82_FR_32939 82 FR 32803 - Annual Updates to the Income Contingent Repayment (ICR) Plan Formula for 2017-William D. Ford Federal Direct Loan Program

82 FR 32803 - Annual Updates to the Income Contingent Repayment (ICR) Plan Formula for 2017-William D. Ford Federal Direct Loan Program

DEPARTMENT OF EDUCATION

Federal Register Volume 82, Issue 136 (July 18, 2017)

Page Range32803-32807
FR Document2017-15061

The Secretary announces the annual updates to the ICR plan formula for 2017, as required by 34 CFR 685.209(b)(1)(ii)(A), to give notice to Direct Loan borrowers and the public regarding how monthly ICR payment amounts will be calculated for the 2017-2018 year.

Federal Register, Volume 82 Issue 136 (Tuesday, July 18, 2017) 
[Federal Register Volume 82, Number 136 (Tuesday, July 18, 2017)]
[Notices]
[Pages 32803-32807]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-15061]


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DEPARTMENT OF EDUCATION

[Catalog of Federal Domestic Assistance number 84.063]


Annual Updates to the Income Contingent Repayment (ICR) Plan 
Formula for 2017--William D. Ford Federal Direct Loan Program

AGENCY: Federal Student Aid, Department of Education.

ACTION: Notice.

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SUMMARY: The Secretary announces the annual updates to the ICR plan 
formula for 2017, as required by 34 CFR 685.209(b)(1)(ii)(A), to give 
notice to Direct Loan borrowers and the public regarding how monthly 
ICR payment amounts will be calculated for the 2017-2018 year.

DATES: The adjustments to the income percentage factors for the ICR 
plan

[[Page 32804]]

formula contained in this notice are effective from July 1, 2017, to 
June 30, 2018, 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: Ian Foss, U.S. Department of 
Education, 830 First Street NE., Room 113H2, Washington, DC 20202. 
Telephone: (202) 377-3681 or by email: [email protected].
    If you use a telecommunications device for the deaf (TDD) or a text 
telephone (TTY), call the Federal Relay Service, toll free, at 1-800-
877-8339.

SUPPLEMENTARY INFORMATION: Under the William D. Ford Federal Direct 
Loan (Direct Loan) Program, borrowers may choose to repay their non-
defaulted loans (Direct Subsidized Loans, Direct Unsubsidized Loans, 
Direct PLUS Loans made to graduate or professional students, and Direct 
Consolidation Loans) under the ICR plan. The ICR plan bases the 
borrower's repayment amount on the borrower's income, family size, loan 
amount, and the interest rate applicable to each of the borrower's 
loans.
    ICR is one of several income-driven repayment plans. Other income-
driven repayment plans include the Income-Based Repayment (IBR) plan, 
the Pay As You Earn Repayment (PAYE plan, and the Revised Pay As You 
Earn Repayment (REPAYE) plan. The IBR, PAYE, and REPAYE plans provide 
lower payment amounts than the ICR plan for most borrowers.
    A Direct Loan borrower who repays his or her loans under the ICR 
plan pays the lesser of: (1) The amount that he or she would pay over 
12 years with fixed payments multiplied by an income percentage factor; 
or (2) 20 percent of discretionary income.
    Each year, to reflect changes in inflation, we adjust the income 
percentage factor used to calculate a borrower's ICR payment. We use 
the adjusted income percentage factors to calculate a borrower's 
monthly ICR payment amount when the borrower initially applies for the 
ICR plan or when the borrower submits his or her annual income 
documentation, as required under the ICR plan. This notice contains the 
adjusted income percentage factors for 2017, examples of how the 
monthly payment amount in ICR is calculated, and charts showing sample 
repayment amounts based on the adjusted ICR plan formula. This 
information is included in the following three attachments:
 Attachment 1--Income Percentage Factors for 2017
     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 have updated 
the income percentage factors that were published in the Federal 
Register on April 4, 2016 (81 FR 19153). 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 2016 and December 2017.
    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. However, the 
revised repayment amount more accurately reflects the impact of 
inflation on the borrower's current ability to repay.
    Accessible Format: Individuals with disabilities can obtain this 
document in an accessible format (e.g., braille, large print, 
audiotape, or compact disc) on request to the contact person listed 
under FOR FURTHER INFORMATION CONTACT in this section of the notice.
    Electronic Access to This Document: The official version of this 
document is the document published in the Federal Register. Free 
internet access to the official edition of the Federal Register and the 
Code of Federal Regulations is available via the Federal Digital System 
at: www.thefederalregister.org/fdsys. 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 the 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.

    Dated: July 13, 2017.
Matthew D. Sessa,
Acting Chief Operating Officer, Federal Student Aid.

