ICRAS 1403 1845
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The Office of Management and Budget (OMB) Control Number 1845

- 0022 is expiring. This collection contains sections of the regulations at 34 CFR Part 668

– Student Assistance General Provisions. The regulations establish the standards to participate in the student financial aid assistance programs authorized by Title IV of the Higher Education Act of 1965, (HEA), as amended. These regulations establish institutional requirements in various areas of program administration. These regulations are an effort to minimize administrative burden for program participants, provide benefits to eligible Title IV, HEA program rec ipients, and protect the taxpay ers' interest from fraud and abuse of program funds. Subpart A

– General 34 CFR 668.3

– Academic y ear This section describes the requirements for an academic y ear for programs of study that will be eligible for Federal stud ent aid. I t also provides definitions of terms and a method for requesting relief from the Secretary

from the requirements of the academic y ear definition. Respondents Responses Hours For profit institutions 4,192 7,847 2,100 34 CFR 668.8

– Eligible program This section defines the manner in which a program can be eligible to participate in the Federal student aid programs as determined b y the t ype and control of the institution. I t also provides the method of calculating completion and placement rates for programs as well as additional program and institutional requirements. Respondents Responses Hours For profit institutions 4,192 7,847 6,590 Subpart B

– Standards for Participation in Title I V, HEA Programs 34 CFR 668.13

– Certification procedures This section defines the requirements for certification for institutions to participate in Federal student aid programs, the period that an institution may be eligible to participate, eligibility for provisional certif

ication and for the revocation of eligibility

. Respondents Responses Hours For profit institutions 4,192 7,847 10 34 CFR 668.14

– Program participation agreement This section specifies the requirements and agreements made between the Secretary and an institution to participate in Federal student aid programs. Respondents Responses Hours For profit institutions 4,192 7,847 32,648ICRAS 1403 1845
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34 CFR 668.15

– Factors of financial responsibility This section identifies how th e institution must demonstrate it meets the standards of financial responsibility

to participate in the Federal student aid programs, as well as the possible consequences of failing to meet the requirements. Respondents Responses Hours For profit ins titutions 4,192 7,847 857 34 CFR 668.16

– Standards of administrative capability This section identifies how the institution must demonstrate that it is administratively capable of participating in the Federal student aid programs, as w ell as the possible consequences of failing to meet the requirements. Respondents Responses Hours For profit institutions 4,192 7,847 18,194 34 CFR 668.19

– Financial aid history This section describes the steps the institution must ta ke to ensure that Federal student aid program funds are onl y delivered to students who previously attended an eligible institution and continue to meet eligibility criteria b y reviewing records made available b y the Secretary

. Respondents Responses H ours For profit institutions 4,192 7,847 1,027 34 CFR 668.22

– Treatment of title IV finds when a student withdraws This section describes the steps the institution must take in determining the eligibility of, and amount of Federal student aid a student who has withdrawn from all courses before the conclusion of the academic period may retain and what must be repaid b y either the institution, the student, or both. Respondents Responses Hours For profit institutions 4,210 7, 862 147,779 34 CFR 668.23

– Compliance audits and audited financial statements This section identifies who and how an institution must provide compliance audits and financial statements to ensure that Federal student aid funds are being obtained and uti lized consistent with the statute and the implementing regulations. Respondents Responses Hours For profit institutions 4,192 7,847 3,836ICRAS 1403 1845
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34 CFR 668.24

– Record retention and examination This section identifies the ty pes of records t hat an institution must maintain to document its eligibility to participate in Federal student aid programs, the eligibility of specific institutional programs to participate in Federal student aid programs, its administration of those aid programs, its fi nancial responsibility, and its delivery of Federal student aid to eligible students. Respondents Responses Hours For profit institutions 4,192 7,847 279,602 34 CFR 668.25

– Contracts between an institution and a third

- party servicer Th is section establishes minimum requirements for contracts between an institution and any third

- part y that it contracts with to perform an y aspect of the administration of the programs that would normally

be performed by

the institution. Respondents Res ponses Hours For profit institutions 4,192 7,847 1,750 34 CFR 668.26

– End of an institution’s participation in the Title I V, HEA programs This section identifies the circumstances and requirements of an institution that closes, ceases t o provide instruction or loses its eligibility to participate in Federal student aid programs. Respondents Responses Hours For profit institutions 4,192 7,847 420 Subpart D

– Institutional and Financial Assistance Information for S tudents 34 CFR 668.42

– Financial assistance information This section identifies the ty pes and manner of information about Federal student aid available at the institution that must be disclosed to various parties who may participate in Federal student aid programs at the institution. Respondents Responses Hours For profit institutions 4,192 7,847 10,412 34 CFR 668.43

– In stitutional information This section identifies the ty pes and manner of information about various aspects of the in stitution that must be disclosed to parties who are or may wish to enroll in programs at the institution. Respondents Responses Hours For profit institutions 4,192 7,847 26,095ICRAS 1403 1845
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34 CFR 668.46

– In stitutional securit y policies and crime statistics This section identifies the ty pes and manner of information about securit y policies and procedures as well as statistics of the ty pes of crimes that took place at the institution that must be disclosed to parties who are or may wish to enroll i n programs at the institution. Respondents Responses Hours For profit institutions 4,192 7,847 93,761 Subpart G

– Fine, Limitation, Suspension and Termination Proceedings 34 CFR 668.90

– In itial and final decisions This section provid es for an institution’s and a third

- part y servicer’s appeal, in writing to the Secretary , of a hearing official’s initial decision of a fine, limitation, suspension or termination hearing. Respondents Responses Hours For profit institutions 4,19 2 7,847 1,769 34 CFR 668.96

