Annual Updates to the Income-Contingent Repayment (ICR) Plan Formula for 2021-William D. Ford Federal Direct Loan Program, 19607-19611 [2021-07605]
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DEPARTMENT OF EDUCATION
Annual Updates to the IncomeContingent Repayment (ICR) Plan
Formula for 2021—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 2021 to give notice to borrowers and
the public regarding how monthly ICR
payment amounts will be calculated for
the 2021–2022 year under the William
D. Ford Federal Direct Loan (Direct
Loan) Program, Assistance Listing
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, 2021, to June 30,
2022, 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:
Travis Sturlaugson, U.S. Department of
Education, 830 First Street NE, Room
113H3, Washington, DC 20202.
Telephone: (202) 377–4174. Email:
travis.sturlaugson@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 Adjusted Gross
Income (AGI), 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
under the ICR plan pays the lesser of: (1)
The monthly amount that would be
required over a 12-year repayment
period with fixed payments, multiplied
by an income percentage factor; or (2) 20
percent of discretionary income.
SUMMARY:
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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 2021, 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 2021
• 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 June 02, 2020
(85 FR 33639). 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 2020
and December 2021.
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: On request to the
program contact person listed under FOR
FURTHER INFORMATION CONTACT,
individuals with disabilities can obtain
this document in an accessible format.
The Department will provide the
requestor with an accessible format that
may include Rich Text Format (RTF) or
text format (txt), a thumb drive, an MP3
file, braille, large print, audiotape, or
compact disc, or other accessible format.
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The official version of this document is
the document published in the Federal
Register. You may access the official
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www.govinfo.gov. At this site, you can
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Federal Register / Vol. 86, No. 70 / Wednesday, April 14, 2021 / Notices
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Program Authority: 20 U.S.C. 1087 et seq.
Robin Minor,
Acting Chief Operating Officer, Federal
Student Aid.
Attachment 1—Income Percentage
Factors for 2021
INCOME PERCENTAGE FACTORS FOR 2021
Single
Married/head of household
AGI
% Factor
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$12,596 .....................................................................
$17,332 .....................................................................
$22,302 .....................................................................
$27,385 .....................................................................
$32,238 .....................................................................
$38,359 .....................................................................
$48,180 .....................................................................
$60,426 .....................................................................
$72,676 .....................................................................
$87,347 .....................................................................
$111,844 ...................................................................
$158,410 ...................................................................
$181,631 ...................................................................
$323,516 ...................................................................
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 ‘‘Loan
Simulator’’ and is available at
studentaid.gov/loan-simulator. Based on
information entered 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 2021
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
2021 were published in the Federal
Register on February 1, 2021 (86 FR
7732).
• All of the examples use an income
percentage factor corresponding to an
adjusted gross income (AGI) in the table
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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
AGI
$12,596 ....................................................................
$19,875 ....................................................................
$23,684 ....................................................................
$30,964 ....................................................................
$38,359 ....................................................................
$48,180 ....................................................................
$60,425 ....................................................................
$72,676 ....................................................................
$91,051 ....................................................................
$121,666 ..................................................................
$164,531 ..................................................................
$230,104 ..................................................................
$376,006 ..................................................................
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 Briana, has a total outstanding
Direct Loan debt of $60,000, of which
$40,000 belongs to John and $20,000 to
Briana, we would apportion 67 percent
of the monthly ICR payment to John and
the remaining 33 percent to Briana. 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:
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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
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 loan entered
repayment;
• 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 expressed 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 expressed 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
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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. In each of the examples,
the Direct Loan amounts represent the
outstanding principal balance at the
time the loans entered repayment.
Example 1. Kesha is single with no
dependents and has $15,000 in Direct
Subsidized and Unsubsidized Loans.
The interest rate on Kesha’s loans is 6
percent, and she has an AGI of $32,238.
Step 1: Determine the total monthly
payment amount based on what Kesha
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 Kesha’s AGI. In this
example, an AGI of $32,238 corresponds
to an income percentage factor of 71.89
percent.
