Annual Updates to the Income Contingent Repayment (ICR) Plan Formula for 2018-William D. Ford Federal Direct Loan Program, 37802-37806 [2018-16582]
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and implementation of high-quality
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receiving Federal financial assistance
from the Department (34 CFR 100.4,
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VII. Other Information
Accessible Format: Individuals with
disabilities can obtain this document
and a copy of the application package in
an accessible format (e.g., braille, large
print, audiotape, or compact disc) on
request to the program contact person
listed under FOR FURTHER INFORMATION
CONTACT.
Electronic Access to This Document:
The official version of this document is
the document published in the Federal
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Dated: July 27, 2018.
Frank Brogan,
Assistant Secretary of Elementary and
Secondary Education.
[FR Doc. 2018–16540 Filed 8–1–18; 8:45 am]
BILLING CODE 4000–01–P
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DEPARTMENT OF EDUCATION
Annual Updates to the Income
Contingent Repayment (ICR) Plan
Formula for 2018—William D. Ford
Federal Direct Loan Program
Federal Student Aid,
Department of Education.
ACTION: Notice.
AGENCY:
The Secretary announces the
annual updates to the ICR plan formula
for 2018 to give notice to borrowers and
the public regarding how monthly ICR
payment amounts will be calculated for
the 2018–2019 year under the William
D. Ford Federal Direct Loan (Direct
Loan) Program, Catalog of Federal
Domestic Assistance number 84.063.
DATES: The adjustments to the income
percentage factors for the ICR plan
formula contained in this notice are
applicable from July 1, 2018, to June 30,
2019, for any borrower who enters the
ICR plan or has his or her monthly
payment amount recalculated under the
ICR plan during that period.
FOR FURTHER INFORMATION CONTACT: Ian
Foss, U.S. Department of Education, 830
First Street NE, Room 113H2,
Washington, DC 20202. Telephone:
(202) 377–3681. Email: ian.foss@ed.gov.
If you use a telecommunications
device for the deaf (TDD) or a text
telephone (TTY), call the Federal Relay
Service, toll free, at 1–800–877–8339.
SUPPLEMENTARY INFORMATION: Under the
Direct Loan Program, borrowers may
choose to repay their non-defaulted
loans (Direct Subsidized Loans, Direct
Unsubsidized Loans, Direct PLUS Loans
made to graduate or professional
students, and Direct Consolidation
Loans) under the ICR plan. The ICR plan
bases the borrower’s repayment amount
on the borrower’s income, family size,
loan amount, and the interest rate
applicable to each of the borrower’s
loans.
ICR is one of several income-driven
repayment plans. Other income-driven
repayment plans include the IncomeBased Repayment (IBR) plan, the Pay As
You Earn Repayment (PAYE) plan, and
the Revised Pay As You Earn
Repayment (REPAYE) plan. The IBR,
PAYE, and REPAYE plans provide
lower payment amounts than the ICR
plan for most borrowers.
A Direct Loan borrower who repays
his or her loans under the ICR plan pays
the lesser of: (1) The amount that he or
she would pay over 12 years with fixed
payments multiplied by an income
percentage factor; or (2) 20 percent of
discretionary income.
Each year, to reflect changes in
inflation, we adjust the income
SUMMARY:
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percentage factor used to calculate a
borrower’s ICR payment, as required by
34 CFR 685.209(b)(1)(ii)(A). We use the
adjusted income percentage factors to
calculate a borrower’s monthly ICR
payment amount when the borrower
initially applies for the ICR plan or
when the borrower submits his or her
annual income documentation, as
required under the ICR plan. This notice
contains the adjusted income percentage
factors for 2018, examples of how the
monthly payment amount in ICR is
calculated, and charts showing sample
repayment amounts based on the
adjusted ICR plan formula. This
information is included in the following
three attachments:
• Attachment 1—Income Percentage
Factors for 2018
• Attachment 2—Examples of the
Calculations of Monthly Repayment
Amounts
• Attachment 3—Charts Showing
Sample Repayment Amounts for
Single and Married Borrowers
In Attachment 1, to reflect changes in
inflation, we updated the income
percentage factors that were published
in the Federal Register on July 18, 2017
(82 FR 32803). Specifically, 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 between the not-seasonallyadjusted Consumer Price Index for all
urban consumers for December 2017
and December 2018.
The income percentage factors
reflected in Attachment 1 may cause a
borrower’s payments to be lower than
they were in prior years, even if the
borrower’s income is the same as in the
prior year. The revised repayment
amount more accurately reflects the
impact of inflation on the borrower’s
current ability to repay.
Accessible Format: Individuals with
disabilities can obtain this document in
an accessible format (e.g., braille, large
print, audiotape, or compact disc) on
request to the contact person listed
under FOR FURTHER INFORMATION
CONTACT.
Electronic Access to This Document:
The official version of this document is
the document published in the Federal
Register. You may access the official
edition of the Federal Register and the
Code of Federal Regulations via the
Federal Digital System at: www.gpo.gov/
fdsys. At this site, you can view this
document, as well as all other
documents of this Department
published in the Federal Register, in
text or Portable Document Format
(PDF). To use PDF, you must have
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Adobe Acrobat Reader, which is
available free at this site.
You may also access documents of the
Department published in the Federal
Register by using the article search
feature at: www.federalregister.gov.
37803
Specifically, through the advanced
search feature at this site, you can limit
your search to documents published by
the Department.
Dated: July 30, 2018.
James F. Manning,
Acting Chief Operating Officer, Federal
Student Aid.
Program Authority: 20 U.S.C. 1087 et seq.
Attachment 1—Income Percentage
Factors for 2018
INCOME PERCENTAGE FACTORS FOR 2018
Single
Married/head of household
Income
% Factor
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$11,860 ........................................................................................................................................
16,318 ..........................................................................................................................................
20,997 ..........................................................................................................................................
25,782 ..........................................................................................................................................
30,352 ..........................................................................................................................................
