Notice2022-19104
Agency Information Collection Activities; Submission to the Office of Management and Budget for Review and Approval; 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
September 6, 2022
Issuing agencies
Education Department
Abstract
In accordance with the Paperwork Reduction Act of 1995, ED is proposing a new collection.
Full Text
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<title>Federal Register, Volume 87 Issue 171 (Tuesday, September 6, 2022)</title>
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[Federal Register Volume 87, Number 171 (Tuesday, September 6, 2022)]
[Notices]
[Page 54485]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-19104]
[[Page 54485]]
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DEPARTMENT OF EDUCATION
[Docket No.: ED-2022-SCC-0084]
Agency Information Collection Activities; Submission to the
Office of Management and Budget for Review and Approval; 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 collection.
DATES: Interested persons are invited to submit comments on or before
October 6, 2022.
ADDRESSES: Written comments and recommendations for proposed
information collection requests should be sent within 30 days of
publication of this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find
this information collection request (ICR) by selecting ``Department of
Education'' under ``Currently Under Review,'' then check the ``Only
Show ICR for Public Comment'' checkbox. <a href="http://Reginfo.gov">Reginfo.gov</a> provides two links
to view documents related to this information collection request.
Information collection forms and instructions may be found by clicking
on the ``View Information Collection (IC) List'' link. Supporting
statements and other supporting documentation may be found by clicking
on the ``View Supporting Statement and Other Documents'' link.
FOR FURTHER INFORMATION CONTACT: For specific questions related to
collection activities, please contact Beth Grebeldinger, (202) 377-
4018.
SUPPLEMENTARY INFORMATION: The Department, 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 ICR that
is described below. The Department is especially interested in public
comments 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 record.
Title of Collection: Federal Family Education Loan (FFEL) Program
Secured Overnight Financing Rate (SOFR) Election Form.
OMB Control Number: 1845-NEW.
Type of Review: New 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 Federal Family Education Loan
(FFEL) Program Secured Overnight Financing Rate (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 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: August 30, 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. 2022-19104 Filed 9-2-22; 8:45 am]
BILLING CODE 4000-01-P
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