Annual Updates to the Income-Contingent Repayment (ICR) Plan Formula for 2023-William D. Ford Federal Direct Loan Program, 25388-25392 [2023-08770]
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25388
Federal Register / Vol. 88, No. 80 / Wednesday, April 26, 2023 / Notices
EXEMPTIONS PROMULGATED FOR THE SYSTEM:
None.
HISTORY:
None.
[FR Doc. 2023–08752 Filed 4–25–23; 8:45 am]
BILLING CODE 5001–06–P
DEPARTMENT OF EDUCATION
[Docket No.: ED–2023–SCC–0001]
Agency Information Collection
Activities; Submission to the Office of
Management and Budget for Review
and Approval; Comment Request;
Evaluation of the REL West Supporting
Early Reading Comprehension
Through Teacher Study Groups Toolkit
Institute of Education Sciences
(IES), Department of Education (ED).
ACTION: Notice.
AGENCY:
In accordance with the
Paperwork Reduction Act (PRA) of
1995, the Department is proposing a
new information collection request
(ICR).
SUMMARY:
Interested persons are invited to
submit comments on or before May 26,
2023.
ADDRESSES: Written comments and
recommendations for proposed
information collection requests should
be submitted within 30 days of
publication of this notice. Click on this
link www.reginfo.gov/public/do/
PRAMain to access the site. Find this
information collection request (ICR) by
selecting ‘‘Department of Education’’
under ‘‘Currently Under Review,’’ then
check the ‘‘Only Show ICR for Public
Comment’’ checkbox. Reginfo.gov
provides two links to view documents
related to this information collection
request. Information collection forms
and instructions may be found by
clicking on the ‘‘View Information
Collection (IC) List’’ link. Supporting
statements and other supporting
documentation may be found by
clicking on the ‘‘View Supporting
Statement and Other Documents’’ link.
FOR FURTHER INFORMATION CONTACT: For
specific questions related to collection
activities, please contact Elizabeth
Nolan, (312) 703–1532.
SUPPLEMENTARY INFORMATION: The
Department is especially interested in
public comment addressing the
following issues: (1) is this collection
necessary to the proper functions of the
Department; (2) will this information be
processed and used in a timely manner;
(3) is the estimate of burden accurate;
(4) how might the Department enhance
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DATES:
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the quality, utility, and clarity of the
information to be collected; and (5) how
might the Department minimize the
burden of this collection on the
respondents, including through the use
of information technology. Please note
that written comments received in
response to this notice will be
considered public records.
Title of Collection: Evaluation of the
REL West Supporting Early Reading
Comprehension through Teacher Study
Groups Toolkit.
OMB Control Number: 1850–NEW.
Type of Review: New ICR.
Respondents/Affected Public:
Individuals or Households.
Total Estimated Number of Annual
Responses: 6,012.
Total Estimated Number of Annual
Burden Hours: 1,255.
Abstract: The current authorization
for the Regional Educational
Laboratories (REL) program is under the
Education Sciences Reform Act of 2002,
Part D, Section 174, (20 U.S.C. 9564),
administered by the Department of
Education, Institute of Education
Sciences (IES), National Center for
Education Evaluation and Regional
Assistance (NCEE). The central mission
and primary function of the RELs is to
support applied research and provide
technical assistance to state and local
education agencies within their region
(ESRA, Part D, section 174[f]). The REL
program’s goal is to partner with
educators and policymakers to conduct
work that is change-oriented and
supports meaningful local, regional, or
state decisions about education policies,
programs, and practices to improve
outcomes for students.
