Annual Updates to the Income-Contingent Repayment (ICR) Plan Formula for 2022-William D. Ford Federal Direct Loan Program, 50615-50619 [2022-17696]
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Federal Register / Vol. 87, No. 158 / Wednesday, August 17, 2022 / Notices
borrower’s income and family size. The
other income-driven repayment plans
are 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
generally result in lower payment
amounts than the ICR plan.
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 their discretionary income.
We adjust the income percentage
factors annually to reflect changes in
inflation and announce the adjusted
factors in the Federal Register, 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
annual income documentation, as
required under the ICR plan. This notice
contains the adjusted income percentage
factors for 2022, examples of how the
monthly ICR payment amount 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 2022
• 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 April 14,
2021 (86 FR 19607). 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-
DEPARTMENT OF EDUCATION
Annual Updates to the IncomeContingent Repayment (ICR) Plan
Formula for 2022—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 2022 to give notice to borrowers and
the public regarding how monthly ICR
payment amounts will be calculated for
the 2022–2023 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, 2022, to June 30,
2023, for any borrower who enters the
ICR plan or has a monthly payment
amount under the ICR plan recalculated
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 are deaf, hard of hearing, or
have a speech disability and wish to
access telecommunications relay
services, please dial 7–1–1.
SUPPLEMENTARY INFORMATION: Under the
Direct Loan Program, borrowers may
choose to repay their non-defaulted
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 monthly payment
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 that provide a monthly
payment amount based on the
SUMMARY:
50615
seasonally-adjusted Consumer Price
Index for all urban consumers for
December 2021 and December 2022.
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
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.
Richard Cordray,
Chief Operating Officer, Federal Student Aid.
Attachment 1—Income Percentage
Factors for 2022
INCOME PERCENTAGE FACTORS FOR 2022
Single
Married/head of household
JSPEARS on DSK121TN23PROD with NOTICES
AGI
$12,922
$17,780
$22,879
$28,093
$33,071
$39,351
$49,425
$61,988
$74,555
% Factor
........................................................................................................................................
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57.79
60.57
66.23
71.89
80.33
88.77
100.00
100.00
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AGI
$12,922
20,389
24,296
31,764
39,351
49,425
61,987
74,555
93,405
% Factor
50.52
56.68
59.56
67.79
75.22
87.61
100.00
100.00
109.40
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Federal Register / Vol. 87, No. 158 / Wednesday, August 17, 2022 / Notices
INCOME PERCENTAGE FACTORS FOR 2022—Continued
Single
Married/head of household
AGI
% Factor
JSPEARS on DSK121TN23PROD with NOTICES
$89,605 ........................................................................................................................................
$114,735 ......................................................................................................................................
$162,505 ......................................................................................................................................
$186,326 ......................................................................................................................................
$331,879 ......................................................................................................................................
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 loan was first
disbursed.
• The Poverty Guideline amounts
used in the examples are from the 2022
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
2022 were published in the Federal
Register on January 21, 2022 (87 FR
3315).
• 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 determine a joint ICR payment
amount based on the combined
outstanding balances of each borrower’s
Direct Loans and the combined AGIs of
both borrowers. We then prorate the
joint payment amount for each borrower
based on the proportion of that
borrower’s debt to the total outstanding
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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 × < (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
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111.80
123.50
141.20
150.00
200.00
AGI
% Factor
124,811
168,784
236,052
385,726
........................
125.00
140.60
150.00
200.00
........................
repayment period in months. In this
example, because we are amortizing a
loan to calculate the monthly payment
amount under the ICR plan, the
applicable figure is 12 years, which is
144 months. Finally, subtract the result
from one.
• 0.06 ÷ 12 = 0.005
• 1 + 0.005 = 1.005
• 1.005 ∧ ¥144 = 0.48762628
• 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 $33,072.