Attachment 1--Income Percentage Factors for 2017

                   Income Percentage Factors for 2017
------------------------------------------------------------------------
               Single                      Married/Head of Household
------------------------------------------------------------------------
      Income            % Factor           Income           % Factor
------------------------------------------------------------------------
      $11,668              55.00            $11,668             50.52
      $16,055              57.79            $18,410             56.68
      $20,658              60.57            $21,939             59.56
      $25,366              66.23            $28,681             67.79
      $29,862              71.89            $35,531             75.22
      $35,531              80.33            $44,629             87.61
      $44,629              88.77            $55,972            100.00
      $55,973             100.00            $67,319            100.00
      $67,319             100.00            $84,340            109.40
      $80,910             111.80           $112,698            125.00
     $103,602             123.50           $152,404            140.60
     $146,735             141.20           $213,144            150.00
     $168,245             150.00           $348,294            200.00
     $299,673             200.00      ................  ................
------------------------------------------------------------------------


[[Page 32805]]

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 ``Repayment Estimator'' and is available at 
StudentLoans.gov. This calculator provides a detailed, individualized 
assessment of a borrower's loans and repayment plan options, including 
the ICR plan.
     The interest rates used in the examples are for 
illustration only. The actual interest rates on an individual 
borrower's Direct Loans depend on the loan type and when the 
postsecondary institution first disbursed the Direct Loan to the 
borrower.
     The Poverty Guideline amounts used in the examples are 
from the 2017 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 2017 were published in the Federal 
Register on January 31, 2017 (82 FR 8831).
     All of the examples use an income percentage factor 
corresponding to an adjusted gross income (AGI) in the table in 
Attachment 1. If your AGI is not listed in the income percentage 
factors table in Attachment 1, calculate the applicable income 
percentage by following the instructions under the ``Interpolation'' 
heading later in this attachment.
     Married borrowers may repay their Direct Loans jointly 
under the ICR plan. If a married couple elects this option, we add the 
outstanding balance on the Direct Loans of each borrower and we add 
together both borrowers' AGIs to determine a joint ICR payment amount. 
We then prorate the joint payment amount for each borrower based on the 
proportion of that borrower's debt to the total outstanding balance. We 
bill each borrower separately.
     For example, if a married couple, John and Sally, has a 
total outstanding Direct Loan debt of $60,000, of which $40,000 belongs 
to John and $20,000 to Sally, we would apportion 67 percent of the 
monthly ICR payment to John and the remaining 33 percent to Sally. 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} [caret]-N]>
    In the formula--
     M is the monthly payment amount;
     P is the outstanding principal balance of the loan at the 
time the calculation is performed;
     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, 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, 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 [caret] -144 = 0.48762628
 1 - 0.48762628 = 0.51237372
    Step 3: Next, resolve the fraction by dividing the result from Step 
one by the result from Step two.
 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.
    Example 1. Brenda is single with no dependents and has $15,000 in 
Direct Subsidized and Unsubsidized Loans. The interest rate on Brenda's 
loans is 6 percent, and she has an AGI of $29,862.
    Step 1: Determine the total monthly payment amount based on what 
Brenda 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 Brenda's AGI. In this example, an 
AGI of $29,862 corresponds to an income percentage factor of 71.89 
percent.
 0.7189 x $146.38 = $105.23
    Step 3: Determine 20 percent of Brenda's discretionary income and 
divide by 12 (discretionary income is AGI minus the HHS Poverty 
Guideline amount for a borrower's family size and State of residence). 
For Brenda, subtract the Poverty Guideline amount for a family of one 
from her AGI, multiply the result by 20 percent, and then divide by 12:
 $29,862 - $12,060 = $17,802
 $17,802 x 0.20 = $3,560.40
 $3,560.40 / 12 = $296.70
    Step 4: Compare the amount from Step 2 with the amount from Step 3. 
The lower of the two will be the monthly ICR payment amount. In this 
example, Brenda will be paying the amount calculated under Step 2 
($105.23).
    Note: Brenda would have a lower payment under other income-driven 
repayment plans. Specifically, Brenda's payment would be $98.10 under 
the PAYE and REPAYE plans. However, Brenda's payment would be $147.15 
under the IBR plan, which is higher than the payment she would have 
under the ICR plan.
    Example 2. Joseph is married to Susan and has no dependents. They 
file their Federal income tax return jointly. Joseph has a Direct Loan 
balance of $10,000, and Susan has a Direct Loan balance of $15,000. The 
interest rate on all of the loans is 6 percent.
    Joseph and Susan have a combined AGI of $84,340 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 Joseph's and Susan'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 Joseph 
and Susan based on what both borrowers would pay over 12 years using 
standard amortization. To do this,