• 0.7189 × $146.38 = $105.23
Step 3: Now, determine the monthly
payment amount equal to 20 percent of
Kesha’s 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 HHS
Poverty Guideline amount for a family
of one from Kesha’s AGI, multiply the
result by 20 percent, and then divide by
12:
• $32,238¥$12,880 = $19,358
• $19,358 × 0.20 = $3,871.60
• $3,871.60 ÷ 12 = $322.63
Step 4: Compare the amount from
Step 2 with the amount from Step 3. In
this example, Kesha would pay the
amount calculated under Step 2
($105.23), since this is the lesser of the
two payment amounts.
Note: Kesha would have a lower
payment under other income-driven
repayment plans. Specifically, Kesha’s
payment would be $107.65 under the
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PAYE and REPAYE plans. However,
Kesha’s payment would be $161.48
under the IBR plan, which is higher
than the payment she would have under
the ICR plan.
Example 2. Paul is married to Jesse
and they have no dependents. They file
their Federal income tax return jointly.
Paul has a Direct Loan balance of
$10,000, and Jesse has a Direct Loan
balance of $15,000. Each of their Direct
Loans has an interest rate of 6 percent.
Paul and Jesse have a combined AGI
of $91,051 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 Paul’s and Jesse’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 Paul and
Jesse 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, their 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 Paul and Jesse’s
combined AGI. In this example, the
combined AGI of $91,051 corresponds
to an income percentage factor of 109.40
percent.
• 1.094 × $243.96 = $266.90
Step 4: Now, determine the monthly
payment amount equal to 20 percent of
Paul and Jesse’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:
• $91,051¥$17,420 = $73,631
• $73,631 × 0.20 = $14,726.20
• $14,726.20 ÷ 12 = $1,227.18
Step 5: Compare the amount from
Step 3 with the amount from Step 4.
Paul and Jesse would jointly pay the
amount calculated under Step 3
($266.90), since this is the lesser of the
two amounts.
Note: For Paul and Jesse, the ICR plan
provides the lowest monthly payment of
any income-driven repayment plan
available. Paul and Jesse would not be
eligible for the IBR or PAYE plans, and
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19609
they would have a combined monthly
payment under the REPAYE plan of
$541.01.
Step 6: Because Paul and Jesse are
jointly repaying their Direct Loans
under the ICR plan, the monthly
payment amount calculated under Step
5 applies to Paul’s and Jesse’s combined
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. Paul has a Direct Loan debt
of $10,000 and Jesse has a Direct Loan
debt of $15,000. For Paul, the monthly
payment amount will be:
• $10,000 ÷ ($10,000 + $15,000) = 40
percent
• 0.40 × $266.90 = $106.76
For Jesse, the monthly payment amount
will be:
• $15,000 ÷ ($10,000 + $15,000) = 60
percent
• 0.60 × $266.90 = $160.14
Example 3. Santiago is single with no
dependents and has a combined balance
of $60,000 in Direct Subsidized and
Unsubsidized Loans. Each of Santiago’s
loans has an interest rate of 6 percent,
and Santiago’s AGI is $38,359.
Step 1: Determine the total monthly
payment amount based on what
Santiago 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 Santiago’s AGI. In this
example, an AGI of $38,359 corresponds
to an income percentage factor of 80.33
percent.
• 0.8033 × $585.51 = $470.34
Step 3: Now, determine the monthly
payment amount equal to 20 percent of
Santiago’s 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 HHS
Poverty Guideline amount for a family
of one from Santiago’s AGI, multiply the
result by 20 percent, and then divide by
12:
• $38,359¥$12,880 = $25,479
• $25,479 × 0.20 = $5,095.80
• $5,095.80 ÷ 12 = $424.65
Step 4: Compare the amount from
Step 2 with the amount from Step 3. In
this example, Santiago would pay the
amount calculated under Step 3
($424.65), since this is the lesser of the
two amounts.