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 $33,072 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
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Poverty Guideline amount for a family
of one from Kesha’s AGI, multiply the
result by 20 percent, and then divide by
12:
• $33,071 ¥ $13,590 = $19,481
• $19,481 × 0.20 = $3,896.20
• $3,896.20 ÷ 12 = $324.68
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: In this example, Kesha would
have a lower payment under the ICR
plan than under the other incomedriven repayment plans. Specifically,
Kesha’s monthly payment would be
$105.73 under the PAYE and REPAYE
plans, and $158.59 under the IBR 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 $93,405 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 $93,405 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:
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• $93,405—$18,310 = $75,095
• $75,095 × 0.20 = $15,019
• $15,019 ÷ 12 = $1,251.58
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
$549.50.
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 $39,350.
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 $39,350 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
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50617
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:
• $39,351 ¥ $13,590 = $25,761
• $25,761 × 0.20 = $5,152.20
• $5,152.20 ÷ 12 = $429.35
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
($429.35), since this is the lesser of the
two amounts.
Note: Santiago would have a lower
payment under each of the other
income-driven plans. Specifically,
Santiago’s payment would be $158.04
under the PAYE and REPAYE plans and
$237.06 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 ($49,425) and the closest AGI
listed that is greater than Jocelyn’s AGI
of $50,000 ($61,988).
Step 2: Subtract the lower amount
from the higher amount (for this
discussion we will call the result the
‘‘income interval’’):
• $61,988 ¥ $49,425 = $12,563
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 ¥ $49,425 = $575
Step 5: Divide the result of Step 4 by
the income interval determined in Step
2:
• $575 ÷ $12,563 = 4.57 percent
Step 6: Multiply the result of Step 5
by the income percentage factor interval
that was calculated in Step 3:
• 11.23 percent × 4.57 percent = 0.51
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:
• 0.51 percent + 88.77 percent = 89.28
percent (rounded to the nearest
hundredth)
The result is the income percentage
factor that we will use to calculate
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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
Initial debt
Plan
AGI
$20,000
$20,000 ...................................
40,000 .....................................
60,000 .....................................
80,000 .....................................
100,000 ...................................
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 ...........
$107
0
0
0
222
107
0
0
0
444
107
0
0
0
666
107
0
0
0
888
107
0
0
0
1,110
$40,000
$60,000
$80,000
$100,000
$158
........................
163
163
222
316
245
163
163
444
440
245
163
163
666
440
245
163
163
888
440
245
163
163
1,110
$195
........................
330
330
222
390
........................
330
330
444
586
495
330
330
666
774
495
330
330
888
774
495
330
330
1,110
$204
........................
........................
497
222
407
........................
........................
497
444
611
........................
497
497
666
814
745
497
497
888
1,018
745
497
497
1,110
$228
........................
........................
663
222
455
........................
........................
663
444
683
........................
663
663
666
911
........................
663
663
888
1,138
995
663
663
1,110
SAMPLE FIRST-YEAR MONTHLY REPAYMENT AMOUNTS FOR A MARRIED OR HEAD-OF-HOUSEHOLD BORROWER
Family size = 3
Initial debt
Plan
AGI
$20,000
$20,000 ...................................
40,000 .....................................
JSPEARS on DSK121TN23PROD with NOTICES
60,000 .....................................
80,000 .....................................
100,000 ...................................
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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 ..................................
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$40,000
$0
0
0
0
222
0
0
0
0
444
0
0
0
0
666
0
0
0
0
888
0
0
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$148
68
45
45
222
283
68
45
45
444
283
68
45
45
666
283
68
45
45
888
283
68
$60,000
$80,000
$100,000
$195
........................
........................
212
222
390
318
212
212
444
586
318
226
226
666
616
318
212
212
888
616
318
$200
........................
........................
379
222
401
........................
379
379
444
601
568
379
392
666
802
568
379
379
888
950
568
$220
........................
........................
545
222
440
........................
........................
545
444
660
........................
545
559
666
880
818
545
545
888
1,100
818
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SAMPLE FIRST-YEAR MONTHLY REPAYMENT AMOUNTS FOR A MARRIED OR HEAD-OF-HOUSEHOLD BORROWER—
Continued
Family size = 3
Initial debt
Plan
AGI
$20,000
PAYE ..............................