[[Page 32806]]

use the formula that precedes Example 1. In this example, the 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 Joseph and Susan's combined AGI. In 
this example, the combined AGI of $84,340 corresponds to an income 
percentage factor of 109.40 percent.
 1.094 x $243.96 = $266.90
    Step 4: Determine 20 percent of Joseph and Susan'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:
 $84,340 - $ 16,240 = $68,100
 $68,100 x 0.20 = $13,620
 $13,620 / 12 = $1,135.00
    Step 5: Compare the amount from Step 3 with the amount from Step 4. 
The lower of the two will be Joseph and Susan's joint monthly payment 
amount. Joseph and Susan will jointly pay the amount calculated under 
Step 3 ($266.90).
    Note: For Joseph and Susan, the ICR plan provides the lowest 
monthly payment of all of the income-driven repayment plans. Joseph and 
Susan would not be eligible for the IBR or PAYE plans, and would have a 
combined monthly payment under the REPAYE plan of $499.83.
    Step 6: Because Joseph and Susan are jointly repaying their Direct 
Loans under the ICR plan, the monthly payment amount calculated under 
Step 5 applies to both Joseph's and Susan's 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. Joseph has a Direct Loan debt of $10,000 and Susan has a 
Direct Loan debt of $15,000. For Joseph, the monthly payment amount 
will be:
 $10,000 / ($10,000 + $15,000) = 40 percent
 0.40 x $266.90 = $106.76
    For Susan, the monthly payment amount will be:
 $15,000 / ($10,000 + $15,000) = 60 percent
 0.60 x $266.90 = $160.14
    Example 3. David is single with no dependents and has $60,000 in 
Direct Subsidized and Unsubsidized Loans. The interest rate on all of 
the loans is 6 percent, and David's AGI is $35,531.
    Step 1: Determine the total monthly payment amount based on what 
David 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 David's AGI. In this example, an 
AGI of $35,531 corresponds to an income percentage factor of 80.33 
percent.
 0.8033 x $585.51 = $470.34
    Step 3: Determine 20 percent of David's discretionary income and 
divide by 12 (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 one 
from David's AGI, multiply the result by 20 percent, and then divide by 
12:
 $35,531 - $12,060 = $23,471
 $23,471 x 0.20 = $4,694.20
 $4,694.20 / 12 = $391.18
    Step 4: Compare the amount from Step 2 with the amount from Step 3. 
The lower of the two will be David's monthly payment amount. In this 
example, David will be paying the amount calculated under Step 3 
($379.68).
    Note: David would have a lower payment under each of the other 
income-driven plans. Specifically, David's payment would be $145.34 
under the PAYE and REPAYE plans and $218.01 under the IBR plan.
    Interpolation. If an income is not included on the income 
percentage factor table, calculate the income percentage factor through 
linear interpolation. For example, assume that Joan is single with an 
income of $50,000.
    Step 1: Find the closest income listed that is less than Joan's 
income ($50,000) and the closest income listed that is greater than 
Joan's income ($50,000).
    Step 2: Subtract the lower amount from the higher amount (for this 
discussion we will call the result the ``income interval''):
 $55,773 - $44,629 = $11,114
    Step 3: Determine the difference between the two income percentage 
factors that correspond to the incomes 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 Joan's income the closest income shown on the 
chart that is less than Joan's income of $50,000:
 $50,000 - $44,629 = $5,371
    Step 5: Divide the result of Step 4 by the income interval 
determined in Step 2:

 5,371 / 11,114 = 48.33 percent

    Step 6: Multiply the result of Step 5 by the income percentage 
factor interval:

 11.23 percent x 48.33 percent = 5.43 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 50,000 in income:

 5.43 percent + 88.77 percent = 94.20 percent (rounded to the 
nearest hundredth)

    The result is the income percentage factor that we will use to 
calculate Joan'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 incomes under all 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 ICR plan calculations 
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 with his or her spouse 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 repayment based plan based on the 
borrower's income, loan debt, and family size.

[[Page 32807]]



                                            Sample First-Year Monthly Repayment Amounts for a Single Borrower
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                                                                     Family Size = 1
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                                                Income                 Plan                $20,000      $40,000      $60,000      $80,000      $100,000
--------------------------------------------------------------------------------------------------------------------------------------------------------
Initial Debt...............................       20,000  ICR..........................         $117         $165         $195         $217         $237
                                                          IBR..........................           24            -            -            -            -
                                                          PAYE.........................           16          183            -            -            -
                                                          REPAYE.......................           16          183          349          516          683
                                                          10-Year Standard.............          222          222          222          222          222
                                                  40,000  ICR..........................          132          330          390          433          475
                                                          IBR..........................           24          274            -            -            -
                                                          PAYE.........................           16          183          349            -            -
                                                          REPAYE.......................           16          183          349          516          683
                                                          10-Year Standard.............          444          444          444          444          444
