William D. Ford Federal Direct Loan Program, 26803-26808 [07-2360]
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Federal Register / Vol. 72, No. 91 / Friday, May 11, 2007 / Notices
collecting data on the MEP Program
have been revised accordingly. The
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chart below displays the relationship
among the data groups for students.
Type of MEP count
Type of MEP student
12-month
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Eligible ................................................................................................................................
Served (no Schoolwide) .....................................................................................................
Eligible and Served .............................................................................................................
Are the revised definitions and
comments sufficient to describe the data
that should be collected?
(5) School Operational Status—The
data group School Operational Status
(ID 531) has the following permitted
values: Open, closed, new, added,
changed agency, inactive, future school,
reopened. Is a new permitted value
needed for restructured under NCLB?
Do SEAs create new schools when a
school is restructured under NCLB? Are
new state school identification numbers
assigned when a school is restructured
under NCLB? Do schools that are
restructured under NCLB met the
definition of open which is ‘‘no
significant change in instructional levels
and programs?’’
(6) GEPA—As discussed in
Attachment B–4, the General Education
Provisions Act (GEPA), Section 424
mandates reporting on the distribution
of federal education funds to school
districts and other entities, such as
libraries, colleges and universities, state
agencies, individual schools and private
recipients. In the past, the data for the
GEPA report has been collected through
a separate collection. For the GEPA
report on FYs 2006 and 2007, the data
will be obtained for state administered
grants to LEAs through EDFacts. How
will this change impact SEAs? What
must ED do to make this transition
successful? How should ED collect data
on state administered grants that do not
go to SEAs or LEAs?
(7) Reading NCLB State
Assessments—EDFacts collects data on
participation and results of NCLB state
assessments. Data is collected on
mathematics, reading, and science. The
data on participation is collected in one
file (N/X081) using permitted values to
differentiate between the academic
subjects. The data on the results of
NCLB state assessments is collected in
separate files. For mathematics and
science, the participation file has one
permitted value for each and both have
one file to collect the results of state
assessments. For reading, the
participation file has three permitted
values and the results of state
assessments are collected using three
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Regular school
year
634 (SEA) .........
...........................
...........................
110 (school) ......
636 (SEA) .........
...........................
files. The three values and files are
entitled reading, reading/language arts,
and language arts. Can the reading
participation and results of state
assessments be collected using only one
permitted value (reading) and one file
(reading)?
Requests for copies of the proposed
information collection request may be
accessed from https://edicsweb.ed.gov,
by selecting the ‘‘Browse Pending
Collections’’ link and by clicking on
link number 3334. 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.,
Potomac Center, 9th Floor, Washington,
DC 20202–4700. Requests may also be
electronically mailed to
ICDocketMgr@ed.gov or faxed to 202–
245–6623. 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. 07–2354 Filed 5–10–07; 8:45 am]
BILLING CODE 4001–01–P
DEPARTMENT OF EDUCATION
William D. Ford Federal Direct Loan
Program
Federal Student Aid,
Department of Education.
ACTION: Notice of the annual updates to
the Income Contingent Repayment (ICR)
plan formula for 2007.
AGENCY:
SUMMARY: The Secretary announces the
annual updates to the ICR plan formula
for 2007. Under the William D. Ford
Federal Direct Loan (Direct Loan)
Program, borrowers may choose to repay
their student loans (Direct Subsidized
Loans, Direct Unsubsidized Loans, and
Direct Consolidation Loans) under the
ICR plan, which bases the repayment
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Summer/
intersession
637 (SEA)
635 (SEA)
amount on the borrower’s income,
family size, loan amount, and interest
rate. Each year, we adjust the formula
for calculating a borrower’s payment to
reflect changes due to inflation. This
notice contains the adjusted income
percentage factors for 2007, examples of
how the calculation of the monthly ICR
amount is performed, a constant
multiplier chart for use in performing
the calculations, and charts showing
sample repayment amounts based on
the adjusted ICR plan formula. The
adjustments for the ICR plan formula
contained in this notice are effective
from July 1, 2007 to June 30, 2008.
FOR FURTHER INFORMATION CONTACT: Don
Watson, U.S. Department of Education,
room 114I2, UCP, 400 Maryland
Avenue, SW., Washington, DC 20202–
5400. Telephone: (202) 219–7037.
If you use a telecommunications
device for the deaf (TDD), you may call
the Federal Relay Service (FRS) at
1–800–877–8339.
Individuals with disabilities may
obtain this document in an alternative
format (e.g., Braille, large print,
audiotape, or computer diskette) on
request to the contact person listed
under FOR FURTHER INFORMATION
CONTACT.
SUPPLEMENTARY INFORMATION: Direct
Loan Program borrowers may choose to
repay their Direct Subsidized Loans,
Direct Unsubsidized Loans, and Direct
Consolidation Loans under the ICR
plan. The attachments to this notice
provide updates to examples of how the
calculation of the monthly ICR amount
is performed, the updated income
percentage factors, a constant multiplier
chart for use in calculating the monthly
ICR amount, and charts showing sample
repayment amounts for single and
married borrowers.
