Guaranty Agency Financial Report

Forms and Documents

Document Name	Status
Guaranty Agency Financial Report Form and Instruction	Modified
GAFR Clearance Memo 5 10 07v11.doc Supplementary Document	2007-05-21
Memorandum.doc Supplementary Document	2007-02-23
Att_Supporting Statement.doc Supporting Statement A	0000-00-00

IC Document Collections

IC ID	Document Title	Status
22225	Guaranty Agency Financial Report Form and Instruction	Modified

ICR Details

OMB Control No: 1845-0026	ICR Reference No: 200702-1845-002
Status: Historical Active	Previous ICR Reference No: 200601-1845-002
Agency/Subagency: ED/FSA	Agency Tracking No: 3239
Title: Guaranty Agency Financial Report
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: 05/22/2007
	Date Received in OIRA: 02/23/2007
Terms of Clearance: Approved for two years, provided Education continues to work on the issues outlined in the previous terms of clearance (pasted below for reference). The Department and OMB will work to review and coordinate the following: (1) the use of loan level data, consistent with the Office of Federal Student Aid's data strategy and concerns cited in the President's Management Agenda Scorecard; (2) data deemed necessary to derive guaranty agency costs that are comparable to FFEL subsidy costs; (3) changes to ensure that sufficient data are provided to on GA Federal Funds held outside of the Treasury, consistent with Treasury FMS Guidance (Treasury Transmittal Letter No. 608).

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2009	36 Months From Approved	05/31/2007
Responses	612	0	612
Time Burden (Hours)	33,660	0	33,660
Cost Burden (Dollars)	0	0	0

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Abstract: The Guaranty Agency Financial Report is used to request payments from and make payments to the Department of Education under the FFEL program authorized by Title IV, Part B of the HEA of 1965, as amended. The report is also used to monitor the agency's financial activities, including activities concerning its federal fund, operating fund and the agency's restricted account.

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Authorizing Statute(s): US Code: 20 USC 1071, Section 428 Name of Law: The Higher Education Act of 1965
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 75238	12/14/2006
30-day Notice:	Federal Register Citation:	Citation Date:
	72 FR 7626	02/16/2007
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
Guaranty Agency Financial Report	N/A	Guaranty Agency Financial Report

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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	612	612	0	0	0	0
Annual Time Burden (Hours)	33,660	33,660	0	0	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: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $884,152

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: 02/23/2007

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