REPAYE .........................
10-Year Standard ...........
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Extension
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[FR Doc. 2022–17696 Filed 8–16–22; 8:45 am]
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]]>Agencies
[Federal Register Volume 87, Number 158 (Wednesday, August 17, 2022)]
[Notices]
[Pages 50615-50619]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-17696]
[[Page 50615]]
-----------------------------------------------------------------------
DEPARTMENT OF EDUCATION
Annual Updates to the Income-Contingent Repayment (ICR) Plan
Formula for 2022--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 2022 to give notice to borrowers and the public regarding
how monthly ICR payment amounts will be calculated for the 2022-2023
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, 2022,
to June 30, 2023, for any borrower who enters the ICR plan or has a
monthly payment amount under the ICR plan recalculated 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 are deaf, hard of hearing, or have a speech disability and
wish to access telecommunications relay services, please dial 7-1-1.
SUPPLEMENTARY INFORMATION: Under the Direct Loan Program, borrowers may
choose to repay their non-defaulted 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 monthly payment 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 that
provide a monthly payment amount based on the borrower's income and
family size. The other income-driven repayment plans are 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 generally result in lower payment amounts than the ICR
plan.
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 their discretionary income.
We adjust the income percentage factors annually to reflect changes
in inflation and announce the adjusted factors in the Federal Register,
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 annual income documentation, as required under the ICR
plan. This notice contains the adjusted income percentage factors for
2022, examples of how the monthly ICR payment amount 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 2022
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 April 14, 2021 (86 FR 19607). 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 2021 and December 2022.
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 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.
Richard Cordray,
Chief Operating Officer, Federal Student Aid.
Attachment 1--Income Percentage Factors for 2022
Income Percentage Factors for 2022
----------------------------------------------------------------------------------------------------------------
Single Married/head of household
----------------------------------------------------------------------------------------------------------------
AGI % Factor AGI % Factor
----------------------------------------------------------------------------------------------------------------
$12,922......................................................... 55.00 $12,922 50.52
$17,780......................................................... 57.79 20,389 56.68
$22,879......................................................... 60.57 24,296 59.56
$28,093......................................................... 66.23 31,764 67.79
$33,071......................................................... 71.89 39,351 75.22
$39,351......................................................... 80.33 49,425 87.61
$49,425......................................................... 88.77 61,987 100.00
$61,988......................................................... 100.00 74,555 100.00
$74,555......................................................... 100.00 93,405 109.40
[[Page 50616]]
$89,605......................................................... 111.80 124,811 125.00
$114,735........................................................ 123.50 168,784 140.60
$162,505........................................................ 141.20 236,052 150.00
$186,326........................................................ 150.00 385,726 200.00
$331,879........................................................ 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 loan was
first disbursed.
The Poverty Guideline amounts used in the examples are
from the 2022 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 2022 were published in the Federal
Register on January 21, 2022 (87 FR 3315).
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
determine a joint ICR payment amount based on the combined outstanding
balances of each borrower's Direct Loans and the combined AGIs of both
borrowers. 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 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 $33,072.
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 $33,072 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
[[Page 50617]]
Poverty Guideline amount for a family of one from Kesha's AGI, multiply
the result by 20 percent, and then divide by 12:
$33,071 - $13,590 = $19,481
$19,481 x 0.20 = $3,896.20
$3,896.20 / 12 = $324.68
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: In this example, Kesha would have a lower payment under the
ICR plan than under the other income-driven repayment plans.
Specifically, Kesha's monthly payment would be $105.73 under the PAYE
and REPAYE plans, and $158.59 under the IBR 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 $93,405 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 $93,405 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:
$93,405--$18,310 = $75,095
$75,095 x 0.20 = $15,019
$15,019 / 12 = $1,251.58
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 $549.50.
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 $39,350.
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 $39,350 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:
$39,351 - $13,590 = $25,761
$25,761 x 0.20 = $5,152.20
$5,152.20 / 12 = $429.35
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
($429.35), since this is the lesser of the two amounts.