We have updated the income
percentage factors to reflect changes
based on inflation. We have revised the
table of income percentage factors by
changing the dollar amounts of the
incomes shown by a percentage equal to
the estimated percentage change in the
Consumer Price Index for all urban
consumers from December 2006 to
December 2007. Further, we provide
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examples of monthly repayment amount
calculations and two charts that show
sample repayment amounts for single
and married or head-of-household
borrowers at various income and debt
levels based on the updated income
percentage factors.
The updated income percentage
factors, at any given income, may cause
a borrower’s payments to be slightly
lower than they were in prior years.
This updated amount more accurately
reflects the impact of inflation on a
borrower’s current ability to repay.
Electronic Access to This Document
You may review this document, as
well as all other documents of this
Department published in the Federal
Register, in text or Adobe Portable
Document Format (PDF) on the Internet
at the following site: https://www.ed.gov/
news/federegister.
To use PDF you must have Adobe
Acrobat Reader, which is available free
at this site. If you have questions about
using PDF, call the U.S. Government
Printing Office (GPO), toll free at 1–888–
293–6498; or in the Washington, DC
area at (202) 512–1530.
Note: The official version of this document
is the document published in the Federal
Register. Free Internet access to the official
edition of the Federal Register and the Code
of Federal Regulations is available on GPO
Access at: https://www.gpoaccess.gov/nara/
index.html.
Program Authority: 20 U.S.C. 1087 et seq.
Dated: May 8, 2007.
Theresa S. Shaw,
Chief Operating Officer, Federal Student Aid.
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Attachment—Examples of the
Calculations of Monthly Repayment
Amounts
Example 1. This example assumes you are
a single borrower with $15,000 in Direct
Subsidized and/or Unsubsidized Loans, the
interest rate being charged is 6.80 percent,
and you have an adjusted gross income (AGI)
of $36,251. (The 6.80 percent interest rate
used in this example is a fixed interest rate
that is charged on all Direct Subsidized
Loans and Direct Unsubsidized Loans first
disbursed on or after July 1, 2006. Different
interest rates apply to Direct Subsidized
Loans and Direct Unsubsidized Loans first
disbursed before July 1, 2006, and to Direct
PLUS Loans and Direct Consolidation Loans.
Your actual interest rate may be less than or
greater than 6.80 percent.)
Step 1: Determine your annual payments
based on what you would pay over 12 years
using standard amortization. To do this,
multiply your loan balance by the constant
multiplier for an interest rate of 6.80 percent
(0.122130). The constant multiplier is a factor
used to calculate amortized payments at a
given interest rate over a fixed period of time.
You can view the constant multiplier chart
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at the end of this notice to determine the
constant multiplier that you should use for
the interest rate on your loan. If your exact
interest rate is not listed, use the next highest
rate for estimation purposes.
• 0.122130 × $15,000 = $1,831.95
Step 2: Multiply the result of Step 1 by the
income percentage factor shown in the
income percentage factors table that
corresponds to your income and then divide
the result by 100 (if your income is not listed
in the income percentage factors table,
calculate the applicable income percentage
factor by following the instructions under the
Interpolation heading later in this notice):
• 88.77 × $1,831.95 ÷ 100 = $1,626.22
Step 3: Determine 20 percent of your
discretionary income (your discretionary
income is your AGI minus the U.S.
Department of Health and Human Services
(HHS) Poverty Guideline amount for your
family size). Because you are a single
borrower, subtract the poverty level for a
family of one, as published in the Federal
Register on January 24, 2007 (72 FR 3147),
from your AGI and multiply the result by 20
percent:
• $36,251 ¥ $10,210 = $26,041
• $26,041 × 0.20 = $5,208.20
Step 4: Compare the amount from Step 2
with the amount from Step 3. The lower of
the two will be your annual payment
amount. In this example, you will be paying
the amount calculated under Step 2. To
determine your monthly repayment amount,
divide the annual amount by 12.
• $1,626.22 ÷ 12 = $135.52
Example 2. In this example, you are
married. You and your spouse have a
combined AGI of $68,504 and are repaying
your loans jointly under the ICR plan. You
have no children. You have a Direct Loan
balance of $10,000, and your spouse has a
Direct Loan balance of $15,000. Your interest
rate is 6.80 percent.
Step 1: Add your and your spouse’s Direct
Loan balances together to determine your
aggregate loan balance:
• $10,000 + $15,000 = $25,000
Step 2: Determine the annual payment
based on what you would pay over 12 years
using standard amortization. To do this,
multiply your loan balance by the constant
multiplier for 6.80 percent interest
(0.122130). You can view the constant
multiplier chart at the end of this notice to
determine the constant multiplier that you
should use for the interest rate on your loan.
If your exact interest rate is not listed, use the
next highest rate for estimation purposes.