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Note: Santiago would have a lower
payment under each of the other
income-driven plans. Specifically,
Santiago’s payment would be $158.66
under the PAYE and REPAYE plans and
$237.99 under the IBR plan.
Interpolation. If an AGI is not
included on the income percentage
factor table, calculate the income
percentage factor through linear
interpolation. For example, assume that
Jocelyn is single with an AGI of $50,000.
Step 1: Find the closest AGI listed
that is less than Jocelyn’s AGI of
$50,000 ($48,180) and the closest AGI
listed that is greater than Jocelyn’s AGI
of $50,000 ($60,426).
Step 2: Subtract the lower amount
from the higher amount (for this
discussion we will call the result the
‘‘income interval’’):
• $60,426¥$48,180 = $12,246
Step 3: Determine the difference
between the two income percentage
factors that correspond to the AGIs 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 Jocelyn’s AGI
the closest AGI shown on the chart that
is less than Jocelyn’s AGI of $50,000:
• $50,000¥$48,180 = $1,820
Step 5: Divide the result of Step 4 by
the income interval determined in Step
2:
• $1,820 ÷ $12,246 = 14.86 percent
Step 6: Multiply the result of Step 5
by the income percentage factor interval
that was calculated in Step 3:
• 11.23 percent × 14.86 percent = 1.67
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 an
AGI of $50,000:
• 1.67 percent + 88.77 percent = 90.44
percent (rounded to the nearest
hundredth)
The result is the income percentage
factor that we will use to calculate
Jocelyn’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 AGIs
under each 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 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
AGI, loan debt, and family size.
SAMPLE FIRST-YEAR MONTHLY REPAYMENT AMOUNTS FOR A SINGLE BORROWER
Family Size = 1
AGI
$20,000
$40,000
Initial Debt ...
$60,000
$80,000
$100,000
Plan
$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 ...........
$40,000
116
9
6
6
222
119
9
6
6
444
119
9
6
6
666
119
9
6
6
888
119
9
6
6
1,110
$60,000
160
—
172
172
222
319
259
172
172
444
452
259
172
172
666
452
259
172
172
888
452
259
172
172
1,110
195
—
—
339
222
390
—
339
339
444
586
509
339
339
666
781
509
339
339
888
785
509
339
339
1,110
$80,000
$100,000
207
—
—
506
222
413
—
—
506
444
620
—
506
506
666
827
759
506
506
888
1,033
759
506
506
1,110
230
—
—
672
222
460
—
—
672
444
690
—
—
672
666
920
—
672
672
888
1,150
1,009
672
672
1,110
SAMPLE FIRST-YEAR MONTHLY REPAYMENT AMOUNTS FOR A MARRIED OR HEAD-OF-HOUSEHOLD BORROWER
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Family Size = 3
AGI
$20,000
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Plan
$20,000
ICR ..................................
IBR ..................................
PAYE ..............................
REPAYE .........................
10-Year Standard ...........
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$40,000
0
0
0
0
222
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$60,000
151
88
59
59
222
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—
—
226
222
14APN1
$80,000
202
—
—
392
222
$100,000
222
—
—
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222
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Federal Register / Vol. 86, No. 70 / Wednesday, April 14, 2021 / Notices
SAMPLE FIRST-YEAR MONTHLY REPAYMENT AMOUNTS FOR A MARRIED OR HEAD-OF-HOUSEHOLD BORROWER—
Continued
Family Size = 3
AGI
Plan
$40,000
Initial Debt ...
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 ...........
$60,000
$80,000
$100,000
[FR Doc. 2021–07605 Filed 4–13–21; 8:45 am]
BILLING CODE 4000–01–P
DEPARTMENT OF ENERGY
Federal Energy Regulatory
Commission
[Docket No. NJ21–10–000]
jbell on DSKJLSW7X2PROD with NOTICES
Oncor Electric Delivery Company LLC;
Notice of Filing
Take notice that on April 6, 2021,
Oncor Electric Delivery Company LLC
submitted its tariff filing: Oncor TFO
Tariff Rate Changes Effective March 26,
2021 to be effective 3/26/2021.
