William D. Ford Federal Direct Loan Program, 26803-26808 [07-2360]

Download as PDF Federal Register / Vol. 72, No. 91 / Friday, May 11, 2007 / Notices collecting data on the MEP Program have been revised accordingly. The 26803 chart below displays the relationship among the data groups for students. Type of MEP count Type of MEP student 12-month ycherry on PROD1PC64 with NOTICES 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 VerDate Aug<31>2005 21:09 May 10, 2007 Jkt 211001 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 http://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 PO 00000 Frm 00032 Fmt 4703 Sfmt 4703 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 E:\FR\FM\11MYN1.SGM 11MYN1 26804 Federal Register / Vol. 72, No. 91 / Friday, May 11, 2007 / Notices 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: http://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: http://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. ycherry on PROD1PC64 with NOTICES 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 VerDate Aug<31>2005 21:09 May 10, 2007 Jkt 211001 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 PO 00000 Frm 00033 Fmt 4703 Sfmt 4703 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 E:\FR\FM\11MYN1.SGM 11MYN1 Federal Register / Vol. 72, No. 91 / Friday, May 11, 2007 / Notices 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. 26805 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 (%) ycherry on PROD1PC64 with NOTICES 3.500 4.000 4.500 5.000 5.500 ......................................... ......................................... ......................................... ......................................... ......................................... VerDate Aug<31>2005 21:09 May 10, 2007 Annual constant multiplier 0.102174 0.105063 0.108001 0.110987 0.114021 Jkt 211001 Annual constant multiplier Interest rate (%) 6.000 6.800 7.000 7.900 8.000 PO 00000 ......................................... ......................................... ......................................... ......................................... ......................................... Frm 00034 Fmt 4703 Sfmt 4703 0.117102 0.122130 0.123406 0.129237 0.129894 Interest rate (%) 8.250 ......................................... BILLING CODE 4000–01–P E:\FR\FM\11MYN1.SGM 11MYN1 Annual constant multiplier 0.131545 VerDate Aug<31>2005 Federal Register / Vol. 72, No. 91 / Friday, May 11, 2007 / Notices 21:09 May 10, 2007 Jkt 211001 PO 00000 Frm 00035 Fmt 4703 Sfmt 4725 E:\FR\FM\11MYN1.SGM 11MYN1 EN11MY07.012</GPH> ycherry on PROD1PC64 with NOTICES 26806 VerDate Aug<31>2005 21:09 May 10, 2007 Jkt 211001 PO 00000 Frm 00036 Fmt 4703 Sfmt 4703 E:\FR\FM\11MYN1.SGM 11MYN1 26807 EN11MY07.013</GPH> ycherry on PROD1PC64 with NOTICES 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 VerDate Aug<31>2005 21:09 May 10, 2007 Jkt 211001 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: http://www.ed.gov/news/ fedregister/index.html. 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: http://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 PO 00000 Frm 00037 Fmt 4703 Sfmt 4703 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: 
http://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: http://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.

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

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[FR Doc. 07-2360 Filed 5-10-07; 8:45 am]
BILLING CODE 4000-01-C