Annual Updates to the Income Contingent Repayment (ICR) Plan Formula for 2018-William D. Ford Federal Direct Loan Program, 37802-37806 [2018-16582]

Download as PDF 37802 Federal Register / Vol. 83, No. 149 / Thursday, August 2, 2018 / Notices and implementation of high-quality school EOPs. 6. Continuation Awards: In making a continuation award under 34 CFR 75.253, the Secretary considers, among other things: whether a grantee has made substantial progress in achieving the goals and objectives of the project; whether the grantee has expended funds in a manner that is consistent with its approved application and budget; and, if the Secretary has established performance measurement requirements, the performance targets in the grantee’s approved application. In making a continuation award, the Secretary also considers whether the grantee is operating in compliance with the assurances in its approved application, including those applicable to Federal civil rights laws that prohibit discrimination in programs or activities receiving Federal financial assistance from the Department (34 CFR 100.4, 104.5, 106.4, 108.8, and 110.23). daltland on DSKBBV9HB2PROD with NOTICES 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 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 Adobe Portable Document Format (PDF). To use PDF you must have 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. 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 VerDate Sep<11>2014 17:06 Aug 01, 2018 Jkt 244001 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: PO 00000 Frm 00020 Fmt 4703 Sfmt 4703 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 E:\FR\FM\02AUN1.SGM 02AUN1 Federal Register / Vol. 83, No. 149 / Thursday, August 2, 2018 / Notices 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 daltland on DSKBBV9HB2PROD with NOTICES $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 VerDate Sep<11>2014 17:06 Aug 01, 2018 Jkt 244001 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]> PO 00000 Frm 00021 Fmt 4703 Sfmt 4703 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 E:\FR\FM\02AUN1.SGM 02AUN1 daltland on DSKBBV9HB2PROD with NOTICES 37804 Federal Register / Vol. 83, No. 149 / Thursday, August 2, 2018 / Notices • 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. VerDate Sep<11>2014 17:06 Aug 01, 2018 Jkt 244001 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 PO 00000 Frm 00022 Fmt 4703 Sfmt 4703 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 E:\FR\FM\02AUN1.SGM 02AUN1 37805 Federal Register / Vol. 83, No. 149 / Thursday, August 2, 2018 / Notices 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 daltland on DSKBBV9HB2PROD with NOTICES Family Size = 3 Income Initial Debt ............. VerDate Sep<11>2014 Income $20,000 17:06 Aug 01, 2018 Plan $20,000 Plan ...................... ICR ....................... IBR ........................ PAYE .................... REPAYE ............... 10-Year Standard Jkt 244001 PO 00000 Frm 00023 $40,000 $20,000 $0 0 0 0 222 Fmt 4703 Sfmt 4703 $40,000 $166 110 74 74 222 $60,000 $60,000 $195 240 222 E:\FR\FM\02AUN1.SGM 02AUN1 $80,000 $80,000 $207 407 222 $100,000 $100,000 $229 574 222 37806 Federal Register / Vol. 83, No. 149 / Thursday, August 2, 2018 / Notices 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 1,110 314 110 74 74 444 320 110 74 74 666 320 110 74 74 888 320 110 74 74 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 $60,000 390 360 240 240 444 586 360 240 240 666 654 360 240 240 888 654 360 240 240 1,110 $80,000 $100,000 415 407 407 444 622 610 407 407 666 830 610 407 407 888 987 610 407 407 1,110 457 574 444 686 574 574 666 914 860 574 574 888 1,143 860 574 574 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]


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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

AGENCY: Federal Student Aid, Department of Education.

ACTION: Notice.

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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