Any person desiring to intervene or to
protest this filing must file in
accordance with Rules 211 and 214 of
the Commission’s Rules of Practice and
Procedure (18 CFR 385.211, 385.214).
Protests will be considered by the
Commission in determining the
appropriate action to be taken but will
not serve to make protestants parties to
the proceeding. Any person wishing to
become a party must file a notice of
intervention or motion to intervene, as
appropriate. Such notices, motions, or
protests must be filed on or before the
comment date. On or before the
comment date, it is not necessary to
serve motions to intervene or protests
on persons other than the Applicant.
In addition to publishing the full text
of this document in the Federal
Register, the Commission provides all
interested persons an opportunity to
view and/or print the contents of this
document via the internet through the
VerDate Sep<11>2014
17:22 Apr 13, 2021
$20,000
Jkt 253001
$40,000
0
0
0
0
444
0
0
0
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0
0
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0
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1,110
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88
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444
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888
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Commission’s Home Page (https://
ferc.gov) using the ‘‘eLibrary’’ link.
Enter the docket number excluding the
last three digits in the docket number
field to access the document. At this
time, the Commission has suspended
access to the Commission’s Public
Reference Room, due to the
proclamation declaring a National
Emergency concerning the Novel
Coronavirus Disease (COVID–19), issued
by the President on March 13, 2020. For
assistance, contact the Federal Energy
Regulatory Commission at
FERCOnlineSupport@ferc.gov or call
toll-free, (886) 208–3676 or TYY, (202)
502–8659.
The Commission strongly encourages
electronic filings of comments, protests
and interventions in lieu of paper using
the ‘‘eFiling’’ link at https://
www.ferc.gov. Persons unable to file
electronically may mail similar
pleadings to the Federal Energy
Regulatory Commission, 888 First Street
NE, Washington, DC 20426. Hand
delivered submissions in docketed
proceedings should be delivered to
Health and Human Services, 12225
Wilkins Avenue, Rockville, Maryland
20852.
Comment Date: 5:00 p.m. Eastern
Time on April 27, 2021.
Dated: April 7, 2021.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2021–07617 Filed 4–13–21; 8:45 am]
BILLING CODE 6717–01–P
PO 00000
Frm 00010
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DEPARTMENT OF ENERGY
Federal Energy Regulatory
Commission
[Docket No. ER21–1638–000]
Daylight I, LLC, Edwards Solar Line I,
LLC, Sanborn Solar Line I, LLC;
Supplemental Notice That Initial
Market-Based Rate Filing Includes
Request for Blanket Section 204
Authorization
This is a supplemental notice in the
above-referenced proceeding of Daylight
I, LLC, Edwards Solar Line I, LLC, and
Sanborn Solar Line I, LLC, LLC’s
application for market-based rate
authority, with an accompanying rate
tariff, noting that such application
includes a request for blanket
authorization, under 18 CFR part 34, of
future issuances of securities and
assumptions of liability.
Any person desiring to intervene or to
protest should file with the Federal
Energy Regulatory Commission, 888
First Street NE, Washington, DC 20426,
in accordance with Rules 211 and 214
of the Commission’s Rules of Practice
and Procedure (18 CFR 385.211 and
385.214). Anyone filing a motion to
intervene or protest must serve a copy
of that document on the Applicant.
Notice is hereby given that the
deadline for filing protests with regard
to the applicant’s request for blanket
authorization, under 18 CFR part 34, of
future issuances of securities and
assumptions of liability, is April 28,
2021.