Elementary-grade students in U.S.
public schools continue to struggle with
reading comprehension, with only 35
percent of 4th-grade students
performing at or above proficient on the
National Assessment of Educational
Progress (NAEP) scores in reading
(Hussar et al., 2020). To address this
problem in earlier grades, when schools
begin reading comprehension
instruction, REL West is developing a
toolkit to support teachers in
implementing evidence-based
instructional strategies to improve
reading comprehension among students
in grades K–3. The toolkit is based on
the Improving Reading Comprehension
in Kindergarten Through 3rd Grade IES
practice guide (Shanahan et al., 2010)
and is being developed in collaboration
with state and district partners in
Arizona. The toolkit contains the
following three parts: (1) Initial
Diagnostic and On-going Monitoring
Instruments, (2) Professional
Development Resources, and (3) Steps
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for Institutionalizing Supports for
Evidence-Based Practice.
This study is designed to measure the
efficacy and implementation of the REL
West-developed toolkit designed to
improve reading comprehension among
students in grades K–3. The toolkit
evaluation team plans to conduct an
independent evaluation using a schoollevel, cluster randomized controlled
trial design to assess the efficacy and
cost-effectiveness of the school-based
professional development resources
included in the toolkit. The evaluation
will take place in 70 schools across six
districts in Arizona and focus on K–3
reading comprehension for all students.
The evaluation will also assess how
teachers and facilitators implement the
toolkit to provide context for the
efficacy findings and guidance to
improve the toolkit and its future use.
The toolkit evaluation will produce a
report for district and school leaders
who are considering strategies to
improve reading comprehension in
kindergarten through 3rd grade. The
report will be designed to help district
and school leaders decide whether and
how to use the toolkit to help them
implement the practice guide
recommendations.
Dated: April 20, 2023.
Juliana Pearson,
PRA Coordinator, Strategic Collections and
Clearance, Governance and Strategy Division,
Office of Chief Data Officer, Office of
Planning, Evaluation and Policy
Development.
[FR Doc. 2023–08755 Filed 4–25–23; 8:45 am]
BILLING CODE 4000–01–P
DEPARTMENT OF EDUCATION
Annual Updates to the IncomeContingent Repayment (ICR) Plan
Formula for 2023—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 2023 to give notice to borrowers and
the public regarding how monthly ICR
payment amounts will be calculated for
the 2023–2024 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, 2023, to June 30,
2024, for any borrower who enters the
ICR plan or has a monthly payment
SUMMARY:
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amount under the ICR plan recalculated
during that period.
FOR FURTHER INFORMATION CONTACT:
Travis Sturlaugson, U.S. Department of
Education, 830 First Street NE,
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.
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.
SUPPLEMENTARY INFORMATION:
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 2023, 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 2023
• Attachment 2—Examples of the
Calculations of Monthly Repayment
Amounts
• Attachment 3—Charts Showing
Sample Repayment Amounts for
Single and Married Borrowers
In Attachment 1, to reflect changes in
inflation, we updated the income
percentage factors that were published
in the Federal Register on August 17,
2022 (87 FR 50615). Specifically, we
have revised the table of income
percentage factors by changing the
dollar amounts of the incomes shown by
a percentage equal to the estimated
percentage change between the notseasonally-adjusted Consumer Price
Index for all urban consumers for
December 2022 and December 2023.
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
25389
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 2023
INCOME PERCENTAGE FACTORS FOR 2023
Single
Married/head of household
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AGI
% Factor
$13,367 .....................................................................
$18,392 .....................................................................
$23,666 .....................................................................
$29,059 .....................................................................
$34,209 .....................................................................
$40,705 .....................................................................
$51,125 .....................................................................
$64,120 .....................................................................
$77,120 .....................................................................
$92,687 .....................................................................
$118,682 ...................................................................
$168,095 ...................................................................
$192,736 ...................................................................
$343,296 ...................................................................
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AGI
% Factor
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
$13,367 ....................................................................
$21,090 ....................................................................
$25,132 ....................................................................
$32,857 ....................................................................
$40,705 ....................................................................
$51,125 ....................................................................
$64,119 ....................................................................
$77,120 ....................................................................
$96,618 ....................................................................
$129,104 ..................................................................
$174,590 ..................................................................
$244,172 ..................................................................
$398,995 ..................................................................
..................................................................................
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
............................