                                                  60,000  ICR..........................          132          466          586          650          712
                                                          IBR..........................           24          274          524            -            -
                                                          PAYE.........................           16          183          349          516            -
                                                          REPAYE.......................           16          183          349          516          683
                                                          10-Year Standard.............          666          666          666          666          666
                                                  80,000  ICR..........................          132          466          781          867          950
                                                          IBR..........................           24          274          524          774            -
                                                          PAYE.........................           16          183          349          516          683
                                                          REPAYE.......................           16          183          349          516          683
                                                          10-Year Standard.............          888          888          888          888          888
                                                 100,000  ICR..........................          132          466          799        1,083        1,187
                                                          IBR..........................           24          274          524          774        1,024
                                                          PAYE.........................           16          183          349          516          683
                                                          REPAYE.......................           16          183          349          516          683
                                                          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
---------------------------------------------------------------------------------------------------------------------------------------------------------
                                                Income                 Plan                $20,000      $40,000      $60,000      $80,000      $100,000
--------------------------------------------------------------------------------------------------------------------------------------------------------
Initial Debt...............................       20,000  ICR..........................           $0         $159         $195         $209         $230
                                                          IBR..........................            0          117            -            -            -
                                                          PAYE.........................            0           78            -            -            -
                                                          REPAYE.......................            0           78          245          411          578
                                                          10-Year Standard.............          222          222          222          222          222
                                                  40,000  ICR..........................            0          317          390          418          461
                                                          IBR..........................            0          117          367            -            -
                                                          PAYE.........................            0           78          245          411            -
                                                          REPAYE.......................            0           78          245          411          578
                                                          10-Year Standard.............          444          444          444          444          444
                                                  60,000  ICR..........................            0          326          586          633          699
                                                          IBR..........................            0          117          367          617            -
                                                          PAYE.........................            0           78          245          411          578
                                                          REPAYE.......................            0           78          245          411          578
                                                          10-Year Standard.............          666          666          666          666          666
                                                  80,000  ICR..........................            0          326          660          835          921
                                                          IBR..........................            0          117          367          617          867
                                                          PAYE.........................            0           78          245          411          578
                                                          REPAYE.......................            0           78          245          411          578
                                                          10-Year Standard.............          888          888          888          888          888
                                                 100,000  ICR..........................            0          326          660          993        1,152
                                                          IBR..........................            0          117          367          617          867
                                                          PAYE.........................            0           78          245          411          578
                                                          REPAYE.......................            0           78          245          411          578
                                                          10-Year Standard.............        1,110        1,110        1,110        1,110        1,110
--------------------------------------------------------------------------------------------------------------------------------------------------------

