Annual Updates to the Income Contingent Repayment (ICR) Plan Formula for 2019-William D. Ford Federal Direct Loan Program, 23539-23543 [2019-10623]
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[FR Doc. 2019–10646 Filed 5–21–19; 8:45 am]
BILLING CODE 5001–06–P
DEPARTMENT OF EDUCATION
Annual Updates to the Income
Contingent Repayment (ICR) Plan
Formula for 2019—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 2019 to give notice to borrowers and
the public regarding how monthly ICR
payment amounts will be calculated for
the 2019–2020 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, 2019, to June 30,
2020, 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,
SUMMARY:
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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 2019, 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 2019
• 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 August 2,
2018 (83 FR 37802). 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 notseasonally-adjusted Consumer Price
Index for all urban consumers for
December 2018 and December 2019.
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
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the Department.
Program Authority: 20 U.S.C. 1087 et seq.
Mark A. Brown,
Chief Operating Officer, Federal Student Aid.
Attachment 1—Income Percentage
Factors for 2019
INCOME PERCENTAGE FACTORS FOR 2019
Single
Married/head of household
Income
% Factor
$12,147 .....................................................................
$16,714 .....................................................................
$21,506 .....................................................................
$26,407 .....................................................................
$31,087 .....................................................................
$36,989 .....................................................................
$46,460 .....................................................................
$58,269 .....................................................................
$70,081 .....................................................................
$84,229 .....................................................................
$107,852 ...................................................................
$152,755 ...................................................................
$175,147 ...................................................................
$311,967 ...................................................................
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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 2019
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
2019 were published in the Federal
Register on February 1, 2019 (84 FR
1167).
• All of the examples use an income
percentage factor corresponding to an
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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
$12,147 ....................................................................
$19,165 ....................................................................
$22,839 ....................................................................
$29,858 ....................................................................
$36,989 ....................................................................
$46,460 ....................................................................
$58,268 ....................................................................
$70,081 ....................................................................
$87,800 ....................................................................
$117,322 ..................................................................
$158,657 ..................................................................
$221,889 ..................................................................
$362,583 ..................................................................
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
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% Factor
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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
payment is the same over the course of
the repayment period) is as follows:
M = P × <(I ÷ 12) ÷ [1¥{1 + (I ÷ 12)}
∧¥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
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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
• 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 $31,087.
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 $31,087 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:
• $31,087¥$12,490 = $18,597
• $18,597 × 0.20 = $3,719.40
• $3,719.40 ÷ 12 = $309.95
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
$102.93 under the PAYE and REPAYE plans.
However, Brenda’s payment would be
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$154.40 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 $87,800 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 $87,800 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:
• $87,800¥$16,910 = $70,890
• $70,890 × 0.20 = $14,178.00
• $14,178.00 ÷ 12 = $1,181.50
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 $520.29.
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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 × $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 $36,989.
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 $36,989 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:
• $36,989 ¥ $12,490 = $24,499.00
• $24,499 × 0.20 = $4,899.80
• $4,899.90 ÷ 12 = $408.32
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
($408.32).
Note: David would have a lower payment
under each of the other income-driven plans.
Specifically, David’s payment would be
$152.12 under the PAYE and REPAYE plans
and $228.18 under the IBR plan.
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Interpolation. If an income is not
included on the income percentage
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 ($46,460) and the closest
income listed that is greater than Joan’s
income of $50,000 ($58,269).
Step 2: Subtract the lower amount
from the higher amount (for this
discussion we will call the result the
‘‘income interval’’):
• $58,269¥$46,460 = $11,809
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:
Attachment 3—Charts Showing Sample
Income-Driven Repayment Amounts for
Single and Married Borrowers
• $50,000¥$46,460 = $3,540
Step 5: Divide the result of Step 4 by
the income interval determined in Step
2:
• $3,540 ÷ $11,809 = 29.98 percent
Step 6: Multiply the result of Step 5
by the income percentage factor
interval:
• 11.23 percent × 29.98 percent = 3.37
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:
• 3.37 percent + 88.77 percent = 92.14
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.
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 .............
Plan
$20,000
40,000
60,000
80,000
100,000
$20,000
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
ICR .......................