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Attachment 2—Examples of the
Calculations of Monthly Repayment
Amounts
General notes about the examples in
this attachment:
• We have a calculator that borrowers
can use to estimate what their payment
amounts would be under the ICR plan.
The calculator is called the ‘‘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 2023
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
2023 were published in the Federal
Register on January 19, 2023 (88 FR
3424).
• 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
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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
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
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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 $34,209.
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 $34,209 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:
• $34,209¥$14,580 = $19,629
• $19,629 × 0.20 = $3,925.80
• $3,925.80 ÷ 12 = $327.15
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 slightly higher payment under
the ICR Plan than under the PAYE or
REPAYE plan, but the ICR monthly
payment would be lower than what
Kesha would pay under the IBR Plan.
Specifically, Kesha’s monthly payment
would be $102.83 under the PAYE and
REPAYE plans, and $154.24 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 $96,618 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
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‘‘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 $96,618 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:
• $96,618¥$19,720 = $76,898
• $76,898 × 0.20 = $15,379.60
• $15,379.60 ÷ 12 = $1,281.63
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
$558.65.
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
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• 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 $40,705.
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 $40,705 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:
• $40,705¥$14,580 = $26,125
• $26,125 × 0.20 = $5,225
• $5,225 ÷ 12 = $435.42
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
($435.42), 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 $156.96
under the PAYE and REPAYE plans and
$235.44 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 ($40,705) and the closest AGI
listed that is greater than Jocelyn’s AGI
of $50,000 ($51,125).
Step 2: Subtract the lower amount
from the higher amount (for this
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25391
discussion we will call the result the
‘‘income interval’’):
• $51,125¥$40,705 = $10,420
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’’):
• 88.77 percent¥80.33 percent = 8.44
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¥$40,705 = $9,295
Step 5: Divide the result of Step 4 by
the income interval determined in Step
2:
• $9,295 ÷ $10,420 = 89.20 percent
Step 6: Multiply the result of Step 5
by the income percentage factor interval
that was calculated in Step 3:
• 8.44 percent × 89.20 percent = 7.53
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:
• 7.53 percent + 80.33 percent = 87.86
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.
E:\FR\FM\26APN1.SGM
26APN1
25392
Federal Register / Vol. 88, No. 80 / Wednesday, April 26, 2023 / Notices
SAMPLE FIRST-YEAR MONTHLY REPAYMENT AMOUNTS FOR A SINGLE BORROWER
Family Size = 1
AGI
Initial debt
Plan
$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 ...........
90
0
0
0
222
90
0
0
0
444
90
0
0
0
666
90
0
0
0
888
90
0
0
0
1,110
$40,000
$60,000
$80,000
$100,000
155
........................
151
151
222
310
227
151
151
444
424
227
151
151
666
424
227
151
151
888
424
227
151
151
1,110
188
........................
........................
318
222
376
........................
318
318
444
565
477
318
318
666
753
477
318
318
888
757
477
318
318
1,110
199
........................
........................
484
222
399
........................
........................
484
444
598
........................
484
484
666
798
727
484
484
888
997
727
484
484
1,110
225
........................
........................
651
222
449
........................
........................
651
444
674
........................
651
651
666
898
........................
651
651
888
1,123
977
651
651
1,110
SAMPLE FIRST-YEAR MONTHLY REPAYMENT AMOUNTS FOR A MARRIED OR HEAD-OF-HOUSEHOLD BORROWER
Family Size = 3
AGI
Initial debt
Plan
$20,000
$20,000 ...................................
$40,000 ...................................
$60,000 ...................................
$80,000 ...................................
ddrumheller on DSK120RN23PROD with NOTICES1
$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 ...........
$40,000
$0
0
0
0
222
0
0
0
0
444
0
0
0
0
666
0
0
0
0
888
0
0
0
0
1,110
$146
34
23
23
222
252
34
23
23
444
252
34
23
23
666
252
34
23
23
888
252
34
23
23
1,110
$60,000
$80,000
$100,000
$188
........................