• 0.122130 × $25,000 = $3,053.25
Step 3: Multiply the result of Step 2 by the
income percentage factor shown in the
income percentage factors table that
corresponds to your and your spouse’s
income and then divide the result by 100 (if
your and your spouse’s aggregate income is
not listed in the income percentage factors
table, calculate the applicable income
percentage factor by following the
instructions under the Interpolation heading
later in this notice):
• 109.40 × $3,053.25 ÷ 100 = $3,340.26
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Step 4: Determine 20 percent of your
discretionary income. To do this, subtract the
poverty level for a family of two, as
published in the Federal Register on January
24, 2007 (72 FR 3147), from your combined
AGI and multiply the result by 20 percent:
• $68,504 ¥ $13,690 = $54,814.00
• $54,814.00 × 0.20 = $10,962.80
Step 5: Compare the amount from Step 3
with the amount from Step 4. The lower of
the two will be your annual payment
amount. You and your spouse will pay the
amount calculated under Step 3. To
determine your monthly repayment amount,
divide the annual amount by 12.
• $3,340.26 ÷ 12 = $278.36
Example 3. This example assumes you are
a single borrower with $15,000 in Direct
Subsidized and/or Unsubsidized Loans, the
interest rate being charged is 8.25 percent,
and you have an AGI of $28,860. (The 8.25
percent interest rate used in this example is
the maximum interest rate that may be
charged for all Direct Subsidized Loans and
Direct Unsubsidized Loans that were first
disbursed before July 1, 2006. Different
interest rates apply to Direct Subsidized
Loans and Direct Unsubsidized Loans first
disbursed on or after July 1, 2006, and to
Direct PLUS Loans and Direct Consolidation
Loans. Your actual interest rate may be
lower.)
Step 1: Determine your annual payments
based on what you would pay over 12 years
using standard amortization. To do this,
multiply your loan balance by the constant
multiplier for 8.25 percent interest
(0.131545). The constant multiplier is a factor
used to calculate amortized payments at a
given interest rate over a fixed period of time.
You can view the constant multiplier chart
at the end of this notice to determine the
constant multiplier that you should use for
the interest rate on your loan. If your exact
interest rate is not listed, use the next highest
rate for estimation purposes.
• 0.131545 × $15,000 = $1,973.18
Step 2: Multiply the result of Step 1 by the
income percentage factor shown in the
income percentage factors table that
corresponds to your income and then divide
the result by 100 (if your income is not listed
in the income percentage factors table,
calculate the applicable income percentage
factor by following the instructions under the
Interpolation heading later in this notice):
• 80.33 × $1,973.18 ÷ 100 = $1,585.06
Step 3: Determine 20 percent of your
discretionary income (your discretionary
income is your AGI minus the HHS Poverty
Guideline amount for your family size).
Because you are a single borrower, subtract
the poverty level for a family of one, as
published in the Federal Register on January
24, 2007 (72 FR 3147), from your AGI and
multiply the result by 20 percent:
• $28,860 ¥ $10,210 = $18,650
• $18,650 × 0.20 = $3,730
Step 4: Compare the amount from Step 2
with the amount from Step 3. The lower of
the two will be your annual payment
amount. In this example, you will be paying
the amount calculated under Step 2. To
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determine your monthly repayment amount,
divide the annual amount by 12.
• $1,585.06 ÷ 12 = $132.09
Example 4. In this example, you are
married. You and your spouse have a
combined AGI of $54,680 and are repaying
your loans jointly under the ICR plan. You
have no children. You have a Direct Loan
balance of $10,000, and your spouse has a
Direct Loan balance of $15,000. Your interest
rate is 8.25 percent.
Step 1: Add your and your spouse’s Direct
Loan balances together to determine your
aggregate loan balance:
• $10,000 + $15,000 = $25,000
Step 2: Determine the annual payment
based on what you would pay over 12 years
using standard amortization. To do this,
multiply your aggregate loan balance by the
constant multiplier for 8.25 percent interest
(0.131545). You can view the constant
multiplier chart at the end of this notice to
determine the constant multiplier that you
should use for the interest rate on your loan.
If your exact interest rate is not listed, use the
next highest rate for estimation purposes.
• 0.131545 × $25,000 = $3,288.63
Step 3: Multiply the result of Step 2 by the
income percentage factor shown in the
income percentage factors table that
corresponds to your and your spouse’s
income and then divide the result by 100 (if
your and your spouse’s aggregate income is
not listed in the income percentage factors
table, calculate the applicable income
percentage factor by following the
instructions under the Interpolation heading
later in this notice):
• 100.00 × $3,288.63 ÷ 100 = $3,288.63
Step 4: Determine 20 percent of your
discretionary income. To do this, subtract the
poverty level for a family of two, as
published in the Federal Register on January
24, 2007 (72 FR 3147), from your combined
AGI and multiply the result by 20 percent:
• $54,680 ¥ $13,690 = $40,990
• $40,990 × 0.20 = $8,198
Step 5: Compare the amount from Step 3
with the amount from Step 4. The lower of
the two will be your annual payment
amount. You and your spouse will pay the
amount calculated under Step 3. To
determine your monthly repayment amount,
divide the annual amount by 12.
• $3,288.63 ÷ 12 = $274.05
Interpolation: If your income does not
appear on the income percentage factor table,
you will have to calculate the income
percentage factor through interpolation. For
example, assume you are single and your
income is $30,000.
