Annual Updates to the Income Contingent Repayment (ICR) plan formula

[Federal Register Volume 85, Number 106 (Tuesday, June 2, 2020)]
[Notices]
[Pages 33639-33643]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-11818]

-----------------------------------------------------------------------

DEPARTMENT OF EDUCATION


Annual Updates to the Income-Contingent Repayment (ICR) Plan 
Formula for 2020--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 2020 to give notice to borrowers and the public regarding 
how monthly ICR payment amounts will be calculated for the 2020-2021 
year under the William D. Ford Federal Direct Loan (Direct Loan) 
Program, Catalog of Federal Domestic Assistance number 84.063.

DATES: The adjustments to the income percentage factors for the ICR 
plan formula contained in this notice are applicable from July 1, 2020, 
to June 30, 2021, for any borrower who enters the ICR plan or has his 
or her monthly payment amount recalculated under the ICR plan during 
that period.

FOR FURTHER INFORMATION CONTACT: Travis Sturlaugson, U.S. Department of 
Education, 830 First Street NE, Room 113H3, Washington, DC 20202. 
Telephone: (202) 377-4174. Email: travis.sturlaugson@ed.gov.

If you use a telecommunications device for the deaf (TDD) or a text 
telephone (TTY), call the Federal Relay Service, toll free, at 1-800-
877-8339.