189
189
222
375
284
189
189
444
563
284
189
189
666
586
284
189
189
888
586
284
189
189
1,110
$198
........................
........................
356
222
396
........................
356
356
444
594
534
356
356
666
792
534
356
356
888
919
534
356
356
1,110
$217
........................
........................
523
222
433
........................
........................
523
444
650
........................
523
523
666
867
784
523
523
888
1,083
784
523
523
1,110
[FR Doc. 2023–08770 Filed 4–25–23; 8:45 am]
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]]>Agencies
[Federal Register Volume 88, Number 80 (Wednesday, April 26, 2023)]
[Notices]
[Pages 25388-25392]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-08770]
-----------------------------------------------------------------------
DEPARTMENT OF EDUCATION
Annual Updates to the Income-Contingent Repayment (ICR) Plan
Formula for 2023--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 2023 to give notice to borrowers and the public regarding
how monthly ICR payment amounts will be calculated for the 2023-2024
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, 2023,
to June 30, 2024, for any borrower who enters the ICR plan or has a
monthly payment
[[Page 25389]]
amount under the ICR plan recalculated during that period.
FOR FURTHER INFORMATION CONTACT: Travis Sturlaugson, U.S. Department of
Education, 830 First Street NE, 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
2023, 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 2023
Attachment 2--Examples of the Calculations of Monthly
Repayment Amounts
Attachment 3--Charts Showing Sample Repayment Amounts for
Single and Married Borrowers
In Attachment 1, to reflect changes in inflation, we updated the
income percentage factors that were published in the Federal Register
on August 17, 2022 (87 FR 50615). 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 2022 and December 2023.
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 2023
Income Percentage Factors for 2023
----------------------------------------------------------------------------------------------------------------
Single Married/head of household
----------------------------------------------------------------------------------------------------------------
AGI % Factor AGI % Factor
----------------------------------------------------------------------------------------------------------------
$13,367.................................... 55.00 $13,367....................... 50.52
$18,392.................................... 57.79 $21,090....................... 56.68
$23,666.................................... 60.57 $25,132....................... 59.56
$29,059.................................... 66.23 $32,857....................... 67.79
$34,209.................................... 71.89 $40,705....................... 75.22
$40,705.................................... 80.33 $51,125....................... 87.61
$51,125.................................... 88.77 $64,119....................... 100.00
$64,120.................................... 100.00 $77,120....................... 100.00
$77,120.................................... 100.00 $96,618....................... 109.40
$92,687.................................... 111.80 $129,104...................... 125.00
$118,682................................... 123.50 $174,590...................... 140.60
$168,095................................... 141.20 $244,172...................... 150.00
$192,736................................... 150.00 $398,995...................... 200.00
$343,296................................... 200.00 .............................. ................
----------------------------------------------------------------------------------------------------------------
[[Page 25390]]
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 2023 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 2023 were published in the Federal
Register on January 19, 2023 (88 FR 3424).
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 $34,209.
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 $34,209 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:
$34,209-$14,580 = $19,629
$19,629 x 0.20 = $3,925.80
$3,925.80 / 12 = $327.15
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 slightly higher payment
under the ICR Plan than under the PAYE or REPAYE plan, but the ICR
monthly payment would be lower than what Kesha would pay under the IBR
Plan. Specifically, Kesha's monthly payment would be $102.83 under the
PAYE and REPAYE plans, and $154.24 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 $96,618 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
[[Page 25391]]
``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 $96,618 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:
$96,618-$19,720 = $76,898
$76,898 x 0.20 = $15,379.60
$15,379.60 / 12 = $1,281.63
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 $558.65.
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 $40,705.
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 $40,705 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:
$40,705-$14,580 = $26,125
$26,125 x 0.20 = $5,225
$5,225 / 12 = $435.42
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
($435.42), 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 $156.96
under the PAYE and REPAYE plans and $235.44 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 ($40,705) and the closest AGI listed that is greater than
Jocelyn's AGI of $50,000 ($51,125).