Step 1: Find the closest income listed that
is less than your income of $30,000 and the
closest income listed that is greater than your
income of $30,000.
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Step 2: Subtract the lower amount from the
higher amount (for this discussion, we will
call the result the ‘‘income interval’’):
• $36,251 ¥ $28,860 = $7,391
Step 3: Determine the difference between
the two income percentage factors that are
given for these incomes (for this discussion,
we will call the result the ‘‘income
percentage factor interval’’):
• 88.77% ¥ 80.33% = 8.44%
Step 4: Subtract from your income the
closest income shown on the chart that is less
than your income of $30,000:
• $30,000 ¥ $28,860 = $1,140
Step 5: Divide the result of Step 4 by the
income interval determined in Step 2:
• $1,140 ÷ $7,391= 0.1542
Step 6: Multiply the result of Step 5 by the
income percentage factor interval:
• 8.44% × 0.1542 = 1.301%
Step 7: Add the result of Step 6 to the
lower of the two income percentage factors
used in Step 3 to calculate the income
percentage factor interval for $30,000 in
income:
• 1.301% + 80.33% = 81.63% (rounded to
the nearest hundredth)
The result is the income percentage factor
that will be used to calculate the monthly
repayment amount under the ICR plan.
INCOME PERCENTAGE FACTORS FOR 2006
[Based on annual income]
Single
Married/head of household
Income
% factor
9,477 ...................................................................................
13,040 .................................................................................
16,779 .................................................................................
20,603 .................................................................................
24,255 .................................................................................
28,860 .................................................................................
36,251 .................................................................................
45,464 .................................................................................
54,680 .................................................................................
65,719 .................................................................................
84,150 .................................................................................
119,184 ...............................................................................
136,656 ...............................................................................
243,409 ...............................................................................
55.00
57.79
60.57
66.23
71.89
80.33
88.77
100.00
100.00
111.80
123.50
141.20
150.00
200.00
Income
% factor
9,477 ..................................................................................
14,953 ................................................................................
17,820 ................................................................................
23,296 ................................................................................
28,860 ................................................................................
36,251 ................................................................................
45,463 ................................................................................
54,680 ................................................................................
68,504 ................................................................................
91,538 ................................................................................
123,789 ..............................................................................
173,126 ..............................................................................
282,900 ..............................................................................
50.52
56.68
59.56
67.79
75.22
87.61
100.00
100.00
109.40
125.00
140.60
150.00
200.00
CONSTANT MULTIPLIER CHART FOR 12- CONSTANT MULTIPLIER CHART FOR 12- CONSTANT MULTIPLIER CHART FOR 12YEAR AMORTIZATION
YEAR AMORTIZATION—Continued
YEAR AMORTIZATION—Continued
Interest rate
(%)
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3.500
4.000
4.500
5.000
5.500
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.........................................
.........................................
.........................................
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Annual
constant
multiplier
0.102174
0.105063
0.108001
0.110987
0.114021
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Annual
constant
multiplier
Interest rate
(%)
6.000
6.800
7.000
7.900
8.000
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.........................................
.........................................
.........................................
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0.117102
0.122130
0.123406
0.129237
0.129894
Interest rate
(%)
8.250 .........................................
BILLING CODE 4000–01–P
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constant
multiplier
0.131545
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Federal Register / Vol. 72, No. 91 / Friday, May 11, 2007 / Notices
26808
Federal Register / Vol. 72, No. 91 / Friday, May 11, 2007 / Notices
[FR Doc. 07–2360 Filed 5–10–07; 8:45 am]
BILLING CODE 4000–01–C
DEPARTMENT OF EDUCATION
National Board for Education Sciences
Department of Education,
Institute of Education Sciences.
ACTION: Notice of an open meeting.
ycherry on PROD1PC64 with NOTICES
AGENCY:
SUMMARY: This notice sets forth the
schedule and proposed agenda of an
upcoming meeting of the National Board
for Education Sciences. The notice also
describes the functions of the
Committee. Notice of this meeting is
required by Section 10(a)(2) of the
Federal Advisory Committee Act and is
intended to notify the public of their
opportunity to attend. This notice is
being posted in the Federal Register less
than 15 days prior to the Board’s
meeting due to challenges in
coordinating Board member schedules
to attend the meeting.
DATES: May 23 and 24, 2007.
Times: May 23, 2 p.m. to 5 p.m.; May
24, 9 a.m. to 2 p.m.
ADDRESSES: 80 F Street, NW., Room 100,
Washington, DC 20208.
FOR FURTHER INFORMATION CONTACT:
Mary Grace Lucier, Designated Federal
Official, National Board for Education
Sciences, 555 New Jersey Ave., NW.,
Room 602 I, Washington, DC 20208;
phone: (202) 219–2253; fax: (202) 219–
1466; e-mail: Mary.Grace.Lucier@ed.gov.
Individuals who use a
telecommunications device for the deaf
(TDD) may call the Federal Information
Relay Service (FRS) at 1–800–877–8339.