[FR Doc. 2017-15061 Filed 7-17-17; 8:45 am]
 BILLING CODE 4000-01-P

Federal Register / Vol. 82, No. 136 / Tuesday, July 18, 2017 / Notices 32803 Transmittal No. 16–74 This proposed sale is consistent with the software to be exported is SECRET; Notice of Proposed Issuance of Letter of U.S. law and policy as expressed in however, no software source code will Offer Pursuant to Section 36(b)(l) of the Public Law 96–8. be disclosed. All reprogramming of Arms Export Control Act, as Amended This proposed sale serves U.S. missile microprocessor memories must national, economic, and security be accomplished by U.S. Government (i) Prospective Purchaser: Taipei interests by supporting the recipient’s personnel or U.S. Government approved Economic and Cultural Representative continuing efforts to modernize its contractors. Office (TECRO) in the United States armed forces and to maintain a credible 3. If a technologically advanced (ii) Total Estimated Value: defensive capability. The proposed sale adversary were to obtain knowledge of Major Defense $47.5 will help improve the security of the the specific hardware and software Equipment*. recipient and assist in maintaining elements, the information could be used Other .................................. $100.0 political stability, military balance, and to develop countermeasures which Total ........................... $147.5 economic progress in the region. might reduce weapon system The proposed sale will improve the effectiveness or be used in the (iii) Description and Quantity or recipient’s capability in current and development of a system with similar or Quantities of Articles or Services Under future defensive efforts. The recipient advanced capabilities. Consideration for Purchase: will use the enhanced capability as a 4. This sale is necessary in Major Defense Equipment (MDE): deterrent to regional threats and to furtherance of the U.S. foreign policy Fifty (50) AGM–88B High-Speed Anti- strengthen homeland defense. The and national security objectives Radiation Missiles (HARMs) recipient will have no difficulty outlined in the Policy Justification. Ten (10) AGM–88B Training HARMs absorbing this equipment into its armed Non-MDE includes: Moreover, the benefits to be derived HARM integration, LAU-l 18A forces. from this sale, as outlined in the Policy The proposed sale of this equipment Justification, outweigh the potential Launchers, missile containers, spare and repair parts, support and test and support will not alter the basic damage that could result if the sensitive equipment, Joint Mission Planning military balance in the region. technology were revealed to Currently, market research is being unauthorized persons. A determination System update, publications and conducted to determine the viability of has been made that the recipient technical documentation, personnel a qualified contractor in accordance country can provide substantially the training and training equipment, U.S. with Federal Acquisition Regulations. same degree of protection for the Government and contractor engineering, technical and logistics The purchaser typically requests offsets, sensitive technology being released as support services, and other related but any offsets will be determined the U.S. Government. This sale is elements of logistical and program between the purchaser and the necessary in furtherance of the U.S. support. contractor. foreign policy and national security Implementation of this proposed sale objectives outlined in the Policy (iv) Military Department: Air Force will not require the assignment of any Justification and in accordance with the (QBZ) additional U.S. Government or (v) Prior Related Cases. if any: None Taiwan Relations Act. contractor representatives outside the 5. All defense articles and services (vi) Sales Commission Fee. etc., Paid, United States. Offered, or Agreed to be Paid: None listed in this transmittal are authorized There will be no adverse impact on for release and export to the Taipei (vii) Sensitivity of Technology U.S. defense readiness as a result of this Contained in the Defense Article or Economic and Cultural Representative proposed sale. Office (TECRO) in the United States. Defense Services Proposed to be Sold: See Attached Annex Transmittal No. 16–74 [FR Doc. 2017–15018 Filed 7–17–17; 8:45 am] (viii) Date Report Delivered to Notice of Proposed Issuance of Letter of BILLING CODE 5001–06–P Congress: 29 JUN 2017 Offer Pursuant to Section 36(b)(l) of the * As defined in Section 47(6) of the Arms Export Control Act Arms Export Control Act. DEPARTMENT OF EDUCATION Annex Item No. vii POLICY JUSTIFICATION [Catalog of Federal Domestic Assistance (iii) Sensitivity of Technology: number 84.063] Taipei Economic and Cultural 1. AGM–88B High-Speed Anti- Representative Office (TECRO) in the Radiation Missile (HARM) is a United States—AGM–88B High-Speed Annual Updates to the Income supersonic air-to-surface missile Contingent Repayment (ICR) Plan Anti-Radiation Missiles (HARM) designed to seek and destroy enemy Formula for 2017—William D. Ford TECRO requested a possible sale of radar-equipped air defense systems. Federal Direct Loan Program fifty (50) AGM–88B HARMs and ten (10) HARM has a proportional guidance AGM–88B Training HARMs. This system that hones in on enemy radar AGENCY: Federal Student Aid, request also includes: HARM emissions through a fixed antenna and Department of Education. integration, LAU-l 18A Launchers, seeker head in the missile nose. The ACTION: Notice. missile containers, spare and repair missile consists of four sections; parts, support and test equipment, Joint guidance section, warhead, control SUMMARY: The Secretary announces the Mission Planning System update, section, and rocket motor. annual updates to the ICR plan formula publications and technical 2. The highest classification of the for 2017, as required by 34 CFR sradovich on DSK3GMQ082PROD with NOTICES documentation, personnel training and hardware to be exported is SECRET. The 685.209(b)(1)(ii)(A), to give notice to training equipment, U.S. Government highest classification of the technical Direct Loan borrowers and the public and contractor engineering, technical documentation to be exported is regarding how monthly ICR payment and logistics support services, and other SECRET, but no radar cross section and amounts will be calculated for the related elements of logistical and infrared signature data nor U.S.-only 2017–2018 year. program support. The total estimated tactics or tactical doctrine will be DATES: The adjustments to the income program cost is $147.5 million. disclosed. The highest classification of percentage factors for the ICR plan VerDate Sep<11>2014 17:47 Jul 17, 2017 Jkt 241001 PO 00000 Frm 00019 Fmt 4703 Sfmt 4703 E:\FR\FM\18JYN1.SGM 18JYN1