36,114 ..........................................................................................................................................
45,361 ..........................................................................................................................................
56,891 ..........................................................................................................................................
68,424 ..........................................................................................................................................
82,238 ..........................................................................................................................................
105,302 ........................................................................................................................................
149,143 ........................................................................................................................................
171,006 ........................................................................................................................................
304,590 ........................................................................................................................................
Attachment 2—Examples of the
Calculations of Monthly Repayment
Amounts
General notes about the examples in
this attachment:
• We have a calculator that borrowers
can use to estimate what their payment
amounts would be under the ICR plan.
The calculator is called the ‘‘Repayment
Estimator’’ and is available at
StudentAid.gov/repayment-estimator.
Based on information inputted into the
calculator by the borrower (for example,
income, family size, and tax filing
status), this calculator provides a
detailed, individualized assessment of a
borrower’s loans and repayment plan
options, including the ICR plan.
• The interest rates used in the
examples are for illustration only. The
actual interest rates on an individual
borrower’s Direct Loans depend on the
loan type and when the postsecondary
institution first disbursed the Direct
Loan to the borrower.
• The Poverty Guideline amounts
used in the examples are from the 2018
U.S. Department of Health and Human
Services (HHS) Poverty Guidelines for
the 48 contiguous States and the District
of Columbia. Different Poverty
Guidelines apply to residents of Alaska
and Hawaii. The Poverty Guidelines for
2018 were published in the Federal
Register on January 18, 2018 (83 FR
2642).
• All of the examples use an income
percentage factor corresponding to an
adjusted gross income (AGI) in the table
in Attachment 1. If an AGI is not listed
in the income percentage factors table in
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Attachment 1, the applicable income
percentage can be calculated by
following the instructions under the
‘‘Interpolation’’ heading later in this
attachment.
• Married borrowers may repay their
Direct Loans jointly under the ICR plan.
If a married couple elects this option,
we add the outstanding balance on the
Direct Loans of each borrower and we
add together both borrowers’ AGIs to
determine a joint ICR payment amount.
We then prorate the joint payment
amount for each borrower based on the
proportion of that borrower’s debt to the
total outstanding balance. We bill each
borrower separately.
• For example, if a married couple,
John and Sally, has a total outstanding
Direct Loan debt of $60,000, of which
$40,000 belongs to John and $20,000 to
Sally, we would apportion 67 percent of
the monthly ICR payment to John and
the remaining 33 percent to Sally. To
take advantage of a joint ICR payment,
married couples need not file taxes
jointly; they may file separately and
subsequently provide the other spouse’s
tax information to the borrower’s
Federal loan servicer.
Calculating the monthly payment
amount using a standard amortization
and a 12-year repayment period.
The formula to amortize a loan with
a standard schedule (in which each
payment is the same over the course of
the repayment period) is as follows:
M = P × <(I ÷ 12) ÷ [1 ¥ {1 + (I ÷
12)}∧¥N]>
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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
$11,860
18,712
22,299
29,152
36,114
45,361
56,890
68,424
85,724
114,547
154,905
216,641
354,009
........................
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
........................
In the formula—
• M is the monthly payment amount;
• P is the outstanding principal
balance of the loan at the time the
calculation is performed;
• I is the annual interest rate on the
loan, expressed as a decimal (for
example, for a loan with an interest rate
of 6 percent, 0.06); and
• N is the total number of months in
the repayment period (for example, for
a loan with a 12-year repayment period,
144 months).
For example, assume that Billy has a
$10,000 Direct Unsubsidized Loan with
an interest rate of 6 percent.
Step 1: To solve for M, first simplify
the numerator of the fraction by which
we multiply P, the outstanding
principal balance. To do this divide I,
the interest rate, as a decimal, by 12. In
this example, Billy’s interest rate is 6
percent. As a decimal, 6 percent is 0.06.
• 0.06 ÷ 12 = 0.005
Step 2: Next, simplify the
denominator of the fraction by which
we multiply P. To do this divide I, the
interest rate, as a decimal, by 12. Then,
add one. Next, raise the sum of the two
figures to the negative power that
corresponds to the length of the
repayment period in months. In this
example, because we are amortizing a
loan to calculate the monthly payment
amount under the ICR plan, the
applicable figure is 12 years, which is
144 months. Finally, subtract the result
from one.
• 0.06 ÷ 12 = 0.005
• 1 + 0.005 = 1.005
• 1.005 ∧ ¥ 144 = 0.48762628
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• 1 ¥ 0.48762628 = 0.51237372
Step 3: Next, resolve the fraction by
dividing the result from Step 1 by the
result from Step 2.
• 0.005 ÷ 0.51237372 = 0.0097585
Step 4: Finally, solve for M, the
monthly payment amount, by
multiplying the outstanding principal
balance of the loan by the result of Step
3.
• $10,000 × 0.0097585 = $97.59
The remainder of the examples in this
attachment will only show the results of
the formula.
Example 1. Brenda is single with no
dependents and has $15,000 in Direct
Subsidized and Unsubsidized Loans.
The interest rate on Brenda’s loans is 6
percent, and she has an AGI of $30,352.
Step 1: Determine the total monthly
payment amount based on what Brenda
would pay over 12 years using standard
amortization. To do this, use the
formula that precedes Example 1. In this
example, the monthly payment amount
would be $146.38.
Step 2: Multiply the result of Step 1
by the income percentage factor shown
in the income percentage factors table
(see Attachment 1 to this notice) that
corresponds to Brenda’s AGI. In this
example, an AGI of $30,352 corresponds
to an income percentage factor of 71.89
percent.
• 0.7189 × $146.38 = $105.23
Step 3: Determine 20 percent of
Brenda’s discretionary income and
divide by 12 (discretionary income is
AGI minus the HHS Poverty Guideline
amount for a borrower’s family size and
State of residence). For Brenda, subtract
the Poverty Guideline amount for a
family of one from her AGI, multiply the
result by 20 percent, and then divide by
12:
• $30,352¥$12,140 = $18,212
• $18,212 × 0.20 = $3,642.40
• $3,642.40 ÷ 12 = $303.53
Step 4: Compare the amount from
Step 2 with the amount from Step 3.