SUPPLEMENTARY INFORMATION: The
National Board for Education Sciences
is authorized by Section 116 of the
Education Sciences Reform Act of 2002.
The Board advises the Director of the
Institute of Education Sciences (IES) on
the establishment of activities to be
supported by the Institute, on the
funding for applications for grants,
contracts, and cooperative agreements
for research after the completion of peer
review, and reviews and evaluates the
work of the Institute.
On May 23 the Board will receive a
briefing from the Director of IES and
staff on its activities and progress
reports on projects underway since
January 2007.
On May 24 the Board will discuss
issues related to the reauthorization of
the Education Sciences Reform Act and
its pending contract to evaluate the
effectiveness of the IES in carrying out
its priorities and mission. The Board
will also review the structure of its
internal committees and discuss the
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appointment of an executive director. A
final agenda will be available from Mary
Grace Lucier (see contact information
above) on May 16. Individuals who will
need accommodations for a disability in
order to attend the meeting (e.g.,
interpreting services, assistance
listening devices, or materials in
alternative format) should notify Mary
Grace Lucier no later than May 16. We
will attempt to meet requests for
accommodations after this date but
cannot guarantee their availability. The
meeting site is accessible to individuals
with disabilities.
Records are kept of all Committee
proceedings and are available for public
inspection at 555 New Jersey Ave., NW.,
Room 627 H, Washington, DC 20208,
from the hours of 9 a.m. to 5 p.m.
Eastern Standard Time Monday through
Friday.
Electronic Access to This Document:
You may view this document as well as
all other documents of this Department
published in the Federal Register, in
text or Adobe Portable Document
Format (PDF) on the Internet at the
following site: https://www.ed.gov/news/
fedregister/.
To use PDF you must have Adobe
Acrobat Reader, which is available free
at this site. If you have questions about
using PDF, call the U.S. Government
Printing Office (GPO), toll free at 1–888–
293–6498; or in the Washington, DC
area at (202) 512–1530.
Note: The official version of this document
is the document published in the Federal
Register. Free Internet access to the official
edition of the Federal Register and the Code
of Federal Regulations is available on GPO
Access at: https://www.gpoaccess.gov/nara/
index.html.
Grover J. Whitehurst,
Director, Institute of Education Sciences.
[FR Doc. E7–9142 Filed 5–10–07; 8:45 am]
BILLING CODE 4000–01–P
DEPARTMENT OF ENERGY
Office Electricity Delivery and Energy
Reliability; Certification Notice—213;
Notice of Filing of Self-Certification of
Coal Capability Under the Powerplant
and Industrial Fuel Use Act; Otay Mesa
Energy Center, LLC
Office Electricity Delivery and
Energy Reliability, DOE.
ACTION: Notice of filing.
AGENCY:
SUMMARY: On April 26, 2007, Otay Mesa
Energy Center, LLC, as the owner and
operator of a new base load electric
powerplant, submitted a coal capability
self-certification to the Department of
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Energy (DOE) pursuant to section 201(d)
of the Powerplant and Industrial Fuel
Use Act of 1978 (FUA), as amended, and
DOE regulations in 10 CFR 501.60, 61.
Section 201(d) of FUA requires DOE to
publish a notice of receipt of the selfcertification in the Federal Register.
Copies of self-certification
filings are available for public
inspection, upon request, in the Office
of Electricity Delivery and Energy
Reliability, Room 8G–026, Forrestal
Building, 1000 Independence Avenue,
SW., Washington, DC 20585.
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
Ellen Russell at (202) 586–9624.
Title II of
FUA, as amended (42 U.S.C. 8301 et
seq.), provides that no new base load
electric powerplants may be constructed
or operated without the capability to use
coal or another alternate fuel as a
primary energy source. Pursuant to FUA
section 201(d), in order to meet the
requirement of coal capability, the
owner or operator of such facilities
proposing to use natural gas or
petroleum as its primary energy source
shall certify to the Secretary of Energy
(Secretary) prior to construction, or
prior to operation as a base load electric
powerplant, that such powerplant has
the capability to use coal or another
alternate fuel. Such certification
establishes compliance with FUA
section 201(a) as of the date it is filed
with the Secretary. The Secretary is
required to publish a notice in the
Federal Register reciting that the
certification has been filed.
The following owner of a proposed
new base load electric powerplant has
filed a self-certification of coalcapability with DOE pursuant to FUA
section 201(d) and in accordance with
DOE regulations in 10 CFR §§ 501.60,
61:
Owner: Otay Mesa Energy Center,
LLC.
Capacity: 600 MW.
Plant Location: San Diego, CA.
In-Service Date: Second Quarter of
2009.
SUPPLEMENTARY INFORMATION:
Issued in Washington, DC, on May 7, 2007.
Anthony J. Como,
Director, Permitting and Siting, Office of
Electricity Delivery and Energy Reliability.