IBR ........................
PAYE ....................
REPAYE ...............
10-Year Standard
$117
16
11
11
222
125
16
11
11
444
125
16
11
11
666
125
16
11
11
888
125
16
11
11
1,110
$40,000
$60,000
$80,000
$100,000
$162
........................
177
177
222
324
266
177
177
444
459
266
177
177
666
459
266
177
177
888
459
266
177
177
1,110
$195
........................
........................
344
222
344
........................
344
344
444
586
516
344
344
666
781
516
344
344
888
792
516
344
344
1,110
$211
........................
........................
511
222
423
........................
........................
511
444
634
........................
511
511
666
845
766
511
511
888
1,057
766
511
511
1,110
$233
........................
........................
677
222
472
........................
........................
682
444
700
........................
........................
677
666
934
........................
677
677
888
1,167
1,016
677
677
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 .............
Plan
$20,000
40,000
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$20,000
ICR .......................
IBR ........................
PAYE ....................
REPAYE ...............
10-Year Standard
ICR .......................
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$40,000
$0
0
0
0
222
0
Fmt 4703
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$154
100
67
67
222
309
$60,000
$80,000
$100,000
$195
........................
........................
233
222
390
$205
........................
........................
400
222
15
$226
........................
........................
567
222
457
E:\FR\FM\22MYN1.SGM
22MYN1
23543
Federal Register / Vol. 84, No. 99 / Wednesday, May 22, 2019 / Notices
SAMPLE FIRST-YEAR MONTHLY REPAYMENT AMOUNTS FOR A MARRIED OR HEAD-OF-HOUSEHOLD BORROWER—
Continued
Family Size = 3
Income
Plan
60,000
80,000
100,000
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. 2019–10623 Filed 5–21–19; 8:45 am]
BILLING CODE 4000–01–P
DEPARTMENT OF EDUCATION
Applications for New Awards;
Personnel Development To Improve
Services and Results for Children With
Disabilities—Preparation of Special
Education, Early Intervention, and
Related Services Leadership
Personnel
Office of Special Education and
Rehabilitative Services, Department of
Education.
ACTION: Notice.
AGENCY:
The mission of the Office of
Special Education and Rehabilitative
Services (OSERS) is to improve early
childhood, educational, and
employment outcomes and raise
expectations for all people with
disabilities, their families, their
communities, and the Nation. As such,
the Department of Education
(Department) is issuing a notice inviting
applications for new awards for fiscal
year (FY) 2019 for Personnel
Development to Improve Services and
Results for Children with Disabilities—
Preparation of Special Education, Early
Intervention, and Related Services
Leadership Personnel, Catalog of
Federal Domestic Assistance (CFDA)
number 84.325D. This notice relates to
the approved information collection
under OMB control number 1820–0028.
Applications Available: May 22, 2019.
Deadline for Transmittal of
Applications: July 8, 2019.
jbell on DSK3GLQ082PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
17:29 May 21, 2019
$20,000
Jkt 247001
$40,000
0
0
0
444
0
0
0
0
666
0
0
0
0
888
0
0
0
0
1,110
100
67
67
444
320
100
67
67
666
311
100
67
67
888
311
100
67
67
1,110
Pre-Application Webinar Information:
No later than May 28, 2019, OSERS will
post pre-recorded informational
webinars designed to provide technical
assistance to interested applicants. The
webinars may be found at www2.ed.gov/
fund/grant/apply/osep/new-osepgrants.html.
Pre-Application Q & A Blog: No later
than May 28, 2019, OSERS will open a
blog where interested applicants may
post questions about the application
requirements for this competition and
where OSERS will post answers to the
questions received. OSERS will not
respond to questions unrelated to the
application requirements for this
competition. The blog may be found at
www2.ed.gov/fund/grant/apply/osep/
new-osep-grants.html and will remain
open until June 10, 2019. After the blog
closes, applicants should direct
questions to the person listed under FOR
FURTHER INFORMATION CONTACT.
Deadline for Intergovernmental
Review: September 4, 2019
For the addresses for
obtaining and submitting an
application, please refer to our Common
Instructions for Applicants to
Department of Education Discretionary
Grant Programs, published in the
Federal Register on February 13, 2019
(84 FR 3768), and available at
www.govinfo.gov/content/pkg/FR-201902-13/pdf/2019-02206.pdf.