The lower of the two will be the
monthly ICR payment amount. In this
example, Brenda will be paying the
amount calculated under Step 2
($105.23).
Note: Brenda would have a lower
payment under other income-driven
repayment plans. Specifically, Brenda’s
payment would be $101.18 under the
PAYE and REPAYE plans. However,
Brenda’s payment would be $151.76
under the IBR plan, which is higher
than the payment she would have under
the ICR plan.
Example 2. Joseph is married to Susan
and has no dependents. They file their
Federal income tax return jointly.
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Joseph has a Direct Loan balance of
$10,000, and Susan has a Direct Loan
balance of $15,000. The interest rate on
all of the loans is 6 percent.
Joseph and Susan have a combined
AGI of $85,724 and are repaying their
loans jointly under the ICR plan (for
general information regarding joint ICR
payments for married couples, see the
fifth and sixth bullets under the heading
‘‘General notes about the examples in
this attachment’’).
Step 1: Add Joseph’s and Susan’s
Direct Loan balances to determine their
combined aggregate loan balance:
• $10,000 + $15,000 = $25,000
Step 2: Determine the combined
monthly payment amount for Joseph
and Susan based on what both
borrowers would pay over 12 years
using standard amortization. To do this,
use the formula that precedes Example
1. In this example, the combined
monthly payment amount would be
$243.96.
Step 3: Multiply the result of Step 2
by the income percentage factor shown
in the income percentage factors table
(see Attachment 1 to this notice) that
corresponds to Joseph and Susan’s
combined AGI. In this example, the
combined AGI of $85,724 corresponds
to an income percentage factor of 109.40
percent.
• 1.094 × $243.96 = $266.90
Step 4: Determine 20 percent of
Joseph and Susan’s combined
discretionary income (discretionary
income is AGI minus the HHS Poverty
Guideline amount for a borrower’s
family size and State of residence). To
do this, subtract the Poverty Guideline
amount for a family of two from the
combined AGI, multiply the result by 20
percent, and then divide by 12:
• $85,724¥$16,460 = $69,264
• $69,264 × 0.20 = $13,852.80
• $13,852.80 ÷ 12 = $1,154.40
Step 5: Compare the amount from
Step 3 with the amount from Step 4.
The lower of the two will be Joseph and
Susan’s joint monthly payment amount.
Joseph and Susan will jointly pay the
amount calculated under Step 3
($266.90).
Note: For Joseph and Susan, the ICR
plan provides the lowest monthly
payment of all of the income-driven
repayment plans. Joseph and Susan
would not be eligible for the IBR or
PAYE plans, and would have a
combined monthly payment under the
REPAYE plan of $508.62.
Step 6: Because Joseph and Susan are
jointly repaying their Direct Loans
under the ICR plan, the monthly
payment amount calculated under Step
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5 applies to both Joseph’s and Susan’s
loans. To determine the amount for
which each borrower will be
responsible, prorate the amount
calculated under Step 4 by each
spouse’s share of the combined Direct
Loan debt. Joseph has a Direct Loan debt
of $10,000 and Susan has a Direct Loan
debt of $15,000. For Joseph, the monthly
payment amount will be:
• $10,000 ÷ ($10,000 + $15,000) = 40
percent
• 0.40 × $266.90 = $106.76
For Susan, the monthly payment
amount will be:
• $15,000 ÷ ($10,000 + $15,000) = 60
percent
• 0.60 × $266.90 = $160.14
Example 3. David is single with no
dependents and has $60,000 in Direct
Subsidized and Unsubsidized Loans.
The interest rate on all of the loans is
6 percent, and David’s AGI is $36,114.
Step 1: Determine the total monthly
payment amount based on what David
would pay over 12 years using standard
amortization. To do this, use the
formula that precedes Example 1. In this
example, the monthly payment amount
would be $585.51.
Step 2: Multiply the result of Step 1
by the income percentage factor shown
in the income percentage factors table
(see Attachment 1 to this notice) that
corresponds to David’s AGI. In this
example, an AGI of $36,114 corresponds
to an income percentage factor of 80.33
percent.
• 0.8033 × $585.51 = $470.34
Step 3: Determine 20 percent of
David’s discretionary income and divide
by 12 (discretionary income is AGI
minus the HHS Poverty Guideline
amount for a borrower’s family size and
State of residence). To do this, subtract
the Poverty Guideline amount for a
family of one from David’s AGI,
multiply the result by 20 percent, and
then divide by 12:
• $36,114¥$12,140 = $23,974
• $23,974 × 0.20 = $4,794.80
• $4,794.80 ÷ 12 = $399.57
Step 4: Compare the amount from
Step 2 with the amount from Step 3.
The lower of the two will be David’s
monthly payment amount. In this
example, David will be paying the
amount calculated under Step 3
($399.57).
Note: David would have a lower
payment under each of the other
income-driven plans. Specifically,
David’s payment would be $149.20
under the PAYE and REPAYE plans and
$223.80 under the IBR plan.
Interpolation. If an income is not
included on the income percentage
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factor table, calculate the income
percentage factor through linear
interpolation. For example, assume that
Joan is single with an income of
$50,000.
Step 1: Find the closest income listed
that is less than Joan’s income of
$50,000 ($45,361) and the closest
income listed that is greater than Joan’s
income of $50,000 ($56,891).