Note: Santiago would have a lower payment under each of the other
income-driven plans. Specifically, Santiago's payment would be $158.04
under the PAYE and REPAYE plans and $237.06 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 ($49,425) and the closest AGI listed that is greater than
Jocelyn's AGI of $50,000 ($61,988).
Step 2: Subtract the lower amount from the higher amount (for this
discussion we will call the result the ``income interval''):
$61,988 - $49,425 = $12,563
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 - $49,425 = $575
Step 5: Divide the result of Step 4 by the income interval
determined in Step 2:
$575 / $12,563 = 4.57 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 4.57 percent = 0.51 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:
0.51 percent + 88.77 percent = 89.28 percent (rounded to the
nearest hundredth)
The result is the income percentage factor that we will use to
calculate
[[Page 50618]]
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
-------------------------------------------------------------------------------
Initial debt Plan AGI
-------------------------------------------------------------------------------
$20,000 $40,000 $60,000 $80,000 $100,000
--------------------------------------------------------------------------------------------------------------------------------------------------------
$20,000................................... ICR......................... $107 $158 $195 $204 $228
IBR......................... 0 .............. .............. .............. ..............
PAYE........................ 0 163 330 .............. ..............
REPAYE...................... 0 163 330 497 663
10-Year Standard............ 222 222 222 222 222
40,000.................................... ICR......................... 107 316 390 407 455
IBR......................... 0 245 .............. .............. ..............
PAYE........................ 0 163 330 .............. ..............
REPAYE...................... 0 163 330 497 663
10-Year Standard............ 444 444 444 444 444
60,000.................................... ICR......................... 107 440 586 611 683
IBR......................... 0 245 495 .............. ..............
PAYE........................ 0 163 330 497 663
REPAYE...................... 0 163 330 497 663
10-Year Standard............ 666 666 666 666 666
80,000.................................... ICR......................... 107 440 774 814 911
IBR......................... 0 245 495 745 ..............
PAYE........................ 0 163 330 497 663
REPAYE...................... 0 163 330 497 663
10-Year Standard............ 888 888 888 888 888
100,000................................... ICR......................... 107 440 774 1,018 1,138
IBR......................... 0 245 495 745 995
PAYE........................ 0 163 330 497 663
REPAYE...................... 0 163 330 497 663
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
-------------------------------------------------------------------------------
Initial debt Plan AGI
-------------------------------------------------------------------------------
$20,000 $40,000 $60,000 $80,000 $100,000
--------------------------------------------------------------------------------------------------------------------------------------------------------
$20,000................................... ICR......................... $0 $148 $195 $200 $220
IBR......................... 0 68 .............. .............. ..............
PAYE........................ 0 45 .............. .............. ..............
REPAYE...................... 0 45 212 379 545
10-Year Standard............ 222 222 222 222 222
40,000.................................... ICR......................... 0 283 390 401 440
IBR......................... 0 68 318 .............. ..............
PAYE........................ 0 45 212 379 ..............
REPAYE...................... 0 45 212 379 545
10-Year Standard............ 444 444 444 444 444
60,000.................................... ICR......................... 0 283 586 601 660
IBR......................... 0 68 318 568 ..............
PAYE........................ 0 45 226 379 545
REPAYE...................... 0 45 226 392 559
10-Year Standard............ 666 666 666 666 666
80,000.................................... ICR......................... 0 283 616 802 880
IBR......................... 0 68 318 568 818
PAYE........................ 0 45 212 379 545
REPAYE...................... 0 45 212 379 545
10-Year Standard............ 888 888 888 888 888
100,000................................... ICR......................... 0 283 616 950 1,100
IBR......................... 0 68 318 568 818
[[Page 50619]]
PAYE........................ 0 45 212 379 545
REPAYE...................... 0 45 212 379 545
10-Year Standard............ 1,110 1,110 1,110 1,110 1,110
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[FR Doc. 2022-17696 Filed 8-16-22; 8:45 am]
BILLING CODE 4000-01-P