E:\FR\FM\14APN1.SGM
14APN1
]]>Agencies
[Federal Register Volume 86, Number 70 (Wednesday, April 14, 2021)]
[Notices]
[Pages 19607-19611]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-07605]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF EDUCATION
Annual Updates to the Income-Contingent Repayment (ICR) Plan
Formula for 2021--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 2021 to give notice to borrowers and the public regarding
how monthly ICR payment amounts will be calculated for the 2021-2022
year under the William D. Ford Federal Direct Loan (Direct Loan)
Program, Assistance Listing 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, 2021,
to June 30, 2022, 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: Travis Sturlaugson, U.S. Department of
Education, 830 First Street NE, Room 113H3, Washington, DC 20202.
Telephone: (202) 377-4174. 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 Adjusted Gross Income (AGI), 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 under the ICR plan pays the
lesser of: (1) The monthly amount that would be required over a 12-year
repayment period 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 2021, 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 2021
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 June 02, 2020 (85 FR 33639). 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 2020 and December 2021.
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: On request to the program contact person listed
under FOR FURTHER INFORMATION CONTACT, individuals with disabilities
can obtain this document in an accessible format. The Department will
provide the requestor with an accessible format that may include Rich
Text Format (RTF) or text format (txt), a thumb drive, an MP3 file,
braille, large print, audiotape, or compact disc, or other accessible
format.
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 at www.govinfo.gov. At this site, you can
[[Page 19608]]
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.
Robin Minor,
Acting Chief Operating Officer, Federal Student Aid.
Attachment 1--Income Percentage Factors for 2021
Income Percentage Factors for 2021
----------------------------------------------------------------------------------------------------------------
Single Married/head of household
----------------------------------------------------------------------------------------------------------------
AGI % Factor AGI % Factor
----------------------------------------------------------------------------------------------------------------
$12,596.................................... 55.00 $12,596....................... 50.52
$17,332.................................... 57.79 $19,875....................... 56.68
$22,302.................................... 60.57 $23,684....................... 59.56
$27,385.................................... 66.23 $30,964....................... 67.79
$32,238.................................... 71.89 $38,359....................... 75.22
$38,359.................................... 80.33 $48,180....................... 87.61
$48,180.................................... 88.77 $60,425....................... 100.00
$60,426.................................... 100.00 $72,676....................... 100.00
$72,676.................................... 100.00 $91,051....................... 109.40
$87,347.................................... 111.80 $121,666...................... 125.00
$111,844................................... 123.50 $164,531...................... 140.60
$158,410................................... 141.20 $230,104...................... 150.00
$181,631................................... 150.00 $376,006...................... 200.00
$323,516................................... 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 ``Loan Simulator'' and is available at studentaid.gov/loan-simulator. Based on information entered 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 2021 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 2021 were published in the Federal
Register on February 1, 2021 (86 FR 7732).
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 Briana, has a
total outstanding Direct Loan debt of $60,000, of which $40,000 belongs
to John and $20,000 to Briana, we would apportion 67 percent of the
monthly ICR payment to John and the remaining 33 percent to Briana. 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 loan entered repayment;
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 expressed 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 expressed 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
[[Page 19609]]
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. In each of the examples, the Direct Loan
amounts represent the outstanding principal balance at the time the
loans entered repayment.
Example 1. Kesha is single with no dependents and has $15,000 in
Direct Subsidized and Unsubsidized Loans. The interest rate on Kesha's
loans is 6 percent, and she has an AGI of $32,238.
Step 1: Determine the total monthly payment amount based on what
Kesha 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 Kesha's AGI. In this example, an
AGI of $32,238 corresponds to an income percentage factor of 71.89
percent.
0.7189 x $146.38 = $105.23
Step 3: Now, determine the monthly payment amount equal to 20
percent of Kesha's 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 HHS Poverty Guideline
amount for a family of one from Kesha's AGI, multiply the result by 20
percent, and then divide by 12:
$32,238-$12,880 = $19,358
$19,358 x 0.20 = $3,871.60
$3,871.60 / 12 = $322.63
Step 4: Compare the amount from Step 2 with the amount from Step 3.
In this example, Kesha would pay the amount calculated under Step 2
($105.23), since this is the lesser of the two payment amounts.