Step 2: Subtract the lower amount
from the higher amount (for this
discussion we will call the result the
‘‘income interval’’):
• $56,891¥$45,361 = $11,530
Step 3: Determine the difference
between the two income percentage
factors that correspond to the incomes
used in Step 2 (for this discussion, we
will call the result the ‘‘income
percentage factor interval’’):
• 100.00 percent¥88.77 percent = 11.23
percent
Step 4: Subtract from Joan’s income
the closest income shown on the chart
that is less than Joan’s income of
$50,000:
• $50,000¥$45,361 = $4,639
Step 5: Divide the result of Step 4 by
the income interval determined in Step
2:
• $4,639 ÷ $11,530 = 40.23 percent
Step 6: Multiply the result of Step 5
by the income percentage factor
interval:
• 11.23 percent × 40.23 percent = 4.52
percent
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
$50,000 in income:
• 4.52 percent + 88.77 percent = 93.29
percent (rounded to the nearest
hundredth)
The result is the income percentage
factor that we will use to calculate
Joan’s monthly repayment amount
under the ICR plan.
Attachment 3—Charts Showing Sample
Income-Driven Repayment Amounts for
Single and Married Borrowers
Below are two charts that provide
first-year payment amount estimates for
a variety of loan debt sizes and incomes
under all of the income-driven
repayment plans and the 10-Year
Standard Repayment Plan. The first
chart is for single borrowers who have
a family size of one. The second chart
is for a borrower who is married or a
head of household and who has a family
size of three. The calculations in
Attachment 3 assume that the loan debt
has an interest rate of 6 percent. For
married borrowers, the calculations
assume that the borrower files a joint
Federal income tax return with his or
her spouse and that the borrower’s
spouse does not have Federal student
loans. A field with a ‘‘-’’ character
indicates that the borrower in the
example would not be eligible to enter
the applicable income-driven repayment
plan based on the borrower’s income,
loan debt, and family size.
SAMPLE FIRST-YEAR MONTHLY REPAYMENT AMOUNTS FOR A SINGLE BORROWER
Family Size = 1
Income
Initial Debt .............
$20,000
40,000
60,000
80,000
100,000
Plan
$20,000
ICR .......................
IBR ........................
PAYE ....................
REPAYE ...............
10-Year Standard
ICR .......................
BR .........................
PAYE ....................
REPAYE ...............
10-Year Standard
ICR .......................
IBR ........................
PAYE ....................
REPAYE ...............
10-Year Standard
ICR .......................
IBR ........................
PAYE ....................
REPAYE ...............
10-Year Standard
ICR .......................
IBR ........................
PAYE ....................
REPAYE ...............
10-Year Standard
$40,000
$117
22
15
15
222
131
22
15
15
444
131
22
15
15
666
131
22
15
15
888
131
22
15
15
1,110
$60,000
$165
182
182
222
327
272
182
182
444
464
272
182
182
666
464
272
182
182
888
464
272
182
182
1,110
$195
348
222
390
348
348
444
586
522
348
348
666
781
522
348
348
888
798
522
348
348
1,110
$80,000
$100,000
$214
515
222
429
515
444
643
515
515
666
858
772
515
515
888
1,072
772
515
515
1,110
$236
682
222
472
682
444
707
682
666
943
682
692
888
1,179
1,022
682
692
1,110
SAMPLE FIRST-YEAR MONTHLY REPAYMENT AMOUNTS FOR A MARRIED OR HEAD-OF-HOUSEHOLD BORROWER
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Family Size = 3
Income
Initial Debt .............
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Income
$20,000
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Plan
$20,000
Plan ......................
ICR .......................
IBR ........................
PAYE ....................
REPAYE ...............
10-Year Standard
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$40,000
$20,000
$0
0
0
0
222
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$40,000
$166
110
74
74
222
$60,000
$60,000
$195
240
222
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$80,000
$80,000
$207
407
222
$100,000
$100,000
$229
574
222
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SAMPLE FIRST-YEAR MONTHLY REPAYMENT AMOUNTS FOR A MARRIED OR HEAD-OF-HOUSEHOLD BORROWER—
Continued
Family Size = 3
Income
40,000
60,000
80,000
100,000
Plan
ICR .......................
IBR ........................
PAYE ....................
REPAYE ...............
10-Year Standard
ICR .......................
IBR ........................
PAYE ....................
REPAYE ...............
10-Year Standard
ICR .......................
IBR ........................
PAYE ....................
REPAYE ...............
10-Year Standard
ICR .......................
IBR ........................
PAYE ....................
REPAYE ...............
10-Year Standard
[FR Doc. 2018–16582 Filed 8–1–18; 8:45 am]
BILLING CODE 4000–01–P
DEPARTMENT OF ENERGY
Notice of Request for Information (RFI)
on Understanding Catalyst Production
and Development Needs at National
Laboratories
Bioenergy Technologies Office,
Office of Energy Efficiency and
Renewable Energy, Department of
Energy.
ACTION: Request for information.
AGENCY:
The U.S. Department of
Energy (DOE) invites public comment
on its Request for Information (RFI) to
understand research, capabilities and
yet-to-be addressed challenges pertinent
to production scale-up of catalysts for
the conversion of biomass and waste
streams. Additionally, through this RFI,
the Bioenergy Technologies Office
(BETO) seeks to understand
enhancement capabilities of process
development units at the National
Laboratories in order to increase their
impact.
SUMMARY:
Responses to the RFI must be
received no later than September 14,
2018.
daltland on DSKBBV9HB2PROD with NOTICES
DATES:
Interested parties are to
submit comments electronically to
CustomCatalystRFI@ee.doe.gov.
Responses must be provided as
attachments to an email. Include
‘‘Understanding Catalyst Production
and Development RFI’’ as the subject of
ADDRESSES:
VerDate Sep<11>2014
17:06 Aug 01, 2018
$20,000
Jkt 244001
$40,000
0
0
0
0
444
0
0
0
0
666
0
0
0
0
888
0
0
0
0
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110
74
74
444
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1,110
the email. It is recommended that
attachments with file sizes exceeding
25MB be compressed (i.e., zipped) to
ensure message delivery. Responses
must be provided as a Microsoft Word
(.docx) attachment to the email, and 12
point font, 1 inch margins. Only
electronic responses will be accepted.
The complete RFI document is located
at https://eere-exchange.energy.gov/.