[FR Doc. E7–9082 Filed 5–10–07; 8:45 am]
BILLING CODE 6450–01–P
E:\FR\FM\11MYN1.SGM
11MYN1
]]>Agencies
[Federal Register Volume 72, Number 91 (Friday, May 11, 2007)]
[Notices]
[Pages 26803-26808]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 07-2360]
-----------------------------------------------------------------------
DEPARTMENT OF EDUCATION
William D. Ford Federal Direct Loan Program
AGENCY: Federal Student Aid, Department of Education.
ACTION: Notice of the annual updates to the Income Contingent Repayment
(ICR) plan formula for 2007.
-----------------------------------------------------------------------
SUMMARY: The Secretary announces the annual updates to the ICR plan
formula for 2007. Under the William D. Ford Federal Direct Loan (Direct
Loan) Program, borrowers may choose to repay their student loans
(Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct
Consolidation Loans) under the ICR plan, which bases the repayment
amount on the borrower's income, family size, loan amount, and interest
rate. Each year, we adjust the formula for calculating a borrower's
payment to reflect changes due to inflation. This notice contains the
adjusted income percentage factors for 2007, examples of how the
calculation of the monthly ICR amount is performed, a constant
multiplier chart for use in performing the calculations, and charts
showing sample repayment amounts based on the adjusted ICR plan
formula. The adjustments for the ICR plan formula contained in this
notice are effective from July 1, 2007 to June 30, 2008.
FOR FURTHER INFORMATION CONTACT: Don Watson, U.S. Department of
Education, room 114I2, UCP, 400 Maryland Avenue, SW., Washington, DC
20202-5400. Telephone: (202) 219-7037.
If you use a telecommunications device for the deaf (TDD), you may
call the Federal Relay Service (FRS) at 1-800-877-8339.
Individuals with disabilities may obtain this document in an
alternative format (e.g., Braille, large print, audiotape, or computer
diskette) on request to the contact person listed under FOR FURTHER
INFORMATION CONTACT.
SUPPLEMENTARY INFORMATION: Direct Loan Program borrowers may choose to
repay their Direct Subsidized Loans, Direct Unsubsidized Loans, and
Direct Consolidation Loans under the ICR plan. The attachments to this
notice provide updates to examples of how the calculation of the
monthly ICR amount is performed, the updated income percentage factors,
a constant multiplier chart for use in calculating the monthly ICR
amount, and charts showing sample repayment amounts for single and
married borrowers.
We have updated the income percentage factors to reflect changes
based on inflation. We have revised the table of income percentage
factors by changing the dollar amounts of the incomes shown by a
percentage equal to the estimated percentage change in the Consumer
Price Index for all urban consumers from December 2006 to December
2007. Further, we provide
[[Page 26804]]
examples of monthly repayment amount calculations and two charts that
show sample repayment amounts for single and married or head-of-
household borrowers at various income and debt levels based on the
updated income percentage factors.
The updated income percentage factors, at any given income, may
cause a borrower's payments to be slightly lower than they were in
prior years. This updated amount more accurately reflects the impact of
inflation on a borrower's current ability to repay.
Electronic Access to This Document
You may review this document, as well as all other documents of
this Department published in the Federal Register, in text or Adobe
Portable Document Format (PDF) on the Internet at the following site:
https://www.ed.gov/news/federegister.
To use PDF you must have Adobe Acrobat Reader, which is available
free at this site. If you have questions about using PDF, call the U.S.
Government Printing Office (GPO), toll free at 1-888-293-6498; or in
the Washington, DC area at (202) 512-1530.
Note: The official version of this document is the document
published in the Federal Register. Free Internet access to the
official edition of the Federal Register and the Code of Federal
Regulations is available on GPO Access at: https://www.gpoaccess.gov/
nara/.
Program Authority: 20 U.S.C. 1087 et seq.
Dated: May 8, 2007.
Theresa S. Shaw,
Chief Operating Officer, Federal Student Aid.
Attachment--Examples of the Calculations of Monthly Repayment Amounts
Example 1. This example assumes you are a single borrower with
$15,000 in Direct Subsidized and/or Unsubsidized Loans, the interest
rate being charged is 6.80 percent, and you have an adjusted gross
income (AGI) of $36,251. (The 6.80 percent interest rate used in
this example is a fixed interest rate that is charged on all Direct
Subsidized Loans and Direct Unsubsidized Loans first disbursed on or
after July 1, 2006. Different interest rates apply to Direct
Subsidized Loans and Direct Unsubsidized Loans first disbursed
before July 1, 2006, and to Direct PLUS Loans and Direct
Consolidation Loans. Your actual interest rate may be less than or
greater than 6.80 percent.)
Step 1: Determine your annual payments based on what you would
pay over 12 years using standard amortization. To do this, multiply
your loan balance by the constant multiplier for an interest rate of
6.80 percent (0.122130). The constant multiplier is a factor used to
calculate amortized payments at a given interest rate over a fixed
period of time. You can view the constant multiplier chart at the
end of this notice to determine the constant multiplier that you
should use for the interest rate on your loan. If your exact
interest rate is not listed, use the next highest rate for
estimation purposes.