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
Celia Rosenquist, U.S. Department of
Education, 400 Maryland Avenue SW,
Room 5158, Potomac Center Plaza,
Washington, DC 20202–5076.
PO 00000
Frm 00022
Fmt 4703
Sfmt 4703
$60,000
350
233
233
444
586
350
233
233
666
645
350
233
233
888
645
350
233
233
1,110
$80,000
$100,000
........................
400
400
444
622
600
400
400
666
822
600
400
400
888
978
600
400
400
1,110
........................
........................
574
444
686
........................
574
574
666
904
850
567
567
888
1,131
850
567
567
1,110
Telephone: (202) 245–7373. Email:
Celia.Rosenquist@ed.gov.
If you use a telecommunications
device for the deaf (TDD) or a text
telephone (TTY), call the Federal Relay
Service (FRS), toll free, at 1–800–877–
8339.
SUPPLEMENTARY INFORMATION:
Full Text of Announcement
I. Funding Opportunity Description
Purpose of Program: The purposes of
this program are to (1) help address
State-identified needs for personnel
preparation in special education, early
intervention, related services, and
regular education to work with children,
including infants and toddlers, with
disabilities; and (2) ensure that those
personnel have the necessary skills and
knowledge, derived from practices that
have been determined through
scientifically based research and
experience, to be successful in serving
those children.
Priorities: This competition includes
two absolute priorities and three
competitive preference priorities. In
accordance with 34 CFR 75.105(b)(2)(v),
the absolute priorities and competitive
preference priorities are from allowable
activities specified in the statute (see
sections 662 and 681 of the Individuals
with Disabilities Education Act (IDEA);
20 U.S.C. 1462 and 1481).
Absolute Priorities: For FY 2019 and
any subsequent year in which we make
awards from the list of unfunded
applications from this competition,
these priorities are absolute priorities.
Under 34 CFR 75.105(c)(3), we consider
only applications that meet either
E:\FR\FM\22MYN1.SGM
22MYN1
]]>Agencies
[Federal Register Volume 84, Number 99 (Wednesday, May 22, 2019)]
[Notices]
[Pages 23539-23543]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-10623]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF EDUCATION
Annual Updates to the Income Contingent Repayment (ICR) Plan
Formula for 2019--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 2019 to give notice to borrowers and the public regarding
how monthly ICR payment amounts will be calculated for the 2019-2020
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, 2019,
to June 30, 2020, 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 2019, 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 2019
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 August 2, 2018 (83 FR 37802). 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 2018 and December 2019.
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
[[Page 23540]]
the document published in the Federal Register. You may access the
official edition of the Federal Register and the Code of Federal
Regulations at www.govinfo.gov. 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 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.
Mark A. Brown,
Chief Operating Officer, Federal Student Aid.
Attachment 1--Income Percentage Factors for 2019
Income Percentage Factors for 2019
----------------------------------------------------------------------------------------------------------------
Single Married/head of household
----------------------------------------------------------------------------------------------------------------
Income % Factor Income % Factor
----------------------------------------------------------------------------------------------------------------
$12,147.................................... 55.00 $12,147....................... 50.52
$16,714.................................... 57.79 $19,165....................... 56.68
$21,506.................................... 60.57 $22,839....................... 59.56
$26,407.................................... 66.23 $29,858....................... 67.79
$31,087.................................... 71.89 $36,989....................... 75.22
$36,989.................................... 80.33 $46,460....................... 87.61
$46,460.................................... 88.77 $58,268....................... 100.00
$58,269.................................... 100.00 $70,081....................... 100.00
$70,081.................................... 100.00 $87,800....................... 109.40
$84,229.................................... 111.80 $117,322...................... 125.00
$107,852................................... 123.50 $158,657...................... 140.60
$152,755................................... 141.20 $221,889...................... 150.00
$175,147................................... 150.00 $362,583...................... 200.00
$311,967................................... 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 2019 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 2019 were published in the Federal
Register on February 1, 2019 (84 FR 1167).