FOR FURTHER INFORMATION CONTACT:
Questions may be addressed to Jim
Spaeth, (720) 356–1784, or
CustomCatalystRFI@ee.doe.gov. Further
instructions can be found in the RFI
document posted on EERE Exchange.
DOE
posted on its website a RFI to solicit
feedback from industry (including but
not limited to research organizations,
manufacturing organizations, catalyst
manufacturers, and catalyst research
consortia), academia, research
laboratories, government agencies, and
other biofuels and bioproducts
stakeholders on ‘‘catalyst productions
capability for biochemical and
thermochemical processes.’’
Specifically, BETO seeks information to
help identify and understand additional
areas of research, capabilities, and yetto be-addressed challenges pertinent to
production scale-up challenges
(typically in multi-kilogram quantities
of novel catalysts used in technology
development and engineering solutions
for the efficient conversion of
lignocellulosic, waste, and algal
feedstocks to produce biofuels and
bioproducts). The RFI [DE–FOA–
SUPPLEMENTARY INFORMATION:
PO 00000
Frm 00024
Fmt 4703
Sfmt 4703
$60,000
390
360
240
240
444
586
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1,110
$80,000
$100,000
415
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574
888
1,143
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574
1,110
00001951] is available at: https://eereexchange.energy.gov/.
Confidential Business Information
Because information received in
response to this RFI may be used to
structure future programs, funding and/
or otherwise be made available to the
public, respondents are strongly advised
to not include any information in their
responses that might be considered
business sensitive, proprietary, or
otherwise confidential. If, however, a
respondent chooses to submit business
sensitive, proprietary, or otherwise
confidential information, it must be
clearly and conspicuously marked as
such in the response as detailed in the
RFI [DE–FOA–00001951] at: https://
eere-exchange.energy.gov/.
Factors of interest to DOE when
evaluating requests to treat submitted
information as confidential include: (1)
A description of the items; (2) whether
and why such items are customarily
treated as confidential within the
industry; (3) whether the information is
generally known by or available from
other sources; (4) whether the
information has previously been made
available to others without obligation
concerning its confidentiality; (5) an
explanation of the competitive injury to
the submitting person that would result
from public disclosure; (6) when such
information might lose its confidential
character due to the passage of time; and
(7) why disclosure of the information
would be contrary to the public interest.
E:\FR\FM\02AUN1.SGM
02AUN1
]]>Agencies
[Federal Register Volume 83, Number 149 (Thursday, August 2, 2018)]
[Notices]
[Pages 37802-37806]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-16582]
-----------------------------------------------------------------------
DEPARTMENT OF EDUCATION
Annual Updates to the Income Contingent Repayment (ICR) Plan
Formula for 2018--William D. Ford Federal Direct Loan Program
AGENCY: Federal Student Aid, Department of Education.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Secretary announces the annual updates to the ICR plan
formula for 2018 to give notice to borrowers and the public regarding
how monthly ICR payment amounts will be calculated for the 2018-2019
year under the William D. Ford Federal Direct Loan (Direct Loan)
Program, Catalog of Federal Domestic Assistance number 84.063.
DATES: The adjustments to the income percentage factors for the ICR
plan formula contained in this notice are applicable from July 1, 2018,
to June 30, 2019, for any borrower who enters the ICR plan or has his
or her monthly payment amount recalculated under the ICR plan during
that period.
FOR FURTHER INFORMATION CONTACT: Ian Foss, U.S. Department of
Education, 830 First Street NE, Room 113H2, Washington, DC 20202.
Telephone: (202) 377-3681. Email: [email protected].
If you use a telecommunications device for the deaf (TDD) or a text
telephone (TTY), call the Federal Relay Service, toll free, at 1-800-
877-8339.
SUPPLEMENTARY INFORMATION: Under the Direct Loan Program, borrowers may
choose to repay their non-defaulted loans (Direct Subsidized Loans,
Direct Unsubsidized Loans, Direct PLUS Loans made to graduate or
professional students, and Direct Consolidation Loans) under the ICR
plan. The ICR plan bases the borrower's repayment amount on the
borrower's income, family size, loan amount, and the interest rate
applicable to each of the borrower's loans.
ICR is one of several income-driven repayment plans. Other income-
driven repayment plans include the Income-Based Repayment (IBR) plan,
the Pay As You Earn Repayment (PAYE) plan, and the Revised Pay As You
Earn Repayment (REPAYE) plan. The IBR, PAYE, and REPAYE plans provide
lower payment amounts than the ICR plan for most borrowers.
A Direct Loan borrower who repays his or her loans under the ICR
plan pays the lesser of: (1) The amount that he or she would pay over
12 years with fixed payments multiplied by an income percentage factor;
or (2) 20 percent of discretionary income.
Each year, to reflect changes in inflation, we adjust the income
percentage factor used to calculate a borrower's ICR payment, as
required by 34 CFR 685.209(b)(1)(ii)(A). We use the adjusted income
percentage factors to calculate a borrower's monthly ICR payment amount
when the borrower initially applies for the ICR plan or when the
borrower submits his or her annual income documentation, as required
under the ICR plan. This notice contains the adjusted income percentage
factors for 2018, examples of how the monthly payment amount in ICR is
calculated, and charts showing sample repayment amounts based on the
adjusted ICR plan formula. This information is included in the
following three attachments:
Attachment 1--Income Percentage Factors for 2018
Attachment 2--Examples of the Calculations of Monthly
Repayment Amounts
Attachment 3--Charts Showing Sample Repayment Amounts for
Single and Married Borrowers
In Attachment 1, to reflect changes in inflation, we updated the
income percentage factors that were published in the Federal Register
on July 18, 2017 (82 FR 32803). Specifically, 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
between the not-seasonally-adjusted Consumer Price Index for all urban
consumers for December 2017 and December 2018.
The income percentage factors reflected in Attachment 1 may cause a
borrower's payments to be lower than they were in prior years, even if
the borrower's income is the same as in the prior year. The revised
repayment amount more accurately reflects the impact of inflation on
the borrower's current ability to repay.