0.122130 x $15,000 = $1,831.95
Step 2: Multiply the result of Step 1 by the income percentage
factor shown in the income percentage factors table that corresponds
to your income and then divide the result by 100 (if your income is
not listed in the income percentage factors table, calculate the
applicable income percentage factor by following the instructions
under the Interpolation heading later in this notice):
88.77 x $1,831.95 / 100 = $1,626.22
Step 3: Determine 20 percent of your discretionary income (your
discretionary income is your AGI minus the U.S. Department of Health
and Human Services (HHS) Poverty Guideline amount for your family
size). Because you are a single borrower, subtract the poverty level
for a family of one, as published in the Federal Register on January
24, 2007 (72 FR 3147), from your AGI and multiply the result by 20
percent:
$36,251 - $10,210 = $26,041
$26,041 x 0.20 = $5,208.20
Step 4: Compare the amount from Step 2 with the amount from Step
3. The lower of the two will be your annual payment amount. In this
example, you will be paying the amount calculated under Step 2. To
determine your monthly repayment amount, divide the annual amount by
12.
$1,626.22 / 12 = $135.52
Example 2. In this example, you are married. You and your spouse
have a combined AGI of $68,504 and are repaying your loans jointly
under the ICR plan. You have no children. You have a Direct Loan
balance of $10,000, and your spouse has a Direct Loan balance of
$15,000. Your interest rate is 6.80 percent.
Step 1: Add your and your spouse's Direct Loan balances together
to determine your aggregate loan balance:
$10,000 + $15,000 = $25,000
Step 2: Determine the annual payment based on what you would pay
over 12 years using standard amortization. To do this, multiply your
loan balance by the constant multiplier for 6.80 percent interest
(0.122130). You can view the constant multiplier chart at the end of
this notice to determine the constant multiplier that you should use
for the interest rate on your loan. If your exact interest rate is
not listed, use the next highest rate for estimation purposes.
0.122130 x $25,000 = $3,053.25
Step 3: Multiply the result of Step 2 by the income percentage
factor shown in the income percentage factors table that corresponds
to your and your spouse's income and then divide the result by 100
(if your and your spouse's aggregate income is not listed in the
income percentage factors table, calculate the applicable income
percentage factor by following the instructions under the
Interpolation heading later in this notice):
109.40 x $3,053.25 / 100 = $3,340.26
Step 4: Determine 20 percent of your discretionary income. To do
this, subtract the poverty level for a family of two, as published
in the Federal Register on January 24, 2007 (72 FR 3147), from your
combined AGI and multiply the result by 20 percent:
$68,504 - $13,690 = $54,814.00
$54,814.00 x 0.20 = $10,962.80
Step 5: Compare the amount from Step 3 with the amount from Step
4. The lower of the two will be your annual payment amount. You and
your spouse will pay the amount calculated under Step 3. To
determine your monthly repayment amount, divide the annual amount by
12.
$3,340.26 / 12 = $278.36
Example 3. This example assumes you are a single borrower with
$15,000 in Direct Subsidized and/or Unsubsidized Loans, the interest
rate being charged is 8.25 percent, and you have an AGI of $28,860.
(The 8.25 percent interest rate used in this example is the maximum
interest rate that may be charged for all Direct Subsidized Loans
and Direct Unsubsidized Loans that were first disbursed before July
1, 2006. Different interest rates apply to Direct Subsidized Loans
and Direct Unsubsidized Loans first disbursed on or after July 1,
2006, and to Direct PLUS Loans and Direct Consolidation Loans. Your
actual interest rate may be lower.)
Step 1: Determine your annual payments based on what you would
pay over 12 years using standard amortization. To do this, multiply
your loan balance by the constant multiplier for 8.25 percent
interest (0.131545). The constant multiplier is a factor used to
calculate amortized payments at a given interest rate over a fixed
period of time. You can view the constant multiplier chart at the
end of this notice to determine the constant multiplier that you
should use for the interest rate on your loan. If your exact
interest rate is not listed, use the next highest rate for
estimation purposes.
0.131545 x $15,000 = $1,973.18
Step 2: Multiply the result of Step 1 by the income percentage
factor shown in the income percentage factors table that corresponds
to your income and then divide the result by 100 (if your income is
not listed in the income percentage factors table, calculate the
applicable income percentage factor by following the instructions
under the Interpolation heading later in this notice):
80.33 x $1,973.18 / 100 = $1,585.06
Step 3: Determine 20 percent of your discretionary income (your
discretionary income is your AGI minus the HHS Poverty Guideline
amount for your family size). Because you are a single borrower,
subtract the poverty level for a family of one, as published in the
Federal Register on January 24, 2007 (72 FR 3147), from your AGI and
multiply the result by 20 percent:
$28,860 - $10,210 = $18,650
$18,650 x 0.20 = $3,730
Step 4: Compare the amount from Step 2 with the amount from Step
3. The lower of the two will be your annual payment amount. In this
example, you will be paying the amount calculated under Step 2. To
[[Page 26805]]
determine your monthly repayment amount, divide the annual amount by
12.
