Rule2024-00204
Improving Income Driven Repayment for the William D. Ford Federal Direct Loan Program and the Federal Family Education Loan (FFEL) Program
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 16, 2024
Issuing agencies
Education Department
Abstract
The U.S. Department of Education (Department) designates a regulatory provision in its final rule related to income-driven repayment for early implementation.
Full Text
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<title>Federal Register, Volume 89 Issue 10 (Tuesday, January 16, 2024)</title>
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[Federal Register Volume 89, Number 10 (Tuesday, January 16, 2024)]
[Rules and Regulations]
[Page 2489]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-00204]
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DEPARTMENT OF EDUCATION
34 CFR Part 685
[Docket ID ED-2023-OPE-0004]
RIN 1840-AD81
Improving Income Driven Repayment for the William D. Ford Federal
Direct Loan Program and the Federal Family Education Loan (FFEL)
Program
AGENCY: Office of Postsecondary Education, Department of Education.
ACTION: Announcement of early implementation date.
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SUMMARY: The U.S. Department of Education (Department) designates a
regulatory provision in its final rule related to income-driven
repayment for early implementation.
DATES: January 16, 2024. For the implementation date of the regulatory
provision, see SUPPLEMENTARY INFORMATION.
FOR FURTHER INFORMATION CONTACT: Bruce Honer, U.S. Department of
Education, 400 Maryland Avenue SW, 5th Floor, Washington, DC 20202.
Telephone: (202) 987-0750. Email: <a href="/cdn-cgi/l/email-protection#d795a5a2b4b2f99fb8b9b2a597b2b3f9b0b8a1"><span class="__cf_email__" data-cfemail="90d2e2e5f3f5bed8fffef5e2d0f5f4bef7ffe6">[email protected]</span></a>.
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: Section 482(c)(1) of the Higher Education
Act of 1965, as amended (HEA), requires that regulations affecting
programs under title IV of the HEA be published in final form by
November 1 prior to the start of the award year (July 1) to which they
apply. Section 482(c)(2) of the HEA also permits the Secretary to
designate any regulatory provision as one that an entity subject to the
provision may choose to implement earlier and to outline the conditions
for early implementation.
On July 10, 2023, the Department published in the Federal Register
a final rule amending regulations related to income-driven repayment
(88 FR 43820). In that final rule we designated certain provisions for
early implementation. In addition, on October 23, 2023, the Department
published in the Federal Register a document announcing early
implementation of provisions related to income-driven repayment (88 FR
72685).
The Secretary is exercising his authority under section 482(c) of
the HEA to designate an additional regulatory change made in that final
rule for early implementation beginning on January 21, 2024.
Under Sec. 685.209(k)(3), a borrower receives forgiveness if the
borrower's total original principal balance on all loans that are being
paid under the Revised Pay as You Earn (REPAYE) plan was less than or
equal to $12,000, after the borrower has satisfied 120 monthly payments
or the equivalent, plus an additional 12 monthly payments or the
equivalent over a period of at least 1 year for every $1,000 if the
total original principal balance is above $12,000. See 88 FR 43820,
43903. Under the regulations, the REPAYE plan is also known as the
Saving on a Valuable Education (SAVE) plan. The Department will
implement this provision on January 21, 2024.
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 <a href="http://www.govinfo.gov">www.govinfo.gov</a>. 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 Adobe Portable Document Format
(PDF). To use PDF, you must have Adobe Acrobat Reader, which is
available free at the site.
You may also access documents of the Department published in the
Federal Register by using the article search feature at
<a href="http://www.federalregister.gov">www.federalregister.gov</a>. Specifically, through the advanced search
feature at this site, you can limit your search to documents published
by the Department.
Miguel A. Cardona,
Secretary of Education.
[FR Doc. 2024-00204 Filed 1-12-24; 8:45 am]
BILLING CODE 4000-01-P
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