Accessible Format: Individuals with disabilities can obtain this
document in an accessible format (e.g., braille, large print,
audiotape, or compact disc) on request to the contact person listed
under FOR FURTHER INFORMATION CONTACT.
Electronic Access to This Document: The official version of this
document is the document published in the Federal Register. You may
access the official edition of the Federal Register and the Code of
Federal Regulations via the Federal Digital System at: www.gpo.gov/fdsys. At this site, you can view this document, as well as all other
documents of this Department published in the Federal Register, in text
or Portable Document Format (PDF). To use PDF, you must have
[[Page 37803]]
Adobe Acrobat Reader, which is available free at this site.
You may also access documents of the Department published in the
Federal Register by using the article search feature at:
www.federalregister.gov. Specifically, through the advanced search
feature at this site, you can limit your search to documents published
by the Department.
Program Authority: 20 U.S.C. 1087 et seq.
Dated: July 30, 2018.
James F. Manning,
Acting Chief Operating Officer, Federal Student Aid.
Attachment 1--Income Percentage Factors for 2018
Income Percentage Factors for 2018
----------------------------------------------------------------------------------------------------------------
Single Married/head of household
----------------------------------------------------------------------------------------------------------------
Income % Factor Income % Factor
----------------------------------------------------------------------------------------------------------------
$11,860......................................................... 55.00 $11,860 50.52
16,318.......................................................... 57.79 18,712 56.68
20,997.......................................................... 60.57 22,299 59.56
25,782.......................................................... 66.23 29,152 67.79
30,352.......................................................... 71.89 36,114 75.22
36,114.......................................................... 80.33 45,361 87.61
45,361.......................................................... 88.77 56,890 100.00
56,891.......................................................... 100.00 68,424 100.00
68,424.......................................................... 100.00 85,724 109.40
82,238.......................................................... 111.80 114,547 125.00
105,302......................................................... 123.50 154,905 140.60
149,143......................................................... 141.20 216,641 150.00
171,006......................................................... 150.00 354,009 200.00
304,590......................................................... 200.00 .............. ..............
----------------------------------------------------------------------------------------------------------------
Attachment 2--Examples of the Calculations of Monthly Repayment Amounts
General notes about the examples in this attachment:
We have a calculator that borrowers can use to estimate
what their payment amounts would be under the ICR plan. The calculator
is called the ``Repayment Estimator'' and is available at
StudentAid.gov/repayment-estimator. Based on information inputted into
the calculator by the borrower (for example, income, family size, and
tax filing status), this calculator provides a detailed, individualized
assessment of a borrower's loans and repayment plan options, including
the ICR plan.
The interest rates used in the examples are for
illustration only. The actual interest rates on an individual
borrower's Direct Loans depend on the loan type and when the
postsecondary institution first disbursed the Direct Loan to the
borrower.
The Poverty Guideline amounts used in the examples are
from the 2018 U.S. Department of Health and Human Services (HHS)
Poverty Guidelines for the 48 contiguous States and the District of
Columbia. Different Poverty Guidelines apply to residents of Alaska and
Hawaii. The Poverty Guidelines for 2018 were published in the Federal
Register on January 18, 2018 (83 FR 2642).
All of the examples use an income percentage factor
corresponding to an adjusted gross income (AGI) in the table in
Attachment 1. If an AGI is not listed in the income percentage factors
table in Attachment 1, the applicable income percentage can be
calculated by following the instructions under the ``Interpolation''
heading later in this attachment.
Married borrowers may repay their Direct Loans jointly
under the ICR plan. If a married couple elects this option, we add the
outstanding balance on the Direct Loans of each borrower and we add
together both borrowers' AGIs to determine a joint ICR payment amount.
We then prorate the joint payment amount for each borrower based on the
proportion of that borrower's debt to the total outstanding balance. We
bill each borrower separately.
For example, if a married couple, John and Sally, has a
total outstanding Direct Loan debt of $60,000, of which $40,000 belongs
to John and $20,000 to Sally, we would apportion 67 percent of the
monthly ICR payment to John and the remaining 33 percent to Sally. To
take advantage of a joint ICR payment, married couples need not file
taxes jointly; they may file separately and subsequently provide the
other spouse's tax information to the borrower's Federal loan servicer.
Calculating the monthly payment amount using a standard amortization
and a 12-year repayment period.
The formula to amortize a loan with a standard schedule (in which
each payment is the same over the course of the repayment period) is as
follows:
M = P x <(I / 12) / [1 - {1 + (I / 12){time} [caret]-N]>
In the formula--
M is the monthly payment amount;
P is the outstanding principal balance of the loan at the
time the calculation is performed;
I is the annual interest rate on the loan, expressed as a
decimal (for example, for a loan with an interest rate of 6 percent,
0.06); and
N is the total number of months in the repayment period
(for example, for a loan with a 12-year repayment period, 144 months).
For example, assume that Billy has a $10,000 Direct Unsubsidized
Loan with an interest rate of 6 percent.
Step 1: To solve for M, first simplify the numerator of the
fraction by which we multiply P, the outstanding principal balance. To
do this divide I, the interest rate, as a decimal, by 12. In this
example, Billy's interest rate is 6 percent. As a decimal, 6 percent is
0.06.
0.06 / 12 = 0.005
Step 2: Next, simplify the denominator of the fraction by which we
multiply P. To do this divide I, the interest rate, as a decimal, by
12. Then, add one. Next, raise the sum of the two figures to the
negative power that corresponds to the length of the repayment period
in months. In this example, because we are amortizing a loan to
calculate the monthly payment amount under the ICR plan, the applicable
figure is 12 years, which is 144 months. Finally, subtract the result
from one.
0.06 / 12 = 0.005
1 + 0.005 = 1.005
1.005 [caret] - 144 = 0.48762628
[[Page 37804]]
1 - 0.48762628 = 0.51237372
Step 3: Next, resolve the fraction by dividing the result from Step
1 by the result from Step 2.