$1,585.06 / 12 = $132.09
Example 4. In this example, you are married. You and your spouse
have a combined AGI of $54,680 and are repaying your loans jointly
under the ICR plan. You have no children. You have a Direct Loan
balance of $10,000, and your spouse has a Direct Loan balance of
$15,000. Your interest rate is 8.25 percent.
Step 1: Add your and your spouse's Direct Loan balances together
to determine your aggregate loan balance:
$10,000 + $15,000 = $25,000
Step 2: Determine the annual payment based on what you would pay
over 12 years using standard amortization. To do this, multiply your
aggregate loan balance by the constant multiplier for 8.25 percent
interest (0.131545). You can view the constant multiplier chart at
the end of this notice to determine the constant multiplier that you
should use for the interest rate on your loan. If your exact
interest rate is not listed, use the next highest rate for
estimation purposes.
0.131545 x $25,000 = $3,288.63
Step 3: Multiply the result of Step 2 by the income percentage
factor shown in the income percentage factors table that corresponds
to your and your spouse's income and then divide the result by 100
(if your and your spouse's aggregate income is not listed in the
income percentage factors table, calculate the applicable income
percentage factor by following the instructions under the
Interpolation heading later in this notice):
100.00 x $3,288.63 / 100 = $3,288.63
Step 4: Determine 20 percent of your discretionary income. To do
this, subtract the poverty level for a family of two, as published
in the Federal Register on January 24, 2007 (72 FR 3147), from your
combined AGI and multiply the result by 20 percent:
$54,680 - $13,690 = $40,990
$40,990 x 0.20 = $8,198
Step 5: Compare the amount from Step 3 with the amount from Step
4. The lower of the two will be your annual payment amount. You and
your spouse will pay the amount calculated under Step 3. To
determine your monthly repayment amount, divide the annual amount by
12.
$3,288.63 / 12 = $274.05
Interpolation: If your income does not appear on the income
percentage factor table, you will have to calculate the income
percentage factor through interpolation. For example, assume you are
single and your income is $30,000.
Step 1: Find the closest income listed that is less than your
income of $30,000 and the closest income listed that is greater than
your income of $30,000.
Step 2: Subtract the lower amount from the higher amount (for
this discussion, we will call the result the ``income interval''):
$36,251 - $28,860 = $7,391
Step 3: Determine the difference between the two income
percentage factors that are given for these incomes (for this
discussion, we will call the result the ``income percentage factor
interval''):
88.77% - 80.33% = 8.44%
Step 4: Subtract from your income the closest income shown on
the chart that is less than your income of $30,000:
$30,000 - $28,860 = $1,140
Step 5: Divide the result of Step 4 by the income interval
determined in Step 2:
$1,140 / $7,391= 0.1542
Step 6: Multiply the result of Step 5 by the income percentage
factor interval:
8.44% x 0.1542 = 1.301%
Step 7: Add the result of Step 6 to the lower of the two income
percentage factors used in Step 3 to calculate the income percentage
factor interval for $30,000 in income:
1.301% + 80.33% = 81.63% (rounded to the nearest
hundredth)
The result is the income percentage factor that will be used to
calculate the monthly repayment amount under the ICR plan.
Income Percentage Factors for 2006
[Based on annual income]
----------------------------------------------------------------------------------------------------------------
Single Married/head of household
----------------------------------------------------------------------------------------------------------------
Income % factor Income % factor
----------------------------------------------------------------------------------------------------------------
9,477.......................................... 55.00 9,477................................. 50.52
13,040......................................... 57.79 14,953................................ 56.68
16,779......................................... 60.57 17,820................................ 59.56
20,603......................................... 66.23 23,296................................ 67.79
24,255......................................... 71.89 28,860................................ 75.22
28,860......................................... 80.33 36,251................................ 87.61
36,251......................................... 88.77 45,463................................ 100.00
45,464......................................... 100.00 54,680................................ 100.00
54,680......................................... 100.00 68,504................................ 109.40
65,719......................................... 111.80 91,538............................... 125.00
84,150......................................... 123.50 123,789............................... 140.60
119,184........................................ 141.20 173,126............................... 150.00
136,656........................................ 150.00 282,900............................... 200.00
243,409........................................ 200.00
----------------------------------------------------------------------------------------------------------------
Constant Multiplier Chart for 12-Year Amortization
------------------------------------------------------------------------
Annual
Interest rate (%) constant
multiplier
------------------------------------------------------------------------
3.500..................................................... 0.102174
4.000..................................................... 0.105063
4.500..................................................... 0.108001
5.000..................................................... 0.110987
5.500..................................................... 0.114021
6.000..................................................... 0.117102
6.800..................................................... 0.122130
7.000..................................................... 0.123406
7.900..................................................... 0.129237
8.000..................................................... 0.129894
8.250..................................................... 0.131545
------------------------------------------------------------------------
BILLING CODE 4000-01-P
[[Page 26806]]
[GRAPHIC] [TIFF OMITTED] TN11MY07.012
[[Page 26807]]
[GRAPHIC] [TIFF OMITTED] TN11MY07.013
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[FR Doc. 07-2360 Filed 5-10-07; 8:45 am]
BILLING CODE 4000-01-C
