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Federal Register / Vol. 86, No. 112 / Monday, June 14, 2021 / Rules and Regulations
proposed by the Department for programs authorized under title IV of the HEA are subject to negotiated rulemaking requirements. Section 492b2 of the HEA provides that negotiated rulemaking may be waived for good cause when its use would be impracticable, unnecessary, or contrary to the public interest. Section 492b2
of the HEA also requires the Secretary to publish the basis for waiving negotiations in the Federal Register at the same time as the regulations in question are first published. There is good cause to waive the negotiated rulemaking requirement in this case, since, as explained above, notice and comment rulemaking is unnecessary in this case.
Executive Orders 12866 and 13563

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Regulatory Impact Analysis Under Executive Order 12866, the Office of Management and Budget OMB determines whether this regulatory action is significant and, therefore, subject to the requirements of the Executive order and subject to review by OMB. Section 3f of Executive Order 12866 defines a significant regulatory action as an action likely to result in a rule that may 1 Have an annual effect on the economy of $100 million or more, or adversely affect a sector of the economy, productivity, competition, jobs, the environment, public health or safety, or State, local, or Tribal governments or communities in a material way also referred to as an economically significant rule;
2 Create serious inconsistency or otherwise interfere with an action taken or planned by another agency;
3 Materially alter the budgetary impacts of entitlement grants, user fees, or loan programs or the rights and obligations of recipients thereof; or 4 Raise novel legal or policy issues arising out of legal mandates, the Presidents priorities, or the principles stated in the Executive order.
OMB has determined that this rule is an economically significant action and would have an annual effect on the economy of more than $100 million.
This rule restores subsidy benefits for borrowers holding approximately $2.4
billion in outstanding loans and allows current and future borrowers to borrow additional subsidized loans. Given the scale of Federal student aid amounts disbursed yearly, the addition of even small percentage changes could result in transfers between the Federal Government and students of more than $100 million on an annualized basis.

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Pursuant to Subtitle E of the Small Business Regulatory Enforcement Fairness Act of 1996 also known as the Congressional Review Act 5 U.S.C. 801
et seq., the Office of Information and Regulatory Affairs OIRA designated this rule as a major rule, as defined by 5 U.S.C. 8042.
We have also reviewed this regulatory action under Executive Order 13563, which supplements and explicitly reaffirms the principles, structures, and definitions governing regulatory review established in Executive Order 12866.
To the extent permitted by law, Executive Order 13563 requires that an agency 1 Propose or adopt regulations only upon a reasoned determination that their benefits justify their costs recognizing that some benefits and costs are difficult to quantify;
2 Tailor its regulations to impose the least burden on society, consistent with obtaining regulatory objectives and taking into accountamong other things and to the extent practicablethe costs of cumulative regulations;
3 In choosing among alternative regulatory approaches, select those approaches that maximize net benefits including potential economic, environmental, public health and safety, and other advantages; distributive impacts; and equity;
4 To the extent feasible, specify performance objectives, rather than the behavior or manner of compliance a regulated entity must adopt; and 5 Identify and assess available alternatives to direct regulation, including economic incentivessuch as user fees or marketable permitsto encourage the desired behavior, or provide information that enables the public to make choices.
Executive Order 13563 also requires an agency to use the best available techniques to quantify anticipated present and future benefits and costs as accurately as possible. OIRA has emphasized that these techniques may include identifying changing future compliance costs that might result from technological innovation or anticipated behavioral changes.
As required by Executive Order 13563, the Department has assessed the potential costs and benefits, both quantitative and qualitative, of this regulatory action, and we are issuing these regulations only on a reasoned determination that their benefits would justify their costs. In choosing among alternative regulatory approaches, we selected those approaches that maximize net benefits. Based on the analysis that follows, the Department believes that the regulations are
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consistent with the principles in Executive Order 13563.
We also have determined that this regulatory action would not unduly interfere with State, local, or Tribal governments in the exercise of their governmental functions.
In accordance with the Executive orders, the Department has assessed, both quantitatively and qualitatively, the potential costs and benefits of this regulatory action.
In this regulatory impact analysis, we discuss the need for regulatory action, the potential costs and benefits, net budget impacts, and regulatory alternatives we considered.
Elsewhere in this section, under Paperwork Reduction Act of 1995, we identify and explain burdens specifically associated with information collection requirements.
Need for Regulatory Action As discussed in the preamble, the final regulations implement statutory changes made by section 705 of the Consolidated Appropriations Act, 2021.
These regulations remove regulations that implemented section 455q of the HEA, which limited the amount of Federal Direct Stafford Loans a borrower could receive based on their subsidized usage. As allowed by section 705b of the Consolidated Appropriations Act, 2021 the Secretary is making this change effective for all Federal Direct Stafford Subsidized Loans first disbursed on or after July 1, 2021, regardless of the award year associated with the loan. In addition, in the case of a borrower who has a Federal Direct Subsidized Stafford Loan which is outstanding as of July 1, 2021, and on which the borrower has been responsible for interest because the borrower exceeded the subsidized usage loan limit, the Department will adjust the borrowers account to remove the interest that accrued and reapply the borrowers payments accordingly.
Since the subsidized loan limit based on the borrowers subsidized usage have been repealed, the regulations requiring that the borrower be given information on those limits during entrance and exit counseling are also being removed.
Costs, Benefits, and Transfers The primary beneficiaries of these regulations are affected borrowers who will either be eligible for subsidized loans without being subject to the subsidized usage limit when they obtain loans on or after July 1, 2021, or who will have their subsidized interest benefits restored for existing loans that previously lost the subsidy due to the subsidized usage limit. Affected
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