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} [supcaret]-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
[[Page 23541]]
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 [supcaret] -144 = 0.48762628
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 $31,087.
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 $31,087 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:
$31,087-$12,490 = $18,597
$18,597 x 0.20 = $3,719.40
$3,719.40 / 12 = $309.95
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
$102.93 under the PAYE and REPAYE plans. However, Brenda's payment
would be $154.40 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 $87,800 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 $87,800 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:
$87,800-$16,910 = $70,890
$70,890 x 0.20 = $14,178.00
$14,178.00 / 12 = $1,181.50
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 $520.29.
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 $36,989.
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 $36,989 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:
$36,989 - $12,490 = $24,499.00
$24,499 x 0.20 = $4,899.80
$4,899.90 / 12 = $408.32
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
($408.32).
Note: David would have a lower payment under each of the other
income-driven plans. Specifically, David's payment would be $152.12
under the PAYE and REPAYE plans and $228.18 under the IBR plan.
[[Page 23542]]
Interpolation. If an income is not included on the income
percentage 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 ($46,460) and the closest income listed that is
greater than Joan's income of $50,000 ($58,269).
Step 2: Subtract the lower amount from the higher amount (for this
discussion we will call the result the ``income interval''):
$58,269-$46,460 = $11,809
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-$46,460 = $3,540
Step 5: Divide the result of Step 4 by the income interval
determined in Step 2:
$3,540 / $11,809 = 29.98 percent
Step 6: Multiply the result of Step 5 by the income percentage
factor interval:
11.23 percent x 29.98 percent = 3.37 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:
3.37 percent + 88.77 percent = 92.14 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 $162 $195 $211 $233
IBR................. 16 .............. .............. .............. ..............
PAYE................ 11 177 .............. .............. ..............
REPAYE.............. 11 177 344 511 677
10-Year Standard.... 222 222 222 222 222
40,000 ICR................. 125 324 344 423 472
IBR................. 16 266 .............. .............. ..............
PAYE................ 11 177 344 .............. ..............
REPAYE.............. 11 177 344 511 682
10-Year Standard.... 444 444 444 444 444
60,000 ICR................. 125 459 586 634 700
IBR................. 16 266 516 .............. ..............
PAYE................ 11 177 344 511 ..............
REPAYE.............. 11 177 344 511 677
10-Year Standard.... 666 666 666 666 666
80,000 ICR................. 125 459 781 845 934
IBR................. 16 266 516 766 ..............
PAYE................ 11 177 344 511 677
REPAYE.............. 11 177 344 511 677
10-Year Standard.... 888 888 888 888 888
100,000 ICR................. 125 459 792 1,057 1,167
IBR................. 16 266 516 766 1,016
PAYE................ 11 177 344 511 677
REPAYE.............. 11 177 344 511 677
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...................... $20,000 ICR................. $0 $154 $195 $205 $226
IBR................. 0 100 .............. .............. ..............
PAYE................ 0 67 .............. .............. ..............
REPAYE.............. 0 67 233 400 567
10-Year Standard.... 222 222 222 222 222
40,000 ICR................. 0 309 390 15 457
[[Page 23543]]
IBR................. 0 100 350 .............. ..............
PAYE................ 0 67 233 400 ..............
REPAYE.............. 0 67 233 400 574
10-Year Standard.... 444 444 444 444 444
60,000 ICR................. 0 320 586 622 686
IBR................. 0 100 350 600 ..............
PAYE................ 0 67 233 400 574
REPAYE.............. 0 67 233 400 574
10-Year Standard.... 666 666 666 666 666
80,000 ICR................. 0 311 645 822 904
IBR................. 0 100 350 600 850
PAYE................ 0 67 233 400 567
REPAYE.............. 0 67 233 400 567
10-Year Standard.... 888 888 888 888 888
100,000 ICR................. 0 311 645 978 1,131
IBR................. 0 100 350 600 850
PAYE................ 0 67 233 400 567
REPAYE.............. 0 67 233 400 567
10-Year Standard.... 1,110 1,110 1,110 1,110 1,110
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[FR Doc. 2019-10623 Filed 5-21-19; 8:45 am]
BILLING CODE 4000-01-P
