2024-22109. Agency Information Collection Activities; Comment Request; Multi-Purpose Financial Information Statement

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Department of Education

1. [Docket No.: ED-2024-SCC-0118]

AGENCY:

Federal Student Aid (FSA), Department of Education (ED).

ACTION:

Notice.

SUMMARY:

In accordance with the Paperwork Reduction Act (PRA) of 1995, the Department is proposing a new information collection of a currently approved information collection request (ICR).

DATES:

Interested persons are invited to submit comments on or before November 25, 2024.

ADDRESSES:

To access and review all the documents related to the information collection listed in this notice, please use http://www.regulations.gov by searching the Docket ID number ED-2024-SCC-0118. Comments submitted in response to this notice should be submitted electronically through the Federal eRulemaking Portal at http://www.regulations.gov by selecting the Docket ID number or via postal mail, commercial delivery, or hand delivery. If the regulations.gov site is not available to the public for any reason, the Department will temporarily accept comments at [e-mail]. ( print page 78852) 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 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 Manager of the Strategic Collections and Clearance Governance and Strategy Division, U.S. Department of Education, 400 Maryland Ave. SW, LBJ, Room 4C210, Washington, DC 20202-1200.

FOR FURTHER INFORMATION CONTACT:

For specific questions related to collection activities, please contact Beth Grebeldinger, 202-570-8414.

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. The Department is soliciting comments on the proposed information collection request (ICR) that is described below. The Department 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: Multi-purpose Financial Information Statement.

OMB Control Number: 1845-NEW.

Type of Review: A new ICR.

Respondents/Affected Public: Individuals and Households.

Total Estimated Number of Annual Responses: 415,542.

Total Estimated Number of Annual Burden Hours: 261,791.

Abstract: This is a request for a new collection. The information collected through this new form will support both involuntary collection and voluntary resolution of defaulted Federal student loans in the following categories: Involuntary collection where the Department of Education (ED) and guaranty agencies utilize two methods to involuntarily collect defaulted student loans: the Treasury Offset Program (TOP) and Administrative Wage Garnishment (AWG). And voluntary resolution: defaulted borrowers can resolve their loan balance by making voluntary payments or through the loan rehabilitation program authorized by the Higher Education Act of 1965, as amended, and described in regulations at 34 CFR 682.405(b)(1)(iii) and 34 CFR 685.211(f). ED will use the new form in place of the existing Loan Rehabilitation: Income and Expense Information form (OMB No. 1845-0120) and will allow schools and guaranty agencies to use the new form for the same purposes for which ED will use it. Note that guaranty agencies may continue to use the current form in lieu of the new form if they choose.

Dated: September 23, 2024.

Kun Mullan,

PRA Coordinator, Strategic Collections and Clearance, Governance and Strategy Division, Office of Chief Data Officer, Office of Planning, Evaluation and Policy Development.