires FFEL Program lenders or an entity
that holds a beneficial ownership interest in a FFEL Program loan
(beneficial holder) to transition away from LIBOR based Special
Allowance Payments (SAP) to a new formula set by the law based on
Secured Overnight Financing Rate (SOFR). The transition may occur any
time on or before June 30, 2023. However, a FFEL Program lender or
beneficial holder must transition to the SOFR based SAP calculation by
July 1, 2023, as a condition of continued participation in FFEL
Program.
Dated: June 8, 2022.
Kun Mullan,
PRA Coordinator, Strategic Collections and Clearance Governance and
Strategy Division, Office of Chief Data Officer, Office of Planning,
Evaluation and Policy Development.
[FR Doc. 2022-12734 Filed 6-13-22; 8:45 am]
BILLING CODE 4000-01-P
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