Note: Kesha would have a lower payment under other income-driven
repayment plans. Specifically, Kesha's payment would be $107.65 under
the PAYE and REPAYE plans. However, Kesha's payment would be $161.48
under the IBR plan, which is higher than the payment she would have
under the ICR plan.
Example 2. Paul is married to Jesse and they have no dependents.
They file their Federal income tax return jointly. Paul has a Direct
Loan balance of $10,000, and Jesse has a Direct Loan balance of
$15,000. Each of their Direct Loans has an interest rate of 6 percent.
Paul and Jesse have a combined AGI of $91,051 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 Paul's and Jesse'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 Paul and
Jesse 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, their 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 Paul and Jesse's combined AGI. In
this example, the combined AGI of $91,051 corresponds to an income
percentage factor of 109.40 percent.
1.094 x $243.96 = $266.90
Step 4: Now, determine the monthly payment amount equal to 20
percent of Paul and Jesse'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:
$91,051-$17,420 = $73,631
$73,631 x 0.20 = $14,726.20
$14,726.20 / 12 = $1,227.18
Step 5: Compare the amount from Step 3 with the amount from Step 4.
Paul and Jesse would jointly pay the amount calculated under Step 3
($266.90), since this is the lesser of the two amounts.
Note: For Paul and Jesse, the ICR plan provides the lowest monthly
payment of any income-driven repayment plan available. Paul and Jesse
would not be eligible for the IBR or PAYE plans, and they would have a
combined monthly payment under the REPAYE plan of $541.01.
Step 6: Because Paul and Jesse are jointly repaying their Direct
Loans under the ICR plan, the monthly payment amount calculated under
Step 5 applies to Paul's and Jesse's combined 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. Paul has a Direct Loan debt of $10,000 and Jesse has a
Direct Loan debt of $15,000. For Paul, the monthly payment amount will
be:
$10,000 / ($10,000 + $15,000) = 40 percent
0.40 x $266.90 = $106.76
For Jesse, the monthly payment amount will be:
$15,000 / ($10,000 + $15,000) = 60 percent
0.60 x $266.90 = $160.14
Example 3. Santiago is single with no dependents and has a combined
balance of $60,000 in Direct Subsidized and Unsubsidized Loans. Each of
Santiago's loans has an interest rate of 6 percent, and Santiago's AGI
is $38,359.
Step 1: Determine the total monthly payment amount based on what
Santiago 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 Santiago's AGI. In this example, an
AGI of $38,359 corresponds to an income percentage factor of 80.33
percent.
0.8033 x $585.51 = $470.34
Step 3: Now, determine the monthly payment amount equal to 20
percent of Santiago's 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 HHS Poverty Guideline
amount for a family of one from Santiago's AGI, multiply the result by
20 percent, and then divide by 12:
$38,359-$12,880 = $25,479
$25,479 x 0.20 = $5,095.80
$5,095.80 / 12 = $424.65
Step 4: Compare the amount from Step 2 with the amount from Step 3.
In this example, Santiago would pay the amount calculated under Step 3
($424.65), since this is the lesser of the two amounts.
[[Page 19610]]
Note: Santiago would have a lower payment under each of the other
income-driven plans. Specifically, Santiago's payment would be $158.66
under the PAYE and REPAYE plans and $237.99 under the IBR plan.
Interpolation. If an AGI is not included on the income percentage
factor table, calculate the income percentage factor through linear
interpolation. For example, assume that Jocelyn is single with an AGI
of $50,000.
Step 1: Find the closest AGI listed that is less than Jocelyn's AGI
of $50,000 ($48,180) and the closest AGI listed that is greater than
Jocelyn's AGI of $50,000 ($60,426).