0.005 / 0.51237372 = 0.0097585
Step 4: Finally, solve for M, the monthly payment amount, by
multiplying the outstanding principal balance of the loan by the result
of Step 3.
$10,000 x 0.0097585 = $97.59
The remainder of the examples in this attachment will only show the
results of the formula.
Example 1. Brenda is single with no dependents and has $15,000 in
Direct Subsidized and Unsubsidized Loans. The interest rate on Brenda's
loans is 6 percent, and she has an AGI of $30,352.
Step 1: Determine the total monthly payment amount based on what
Brenda would pay over 12 years using standard amortization. To do this,
use the formula that precedes Example 1. In this example, the monthly
payment amount would be $146.38.
Step 2: Multiply the result of Step 1 by the income percentage
factor shown in the income percentage factors table (see Attachment 1
to this notice) that corresponds to Brenda's AGI. In this example, an
AGI of $30,352 corresponds to an income percentage factor of 71.89
percent.
0.7189 x $146.38 = $105.23
Step 3: Determine 20 percent of Brenda's discretionary income and
divide by 12 (discretionary income is AGI minus the HHS Poverty
Guideline amount for a borrower's family size and State of residence).
For Brenda, subtract the Poverty Guideline amount for a family of one
from her AGI, multiply the result by 20 percent, and then divide by 12:
$30,352-$12,140 = $18,212
$18,212 x 0.20 = $3,642.40
$3,642.40 / 12 = $303.53
Step 4: Compare the amount from Step 2 with the amount from Step 3.
The lower of the two will be the monthly ICR payment amount. In this
example, Brenda will be paying the amount calculated under Step 2
($105.23).
Note: Brenda would have a lower payment under other income-driven
repayment plans. Specifically, Brenda's payment would be $101.18 under
the PAYE and REPAYE plans. However, Brenda's payment would be $151.76
under the IBR plan, which is higher than the payment she would have
under the ICR plan.
Example 2. Joseph is married to Susan and has no dependents. They
file their Federal income tax return jointly. Joseph has a Direct Loan
balance of $10,000, and Susan has a Direct Loan balance of $15,000. The
interest rate on all of the loans is 6 percent.
Joseph and Susan have a combined AGI of $85,724 and are repaying
their loans jointly under the ICR plan (for general information
regarding joint ICR payments for married couples, see the fifth and
sixth bullets under the heading ``General notes about the examples in
this attachment'').
Step 1: Add Joseph's and Susan's Direct Loan balances to determine
their combined aggregate loan balance:
$10,000 + $15,000 = $25,000
Step 2: Determine the combined monthly payment amount for Joseph
and Susan based on what both borrowers would pay over 12 years using
standard amortization. To do this, use the formula that precedes
Example 1. In this example, the combined monthly payment amount would
be $243.96.
Step 3: Multiply the result of Step 2 by the income percentage
factor shown in the income percentage factors table (see Attachment 1
to this notice) that corresponds to Joseph and Susan's combined AGI. In
this example, the combined AGI of $85,724 corresponds to an income
percentage factor of 109.40 percent.
1.094 x $243.96 = $266.90
Step 4: Determine 20 percent of Joseph and Susan's combined
discretionary income (discretionary income is AGI minus the HHS Poverty
Guideline amount for a borrower's family size and State of residence).
To do this, subtract the Poverty Guideline amount for a family of two
from the combined AGI, multiply the result by 20 percent, and then
divide by 12:
$85,724-$16,460 = $69,264
$69,264 x 0.20 = $13,852.80
$13,852.80 / 12 = $1,154.40
Step 5: Compare the amount from Step 3 with the amount from Step 4.
The lower of the two will be Joseph and Susan's joint monthly payment
amount. Joseph and Susan will jointly pay the amount calculated under
Step 3 ($266.90).
Note: For Joseph and Susan, the ICR plan provides the lowest
monthly payment of all of the income-driven repayment plans. Joseph and
Susan would not be eligible for the IBR or PAYE plans, and would have a
combined monthly payment under the REPAYE plan of $508.62.
Step 6: Because Joseph and Susan are jointly repaying their Direct
Loans under the ICR plan, the monthly payment amount calculated under
Step 5 applies to both Joseph's and Susan's loans. To determine the
amount for which each borrower will be responsible, prorate the amount
calculated under Step 4 by each spouse's share of the combined Direct
Loan debt. Joseph has a Direct Loan debt of $10,000 and Susan has a
Direct Loan debt of $15,000. For Joseph, the monthly payment amount
will be:
$10,000 / ($10,000 + $15,000) = 40 percent
0.40 x $266.90 = $106.76
For Susan, the monthly payment amount will be:
$15,000 / ($10,000 + $15,000) = 60 percent
0.60 x $266.90 = $160.14
Example 3. David is single with no dependents and has $60,000 in
Direct Subsidized and Unsubsidized Loans. The interest rate on all of
the loans is 6 percent, and David's AGI is $36,114.
Step 1: Determine the total monthly payment amount based on what
David would pay over 12 years using standard amortization. To do this,
use the formula that precedes Example 1. In this example, the monthly
payment amount would be $585.51.
Step 2: Multiply the result of Step 1 by the income percentage
factor shown in the income percentage factors table (see Attachment 1
to this notice) that corresponds to David's AGI. In this example, an
AGI of $36,114 corresponds to an income percentage factor of 80.33
percent.
0.8033 x $585.51 = $470.34
Step 3: Determine 20 percent of David's discretionary income and
divide by 12 (discretionary income is AGI minus the HHS Poverty
Guideline amount for a borrower's family size and State of residence).
To do this, subtract the Poverty Guideline amount for a family of one
from David's AGI, multiply the result by 20 percent, and then divide by
12:
$36,114-$12,140 = $23,974
$23,974 x 0.20 = $4,794.80
$4,794.80 / 12 = $399.57
Step 4: Compare the amount from Step 2 with the amount from Step 3.