32804 Federal Register / Vol. 82, No. 136 / Tuesday, July 18, 2017 / Notices formula contained in this notice are percentage factor; or (2) 20 percent of they were in prior years, even if the effective from July 1, 2017, to June 30, discretionary income. borrower’s income is the same as in the 2018, for any borrower who enters the Each year, to reflect changes in prior year. However, the revised ICR plan or has his or her monthly inflation, we adjust the income repayment amount more accurately payment amount recalculated under the percentage factor used to calculate a reflects the impact of inflation on the ICR plan during that period. borrower’s ICR payment. We use the borrower’s current ability to repay. FOR FURTHER INFORMATION CONTACT: Ian adjusted income percentage factors to Accessible Format: Individuals with Foss, U.S. Department of Education, 830 calculate a borrower’s monthly ICR disabilities can obtain this document in First Street NE., Room 113H2, payment amount when the borrower an accessible format (e.g., braille, large Washington, DC 20202. Telephone: initially applies for the ICR plan or print, audiotape, or compact disc) on (202) 377–3681 or by email: ian.foss@ when the borrower submits his or her request to the contact person listed ed.gov. annual income documentation, as under FOR FURTHER INFORMATION If you use a telecommunications required under the ICR plan. This notice CONTACT in this section of the notice. device for the deaf (TDD) or a text contains the adjusted income percentage Electronic Access to This Document: telephone (TTY), call the Federal Relay factors for 2017, examples of how the The official version of this document is Service, toll free, at 1–800–877–8339. monthly payment amount in ICR is the document published in the Federal SUPPLEMENTARY INFORMATION: Under the calculated, and charts showing sample Register. Free internet access to the William D. Ford Federal Direct Loan repayment amounts based on the official edition of the Federal Register (Direct Loan) Program, borrowers may adjusted ICR plan formula. This and the Code of Federal Regulations is choose to repay their non-defaulted information is included in the following available via the Federal Digital System loans (Direct Subsidized Loans, Direct three attachments: at: www.gpo.gov/fdsys. At this site, you Unsubsidized Loans, Direct PLUS Loans • Attachment 1—Income Percentage can view this document, as well as all made to graduate or professional Factors for 2017 other documents of this Department students, and Direct Consolidation • Attachment 2—Examples of the published in the Federal Register, in Loans) under the ICR plan. The ICR plan Calculations of Monthly Repayment text or Portable Document Format bases the borrower’s repayment amount Amounts • Attachment 3—Charts Showing (PDF). To use PDF you must have on the borrower’s income, family size, Adobe Acrobat Reader, which is loan amount, and the interest rate Sample Repayment Amounts for Single and Married Borrowers available free at the site. applicable to each of the borrower’s loans. In Attachment 1, to reflect changes in You may also access documents of the ICR is one of several income-driven inflation, we have updated the income Department published in the Federal repayment plans. Other income-driven percentage factors that were published Register by using the article search repayment plans include the Income- in the Federal Register on April 4, 2016 feature at: www.federalregister.gov. Based Repayment (IBR) plan, the Pay As (81 FR 19153). Specifically, we have Specifically, through the advanced You Earn Repayment (PAYE plan, and revised the table of income percentage search feature at this site, you can limit the Revised Pay As You Earn factors by changing the dollar amounts your search to documents published by Repayment (REPAYE) plan. The IBR, of the incomes shown by a percentage the Department. PAYE, and REPAYE plans provide equal to the estimated percentage Program Authority: 20 U.S.C. 1087 et seq. lower payment amounts than the ICR change between the not-seasonally- Dated: July 13, 2017. plan for most borrowers. adjusted Consumer Price Index for all Matthew D. Sessa, A Direct Loan borrower who repays urban consumers for December 2016 his or her loans under the ICR plan pays Acting Chief Operating Officer, Federal and December 2017. Student Aid. the lesser of: (1) The amount that he or The income percentage factors she would pay over 12 years with fixed reflected in Attachment 1 may cause a Attachment 1—Income Percentage payments multiplied by an income borrower’s payments to be lower than Factors for 2017 INCOME PERCENTAGE FACTORS FOR 2017 Single Married/Head of Household Income % Factor Income % Factor $11,668 55.00 $11,668 50.52 $16,055 57.79 $18,410 56.68 $20,658 60.57 $21,939 59.56 $25,366 66.23 $28,681 67.79 $29,862 71.89 $35,531 75.22 $35,531 80.33 $44,629 87.61 $44,629 88.77 $55,972 100.00 $55,973 100.00 $67,319 100.00 $67,319 100.00 $84,340 109.40 $80,910 111.80 $112,698 125.00 $103,602 123.50 $152,404 140.60 sradovich on DSK3GMQ082PROD with NOTICES $146,735 141.20 $213,144 150.00 $168,245 150.00 $348,294 200.00 $299,673 200.00 ....................................................... ....................................................... 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Federal Register / Vol. 82, No. 136 / Tuesday, July 18, 2017 / Notices 32805 Attachment 2—Examples of the Calculating the monthly payment Step 1: Determine the total monthly Calculations of Monthly Repayment amount using a standard amortization payment amount based on what Brenda Amounts and a 12-year repayment period. would pay over 12 years using standard General notes about the examples in The formula to amortize a loan with amortization. To do this, use the this attachment: a standard schedule (in which each formula that precedes Example 1. In this • We have a calculator that borrowers payment is the same over the course of example, the monthly payment amount can use to estimate what their payment the repayment period) is as follows: would be $146.38. amounts would be under the ICR plan. M = P × <(I ÷ 12) ÷ [1 ¥ {1 + (I ÷ 12) Step 2: Multiply the result of Step 1 The calculator is called the ‘‘Repayment }∧–N]> by the income percentage factor shown In the formula— in the income percentage