Step 2: Subtract the lower amount from the higher amount (for this
discussion we will call the result the ``income interval''):
$60,426-$48,180 = $12,246
Step 3: Determine the difference between the two income percentage
factors that correspond to the AGIs 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 Jocelyn's AGI the closest AGI shown on the
chart that is less than Jocelyn's AGI of $50,000:
$50,000-$48,180 = $1,820
Step 5: Divide the result of Step 4 by the income interval
determined in Step 2:
$1,820 / $12,246 = 14.86 percent
Step 6: Multiply the result of Step 5 by the income percentage
factor interval that was calculated in Step 3:
11.23 percent x 14.86 percent = 1.67 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 an AGI of $50,000:
1.67 percent + 88.77 percent = 90.44 percent (rounded to the
nearest hundredth)
The result is the income percentage factor that we will use to
calculate Jocelyn'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 AGIs under each 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 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 AGI, loan debt, and family size.
Sample First-Year Monthly Repayment Amounts for a Single Borrower
--------------------------------------------------------------------------------------------------------------------------------------------------------
Family Size = 1
---------------------------------------------------------------------------------------------------------------------------------------------------------
AGI Plan $20,000 $40,000 $60,000 $80,000 $100,000
--------------------------------------------------------------------------------------------------------------------------------------------------------
$20,000 ICR................. 116 160 195 207 230
.............. IBR................. 9 -- -- -- --
.............. PAYE................ 6 172 -- -- --
.............. REPAYE.............. 6 172 339 506 672
.............. 10-Year Standard.... 222 222 222 222 222
$40,000 ICR................. 119 319 390 413 460
.............. IBR................. 9 259 -- -- --
.............. PAYE................ 6 172 339 -- --
.............. REPAYE.............. 6 172 339 506 672
.............. 10-Year Standard.... 444 444 444 444 444
Initial Debt...................... $60,000 ICR................. 119 452 586 620 690
.............. IBR................. 9 259 509 -- --
.............. PAYE................ 6 172 339 506 --
.............. REPAYE.............. 6 172 339 506 672
.............. 10-Year Standard.... 666 666 666 666 666
$80,000 ICR................. 119 452 781 827 920
.............. IBR................. 9 259 509 759 --
.............. PAYE................ 6 172 339 506 672
.............. REPAYE.............. 6 172 339 506 672
.............. 10-Year Standard.... 888 888 888 888 888
$100,000 ICR................. 119 452 785 1,033 1,150
.............. IBR................. 9 259 509 759 1,009
.............. PAYE................ 6 172 339 506 672
.............. REPAYE.............. 6 172 339 506 672
.............. 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
---------------------------------------------------------------------------------------------------------------------------------------------------------
AGI Plan $20,000 $40,000 $60,000 $80,000 $100,000
--------------------------------------------------------------------------------------------------------------------------------------------------------
$20,000 ICR................. 0 151 195 202 222
.............. IBR................. 0 88 -- -- --
.............. PAYE................ 0 59 -- -- --
.............. REPAYE.............. 0 59 226 392 559
.............. 10-Year Standard.... 222 222 222 222 222
[[Page 19611]]
$40,000 ICR................. 0 301 390 405 445
.............. IBR................. 0 88 338 -- --
PAYE................ 0 62 226 392 --
REPAYE.............. 0 62 226 392 559
10-Year Standard.... 444 444 444 444 444
Initial Debt...................... $60,000 ICR................. 0 301 586 607 667
IBR................. 0 88 338 588 --
PAYE................ 0 59 226 392 559
REPAYE.............. 0 59 226 392 559
10-Year Standard.... 666 666 666 666 666
$80,000 ICR................. 0 301 634 810 890
IBR................. 0 88 338 588 838
PAYE................ 0 59 226 392 559
REPAYE.............. 0 59 226 392 559
10-Year Standard.... 888 888 888 888 888
$100,000 ICR................. 0 301 634 967 1,112
.............. IBR................. 0 88 338 588 38
.............. PAYE................ 0 59 226 392 559
.............. REPAYE.............. 0 59 226 392 559
.............. 10-Year Standard.... 1,110 1,110 1,110 1,110 1,110
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[FR Doc. 2021-07605 Filed 4-13-21; 8:45 am]
BILLING CODE 4000-01-P