The lower of the two will be David's monthly payment amount. In this
example, David will be paying the amount calculated under Step 3
($399.57).
Note: David would have a lower payment under each of the other
income-driven plans. Specifically, David's payment would be $149.20
under the PAYE and REPAYE plans and $223.80 under the IBR plan.
Interpolation. If an income is not included on the income
percentage
[[Page 37805]]
factor table, calculate the income percentage factor through linear
interpolation. For example, assume that Joan is single with an income
of $50,000.
Step 1: Find the closest income listed that is less than Joan's
income of $50,000 ($45,361) and the closest income listed that is
greater than Joan's income of $50,000 ($56,891).
Step 2: Subtract the lower amount from the higher amount (for this
discussion we will call the result the ``income interval''):
$56,891-$45,361 = $11,530
Step 3: Determine the difference between the two income percentage
factors that correspond to the incomes used in Step 2 (for this
discussion, we will call the result the ``income percentage factor
interval''):
100.00 percent-88.77 percent = 11.23 percent
Step 4: Subtract from Joan's income the closest income shown on the
chart that is less than Joan's income of $50,000:
$50,000-$45,361 = $4,639
Step 5: Divide the result of Step 4 by the income interval
determined in Step 2:
$4,639 / $11,530 = 40.23 percent
Step 6: Multiply the result of Step 5 by the income percentage
factor interval:
11.23 percent x 40.23 percent = 4.52 percent
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 $50,000 in income:
4.52 percent + 88.77 percent = 93.29 percent (rounded to the
nearest hundredth)
The result is the income percentage factor that we will use to
calculate Joan's monthly repayment amount under the ICR plan.
Attachment 3--Charts Showing Sample Income-Driven Repayment Amounts for
Single and Married Borrowers
Below are two charts that provide first-year payment amount
estimates for a variety of loan debt sizes and incomes under all of the
income-driven repayment plans and the 10-Year Standard Repayment Plan.
The first chart is for single borrowers who have a family size of one.
The second chart is for a borrower who is married or a head of
household and who has a family size of three. The calculations in
Attachment 3 assume that the loan debt has an interest rate of 6
percent. For married borrowers, the calculations assume that the
borrower files a joint Federal income tax return with his or her spouse
and that the borrower's spouse does not have Federal student loans. A
field with a ``-'' character indicates that the borrower in the example
would not be eligible to enter the applicable income-driven repayment
plan based on the borrower's income, loan debt, and family size.
Sample First-Year Monthly Repayment Amounts for a Single Borrower
--------------------------------------------------------------------------------------------------------------------------------------------------------
Family Size = 1
---------------------------------------------------------------------------------------------------------------------------------------------------------
Income Plan $20,000 $40,000 $60,000 $80,000 $100,000
--------------------------------------------------------------------------------------------------------------------------------------------------------
Initial Debt...................... $20,000 ICR................. $117 $165 $195 $214 $236
IBR................. 22 - - - -
PAYE................ 15 182 - - -
REPAYE.............. 15 182 348 515 682
10-Year Standard.... 222 222 222 222 222
40,000 ICR................. 131 327 390 429 472
BR.................. 22 272 - - -
PAYE................ 15 182 348 - -
REPAYE.............. 15 182 348 515 682
10-Year Standard.... 444 444 444 444 444
60,000 ICR................. 131 464 586 643 707
IBR................. 22 272 522 - -
PAYE................ 15 182 348 515 -
REPAYE.............. 15 182 348 515 682
10-Year Standard.... 666 666 666 666 666
80,000 ICR................. 131 464 781 858 943
IBR................. 22 272 522 772 -
PAYE................ 15 182 348 515 682
REPAYE.............. 15 182 348 515 692
10-Year Standard.... 888 888 888 888 888
100,000 ICR................. 131 464 798 1,072 1,179
IBR................. 22 272 522 772 1,022
PAYE................ 15 182 348 515 682
REPAYE.............. 15 182 348 515 692
10-Year Standard.... 1,110 1,110 1,110 1,110 1,110
--------------------------------------------------------------------------------------------------------------------------------------------------------
Sample First-Year Monthly Repayment Amounts for a Married or Head-of-Household Borrower
--------------------------------------------------------------------------------------------------------------------------------------------------------
Family Size = 3
---------------------------------------------------------------------------------------------------------------------------------------------------------
Income Plan $20,000 $40,000 $60,000 $80,000 $100,000
--------------------------------------------------------------------------------------------------------------------------------------------------------
Initial Debt...................... Income Plan................ $20,000 $40,000 $60,000 $80,000 $100,000
$20,000 ICR................. $0 $166 $195 $207 $229
IBR................. 0 110 - - -
PAYE................ 0 74 - - -
REPAYE.............. 0 74 240 407 574
10-Year Standard.... 222 222 222 222 222
[[Page 37806]]
40,000 ICR................. 0 314 390 415 457
IBR................. 0 110 360 - -
PAYE................ 0 74 240 407 -
REPAYE.............. 0 74 240 407 574
10-Year Standard.... 444 444 444 444 444
60,000 ICR................. 0 320 586 622 686
IBR................. 0 110 360 610 -
PAYE................ 0 74 240 407 574
REPAYE.............. 0 74 240 407 574
10-Year Standard.... 666 666 666 666 666
80,000 ICR................. 0 320 654 830 914
IBR................. 0 110 360 610 860
PAYE................ 0 74 240 407 574
REPAYE.............. 0 74 240 407 574
10-Year Standard.... 888 888 888 888 888
100,000 ICR................. 0 320 654 987 1,143
IBR................. 0 110 360 610 860
PAYE................ 0 74 240 407 574
REPAYE.............. 0 74 240 407 574
10-Year Standard.... 1,110 1,110 1,110 1,110 1,110
--------------------------------------------------------------------------------------------------------------------------------------------------------
[FR Doc. 2018-16582 Filed 8-1-18; 8:45 am]
BILLING CODE 4000-01-P