Step 2: Subtract the lower amount from the higher amount (for this
discussion we will call the result the ``income interval''):
$51,125-$40,705 = $10,420
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''):
88.77 percent-80.33 percent = 8.44 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-$40,705 = $9,295
Step 5: Divide the result of Step 4 by the income interval
determined in Step 2:
$9,295 / $10,420 = 89.20 percent
Step 6: Multiply the result of Step 5 by the income percentage
factor interval that was calculated in Step 3:
8.44 percent x 89.20 percent = 7.53 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:
7.53 percent + 80.33 percent = 87.86 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.
[[Page 25392]]
Sample First-Year Monthly Repayment Amounts for a Single Borrower
--------------------------------------------------------------------------------------------------------------------------------------------------------
Family Size = 1
---------------------------------------------------------------------------------------------------------------------------------------------------------
AGI
Initial debt Plan -------------------------------------------------------------------------------
$20,000 $40,000 $60,000 $80,000 $100,000
--------------------------------------------------------------------------------------------------------------------------------------------------------
$20,000................................... ICR......................... 90 155 188 199 225
IBR......................... 0 .............. .............. .............. ..............
PAYE........................ 0 151 .............. .............. ..............
REPAYE...................... 0 151 318 484 651
10-Year Standard............ 222 222 222 222 222
$40,000................................... ICR......................... 90 310 376 399 449
IBR......................... 0 227 .............. .............. ..............
PAYE........................ 0 151 318 .............. ..............
REPAYE...................... 0 151 318 484 651
10-Year Standard............ 444 444 444 444 444
$60,000................................... ICR......................... 90 424 565 598 674
IBR......................... 0 227 477 .............. ..............
PAYE........................ 0 151 318 484 651
REPAYE...................... 0 151 318 484 651
10-Year Standard............ 666 666 666 666 666
$80,000................................... ICR......................... 90 424 753 798 898
IBR......................... 0 227 477 727 ..............
PAYE........................ 0 151 318 484 651
REPAYE...................... 0 151 318 484 651
10-Year Standard............ 888 888 888 888 888
$100,000.................................. ICR......................... 90 424 757 997 1,123
IBR......................... 0 227 477 727 977
PAYE........................ 0 151 318 484 651
REPAYE...................... 0 151 318 484 651
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
Initial debt Plan -------------------------------------------------------------------------------
$20,000 $40,000 $60,000 $80,000 $100,000
--------------------------------------------------------------------------------------------------------------------------------------------------------
$20,000................................... ICR......................... $0 $146 $188 $198 $217
IBR......................... 0 34 .............. .............. ..............
PAYE........................ 0 23 189 .............. ..............
REPAYE...................... 0 23 189 356 523
10-Year Standard............ 222 222 222 222 222
$40,000................................... ICR......................... 0 252 375 396 433
IBR......................... 0 34 284 .............. ..............
PAYE........................ 0 23 189 356 ..............
REPAYE...................... 0 23 189 356 523
10-Year Standard............ 444 444 444 444 444
$60,000................................... ICR......................... 0 252 563 594 650
IBR......................... 0 34 284 534 ..............
PAYE........................ 0 23 189 356 523
REPAYE...................... 0 23 189 356 523
10-Year Standard............ 666 666 666 666 666
$80,000................................... ICR......................... 0 252 586 792 867
IBR......................... 0 34 284 534 784
PAYE........................ 0 23 189 356 523
REPAYE...................... 0 23 189 356 523
10-Year Standard............ 888 888 888 888 888
$100,000.................................. ICR......................... 0 252 586 919 1,083
IBR......................... 0 34 284 534 784
PAYE........................ 0 23 189 356 523
REPAYE...................... 0 23 189 356 523
10-Year Standard............ 1,110 1,110 1,110 1,110 1,110
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[FR Doc. 2023-08770 Filed 4-25-23; 8:45 am]
BILLING CODE 4000-01-P