factors table Estimator’’ and is available at • M is the monthly payment amount; (see Attachment 1 to this notice) that StudentLoans.gov. This calculator • P is the outstanding principal corresponds to Brenda’s AGI. In this provides a detailed, individualized balance of the loan at the time the example, an AGI of $29,862 corresponds assessment of a borrower’s loans and calculation is performed; to an income percentage factor of 71.89 repayment plan options, including the • I is the annual interest rate on the ICR plan. percent. loan, expressed as a decimal (for • 0.7189 × $146.38 = $105.23 • The interest rates used in the example, for a loan with an interest rate Step 3: Determine 20 percent of examples are for illustration only. The of 6 percent, 0.06); and Brenda’s discretionary income and actual interest rates on an individual • N is the total number of months in divide by 12 (discretionary income is borrower’s Direct Loans depend on the the repayment period (for example, for AGI minus the HHS Poverty Guideline loan type and when the postsecondary a loan with a 12-year repayment period, amount for a borrower’s family size and institution first disbursed the Direct 144 months). State of residence). For Brenda, subtract Loan to the borrower. For example, assume that Billy has a the Poverty Guideline amount for a • The Poverty Guideline amounts $10,000 Direct Unsubsidized Loan with family of one from her AGI, multiply the used in the examples are from the 2017 an interest rate of 6 percent. result by 20 percent, and then divide by U.S. Department of Health and Human Step 1: To solve for M, first simplify 12: Services (HHS) Poverty Guidelines for the numerator of the fraction by which • $29,862 ¥ $12,060 = $17,802 the 48 contiguous States and the District we multiply P, the outstanding • $17,802 × 0.20 = $3,560.40 of Columbia. Different Poverty principal balance. To do this divide I, • $3,560.40 ÷ 12 = $296.70 Guidelines apply to residents of Alaska the interest rate, as a decimal, by 12. In Step 4: Compare the amount from and Hawaii. The Poverty Guidelines for this example, Billy’s interest rate is 6 Step 2 with the amount from Step 3. 2017 were published in the Federal percent. As a decimal, 6 percent is 0.06. The lower of the two will be the Register on January 31, 2017 (82 FR • 0.06 ÷ 12 = 0.005 monthly ICR payment amount. In this 8831). Step 2: Next, simplify the example, Brenda will be paying the • All of the examples use an income denominator of the fraction by which amount calculated under Step 2 percentage factor corresponding to an we multiply P. To do this divide I, the ($105.23). adjusted gross income (AGI) in the table interest rate, as a decimal, by 12. Then, Note: Brenda would have a lower in Attachment 1. If your AGI is not add one. Next, raise the sum of the two payment under other income-driven listed in the income percentage factors figures to the negative power that repayment plans. Specifically, Brenda’s table in Attachment 1, calculate the corresponds to the length of the payment would be $98.10 under the applicable income percentage by repayment period in months. In this PAYE and REPAYE plans. However, following the instructions under the example, because we are amortizing a Brenda’s payment would be $147.15 ‘‘Interpolation’’ heading later in this loan to calculate the monthly payment under the IBR plan, which is higher attachment. amount under the ICR plan, the than the payment she would have under • Married borrowers may repay their applicable figure is 12 years, which is the ICR plan. Direct Loans jointly under the ICR plan. 144 months. Finally, subtract the result Example 2. Joseph is married to Susan If a married couple elects this option, from one. and has no dependents. They file their we add the outstanding balance on the • 0.06 ÷ 12 = 0.005 Federal income tax return jointly. Direct Loans of each borrower and we • 1 + 0.005 = 1.005 Joseph has a Direct Loan balance of add together both borrowers’ AGIs to • 1.005 ∧ ¥144 = 0.48762628 $10,000, and Susan has a Direct Loan determine a joint ICR payment amount. • 1 ¥ 0.48762628 = 0.51237372 balance of $15,000. The interest rate on We then prorate the joint payment Step 3: Next, resolve the fraction by all of the loans is 6 percent. amount for each borrower based on the dividing the result from Step one by the Joseph and Susan have a combined proportion of that borrower’s debt to the result from Step two. AGI of $84,340 and are repaying their total outstanding balance. We bill each • 0.005 ÷ 0.51237372 = 0.0097585 loans jointly under the ICR plan (for borrower separately. Step 4: Finally, solve for M, the general information regarding joint ICR • For example, if a married couple, monthly payment amount, by payments for married couples, see the John and Sally, has a total outstanding multiplying the outstanding principal fifth and sixth bullets under the heading Direct Loan debt of $60,000, of which balance of the loan by the result of Step ‘‘General notes about the examples in $40,000 belongs to John and $20,000 to 3. this attachment’’). Sally, we would apportion 67 percent of • $10,000 × 0.0097585 = $97.59 Step 1: Add Joseph’s and Susan’s the monthly ICR payment to John and The remainder of the examples in this sradovich on DSK3GMQ082PROD with NOTICES Direct Loan balances to determine their the remaining 33 percent to Sally. To attachment will only show the results of combined aggregate loan balance: take advantage of a joint ICR payment, the formula. • $10,000 + $15,000 = $25,000 married couples need not file taxes Example 1. Brenda is single with no Step 2: Determine the combined jointly; they may file separately and dependents and has $15,000 in Direct monthly payment amount for Joseph subsequently provide the other spouse’s Subsidized and Unsubsidized Loans. and Susan based on what both tax information to the borrower’s The interest rate on Brenda’s loans is 6 borrowers would pay over 12 years Federal loan servicer. percent, and she has an AGI of $29,862. using standard amortization. 