– Reinstatement after termination This section stipulates the procedures that an institution or third

- party servicer, whose participation in Federal student aid programs has been terminated, must follow to be reinsta ted as a participating institution or third

- part y servicer. Respondents Responses Hours For profit institutions 4,192 7,847 2 6 6 Subpart H

– Appeal Procedures for Audit Determinations and Program Review Determination 34 CFR 668.113

– Request for review This section stipulated the procedures that an institution or third

- party servicer must follow to request a review b y the Secretary of a final audit or final program review determination. Respondents Responses Hours For profit in stitutions 4,192 7,847 84 Subpart L

– Financial Responsibility 34 CFR 668.171

– General This section describes the general standards institutions must meet to demonstrate it is financiall y responsible to participate in the Federal stud ent aid programs. Respondents Responses Hours For profit institutions 4,192 7,847 193ICRAS 1403 1845
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34 CFR 668.172

– Financial ratios This section describes the method used to calculate the institution’s composite score. Respondents Response s Hours For profit institutions 4,192 7,847 193 34 CFR 668.173

– Refund reserve standards This section describes the method used to determine if an institution has sufficient cash reserves to meet the requirements for the timely return of Federal student aid program funds. Respondents Responses Hours For profit institutions 4,192 7,847 193 34 CFR 668.174

– Past performance This section describes how an institution’s past performance, or that of a person affiliat ed with the institution, will affect its ability to meet the general financial responsibility requirements to participate in the Federal student aid programs Respondents Responses Hours For profit institutions 4,192 7,847 193 34 CF R 668.175

– Alternative standards and requirements This section describes how an institution that is not financially responsible under the general standards may

begin or continue to participate in the Federal student aid programs under the alternate standa rds of letters of credit or zone alternatives. Respondents Responses Hours For profit institutions 4,192 7,847 193 Subpart M

– Two Year Cohort Default Rates 34 CFR 668.181

– Purpose of this subpart This section describes the uses o f the calculated cohort default rate for an institution. Respondents Responses Hours For profit institutions 4,192 7,847 510 34 CFR 668.182

– Definitions of terms used in this subpart This section describes the terms used in relati on to the calculation of the cohort default rate for an institution. Respondents Responses HoursICRAS 1403 1845
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For profit institutions 4,192 7,847 510 34 CFR 668.183

– Calculating and apply ing cohort default rates This section describes the meth ods used to identify the borrowers in repayment and in default, who are included in a specific cohort. Respondents Responses Hours For profit institutions 4,192 7,847 510 34 CFR 668.184

– Determining cohort default rates for instit utions that have undergone a change in status This section describes the methods used to establish a cohort default rate for institutions that have undergone acquisition or merged, those who have acquired branches or additional locations, and those branche s or locations that became freestanding. Respondents Responses Hours For profit institutions 4,192 7,847 510 34 CFR 668.185

– Draft cohort default rates and your ability to challenge before official cohort default rates are issued. This section discusses how an institution will receive draft cohort default rates and the methods that can be used to challenge the rate prior to official rates being calculated and released. Respondents Responses Hours For profit institutions 4,192 7,847 510 34 CFR 668.186

– Notice of your official cohort default rate This section describes how institutions will receive official cohort default rates and provides the timeframe for submitting challenges to the data. Respondents Responses Hours For profit institutions 4,192 7,847 510 34 CFR 668.187

– Consequences of cohort default rates on your ability to participate in Title IV, HEA programs This section discusses how an institution that loses its eligibility to participate in specific Federal student aid programs and how an institution may regain its eligibility

. Respondents Responses Hours For profit institutions 4,192 7,847 510ICRAS 1403 1845
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34 CFR 668.188

– Preventing evasion of the consequences of cohort default rates This section discusses how institutions may be affected b y the loss of eligibility at another institution under common ownership or management. Respondents Responses Hours For profit institutions 4,192 7,847 510 34 CFR 668.189

– General requirements for adjusting official cohort default rates and for appealing their consequences This section describes how institutions may request adjustments to or appeal their official cohort default rate. Respondents Re sponses Hours For profit institutions 4,192 7,847 510 34 CFR 668.190

– Uncorrected data adjustments This section describes the eligibility to raise this defense to correct an official cohort default rate. Respondents Responses Ho urs For profit institutions 4,192 7,847 510 34 CFR 668.191

– New data adjustments This section describes the eligibility to raise this defense to correct an official cohort default rate. Respondents Responses Hours For profit insti tutions 4,192 7,847 510 34 CFR 668.192

– Erroneous data appeals This section describes the eligibility to raise this defense to correct an official cohort default rate. Respondents Responses Hours For profit institutions 4,192 7,847 510 34 CFR 668.193

– Lo an servicing appeals This section describes the eligibility to raise this defense to correct an official cohort default rate. Respondents Responses Hours For profit institutions 4,192 7,847 510ICRAS 1403 1845
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34 CFR 668.194

– Economically disadvantaged appeals This section describes the eligibility to raise this defense to correct an official cohort default rate. Respondents Responses Hours For profit institutions 4,192 7,847 510 34 CFR 668.195

– Participation rate index appeals This section describes the eligibility to raise this defense to correct an official cohort default rate. Respondents Responses Hours For profit institutions 4,192 7,847 510 34 CFR 668.196

– Average rate appeals This section describes the eligibility to raise this defense to correct an official cohort default rate. Respondents Responses Hours For profit institutions 4,192 7,847 510 34 CFR 668.197

– Thirty

- or - fewer borrower appeals This section describes the eligibility to raise this defense to correct an official cohort default rate. Respondents Responses Hours For profit institutions 4,192 7,847 510
TOTAL S Responses 313,895 Respo ndents 167,698 Burden Hours 636,835