Law: What's new regarding student loans?

1.  Department of Education plans an emergency survey

[Federal Register: April 16, 2008 (Volume 73, Number 74)]
[Notices]               
[Page 20614-20615]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr16ap08-29]                         

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DEPARTMENT OF EDUCATION

 
Notice of Proposed Information Collection Requests

AGENCY: Department of Education.

ACTION: Notice of Proposed Information Collection Requests.

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SUMMARY: The IC Clearance Official, Regulatory Information Management

[[Page 20615]]

Services, Office of Management, invites comments on the proposed 
information collection requests as required by the Paperwork Reduction 
Act of 1995.

DATES: An emergency review has been requested in accordance with the 
Act (44 U.S.C. Chapter 3507 (j)), since public harm is reasonably 
likely to result if normal clearance procedures are followed. Approval 
by the Office of Management and Budget (OMB) has been requested by 
April 10, 2008.

ADDRESSES: Written comments regarding the emergency review should be 
addressed to the Office of Information and Regulatory Affairs, 
Attention: Education Desk Officer, Office of Management and Budget; 725 
17th Street, NW., Room 10222, New Executive Office Building, 
Washington, DC 20503 or faxed to (202) 395-6974.

SUPPLEMENTARY INFORMATION: Section 3506 of the Paperwork Reduction Act 
of 1995 (44 U.S.C. Chapter 35) requires that the Director of OMB 
provide interested Federal agencies and the public an early opportunity 
to comment on information collection requests. The Office of Management 
and Budget (OMB) may amend or waive the requirement for public 
consultation to the extent that public participation in the approval 
process would defeat the purpose of the information collection, violate 
State or Federal law, or substantially interfere with any agency's 
ability to perform its statutory obligations. The IC Clearance 
Official, Regulatory Information Management Services, Office of 
Management, publishes this notice containing proposed information 
collection requests at the beginning of the Departmental review of the 
information collection. Each proposed information collection, grouped 
by office, contains the following: (1) Type of review requested, e.g., 
new, revision, extension, existing or reinstatement; (2) Title; (3) 
Summary of the collection; (4) Description of the need for, and 
proposed use of, the information; (5) Respondents and frequency of 
collection; and (6) Reporting and/or Recordkeeping burden. ED invites 
public comment.
    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 
respondents, including through the use of information technology.

    Dated: April 10, 2008.
Angela C. Arrington,
IC Clearance Official, Regulatory Information Management Services, 
Office of Management.

Federal Student Aid

    Type of Review: New.
    Title: FFEL School Survey.
    Abstract: This emergency survey requests information on the 
institution's ability to access FFEL loans for the current academic 
year. In addition, the Department requests to confirm that these 
institutions have secured lenders for academic year 2008-09 and a list 
of those lenders.
    Additional Information: The Department is requesting emergency 
clearance for an electronic survey to be sent to approximately 4,500 
financial aid administrators at institutions that participate in the 
Federal Family Educational Loan (FFEL) Program. The FFEL school survey 
requests information on the institution's ability to access FFEL loans 
for the current academic year. In addition, the Department requests to 
confirm that these institutions have secured lenders for academic years 
2007-08 and 2008-09, and a list of those lenders. The purpose of the 
survey is to ensure continued access to federal loans by monitoring any 
problems that institutions may be experiencing in accessing FFEL loans 
for both the current 2007-08 and 2008-09 academic years. The approval 
is requested by Thursday, April 10, 2008.
    Frequency: One time.
    Affected Public:
    Businesses or other for-profit; Not-for-profit institutions; State, 
Local, or Tribal Gov't, SEAs or LEAs.
    Reporting and Recordkeeping Hour Burden:

    Responses: 4,500.
    Burden Hours: 450.

    Requests for copies of the proposed information collection request 
may be accessed from http://edicsweb.ed.gov, by selecting the ``Browse 
Pending Collections'' link and by clicking on link number 3658. When 
you access the information collection, click on ``Download 
Attachments'' to view. Written requests for information should be 
addressed to U.S. Department of Education, 400 Maryland Avenue, SW., 
LBJ, Washington, DC 20202-4537. Requests may also be electronically 
mailed to the Internet address ICDocketMgr@ed.gov or faxed to 202-401-
0920. Please specify the complete title of the information collection 
when making your request.
    Comments regarding burden and/or the collection activity 
requirements should be electronically mailed to ICDocketMgr@ed.gov. 
Individuals who use a telecommunications device for the deaf (TDD) may 
call the Federal Information Relay Service (FIRS) at 1-800-877-8339.

 [FR Doc. E8-8119 Filed 4-15-08; 8:45 am]

BILLING CODE 4000-01-P

2.  How to pay for college in uncertain times: Excerpts from a Greentree Gazette webnar 

3.  Solution to Loan 'Crisis' May Create Bigger Problems

By PAUL BASKEN

   

Washington

In its latest effort to calm a few jittery colleges and politicians, the Education Department set off this month to develop, in just 11 weeks, an entirely new system for distributing federally guaranteed student loans in the event of a "crisis" in the government-backed system.

But even department leaders don't expect the proposed new "lender of last resort" system, in which the federal government would make sure students could find loans if a loan emergency were declared, will be necessary, and many college representatives and student-aid advocates worry it could eventually create more problems than it solves.

"Things that are done quickly and put in place without a lot of assessment and analysis sometimes are easily subject to abuse," said Terry W. Hartle, senior vice president for government and public affairs at the American Council on Education.Read the complete analysis in the Chronicle of Higher Education.