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32806 Federal Register / Vol. 82, No. 136 / Tuesday, July 18, 2017 / Notices use the formula that precedes Example Example 3. David is single with no Step 3: Determine the difference 1. In this example, the combined dependents and has $60,000 in Direct between the two income percentage monthly payment amount would be Subsidized and Unsubsidized Loans. factors that correspond to the incomes $243.96. The interest rate on all of the loans is used in Step 2 (for this discussion, we Step 3: Multiply the result of Step 2 6 percent, and David’s AGI is $35,531. will call the result the ‘‘income by the income percentage factor shown Step 1: Determine the total monthly percentage factor interval’’): in the income percentage factors table payment amount based on what David • 100.00 percent ¥ 88.77 percent = (see Attachment 1 to this notice) that would pay over 12 years using standard 11.23 percent corresponds to Joseph and Susan’s amortization. To do this, use the Step 4: Subtract from Joan’s income combined AGI. In this example, the formula that precedes Example 1. In this the closest income shown on the chart combined AGI of $84,340 corresponds example, the monthly payment amount that is less than Joan’s income of to an income percentage factor of 109.40 would be $585.51. $50,000: percent. Step 2: Multiply the result of Step 1 • $50,000 ¥ $44,629 = $5,371 • 1.094 × $243.96 = $266.90 by the income percentage factor shown Step 5: Divide the result of Step 4 by Step 4: Determine 20 percent of in the income percentage factors table the income interval determined in Step Joseph and Susan’s combined (see Attachment 1 to this notice) that 2: discretionary income (discretionary corresponds to David’s AGI. In this income is AGI minus the HHS Poverty example, an AGI of $35,531 corresponds • 5,371 ÷ 11,114 = 48.33 percent Guideline amount for a borrower’s to an income percentage factor of 80.33 Step 6: Multiply the result of Step 5 family size and State of residence). To percent. by the income percentage factor do this, subtract the Poverty Guideline • 0.8033 × $585.51 = $470.34 interval: amount for a family of two from the Step 3: Determine 20 percent of • 11.23 percent × 48.33 percent = 5.43 combined AGI, multiply the result by 20 David’s discretionary income and divide percent percent, and then divide by 12: by 12 (discretionary income is AGI • $84,340 ¥ $ 16,240 = $68,100 minus the HHS Poverty Guideline Step 7: Add the result of Step 6 to the • $68,100 × 0.20 = $13,620 amount for a borrower’s family size and lower of the two income percentage • $13,620 ÷ 12 = $1,135.00 State of residence). To do this, subtract factors used in Step 3 to calculate the Step 5: Compare the amount from the Poverty Guideline amount for a income percentage factor interval for Step 3 with the amount from Step 4. family of one from David’s AGI, 50,000 in income: The lower of the two will be Joseph and multiply the result by 20 percent, and • 5.43 percent + 88.77 percent = 94.20 Susan’s joint monthly payment amount. then divide by 12: percent (rounded to the nearest Joseph and Susan will jointly pay the • $35,531 ¥ $12,060 = $23,471 hundredth) amount calculated under Step 3 • $23,471 × 0.20 = $4,694.20 The result is the income percentage ($266.90). • $4,694.20 ÷ 12 = $391.18 factor that we will use to calculate Note: For Joseph and Susan, the ICR plan provides the lowest monthly Step 4: Compare the amount from Joan’s monthly repayment amount payment of all of the income-driven Step 2 with the amount from Step 3. under the ICR plan. repayment plans. Joseph and Susan The lower of the two will be David’s monthly payment amount. In this Attachment 3—Charts Showing Sample would not be eligible for the IBR or Income-Driven Repayment Amounts for PAYE plans, and would have a example, David will be paying the amount calculated under Step 3 Single and Married Borrowers combined monthly payment under the REPAYE plan of $499.83. ($379.68). Below are two charts that provide Step 6: Because Joseph and Susan are Note: David would have a lower first-year payment amount estimates for jointly repaying their Direct Loans payment under each of the other a variety of loan debt sizes and incomes under the ICR plan, the monthly income-driven plans. Specifically, under all of the income-driven payment amount calculated under Step David’s payment would be $145.34 repayment plans and the 10-Year 5 applies to both Joseph’s and Susan’s under the PAYE and REPAYE plans and Standard Repayment Plan. The first loans. To determine the amount for $218.01 under the IBR plan. chart is for single borrowers who have which each borrower will be Interpolation. If an income is not a family size of one. The second chart responsible, prorate the amount included on the income percentage is for a borrower who is married or a calculated under Step 4 by each factor table, calculate the income head of household and who has a family spouse’s share of the combined Direct percentage factor through linear size of three. The ICR plan calculations Loan debt. Joseph has a Direct Loan debt interpolation. For example, assume that assume that the loan debt has an interest of $10,000 and Susan has a Direct Loan Joan is single with an income of rate of 6 percent. For married borrowers, debt of $15,000. For Joseph, the monthly $50,000. the calculations assume that the payment amount will be: Step 1: Find the closest income listed borrower files a joint Federal income tax • $10,000 ÷ ($10,000 + $15,000) = 40 that is less than Joan’s income ($50,000) return with his or her spouse and that percent and the closest income listed that is the borrower’s spouse does not have • 0.40 × $266.90 = $106.76 greater than Joan’s income ($50,000). Federal student loans. A field with a For Susan, the monthly payment Step 2: Subtract the lower amount ‘‘-’’ character indicates that the borrower sradovich on DSK3GMQ082PROD with NOTICES amount will be: from the higher amount (for this in the example would not be eligible to • $15,000 ÷ ($10,000 + $15,000) = 60 discussion we will call the result the enter the applicable repayment based percent ‘‘income interval’’): plan based on the borrower’s income, • 0.60 × $266.90 = $160.14 • $55,773 ¥ $44,629 = $11,114 loan debt, and family size. 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Federal Register / Vol. 82, No. 136 / Tuesday, July 18, 2017 / Notices 32807 SAMPLE FIRST-YEAR MONTHLY REPAYMENT AMOUNTS FOR A SINGLE BORROWER Family Size = 1 Income Plan $20,000 $40,000 $60,000 $80,000 $100,000 Initial Debt ......................... 20,000 ICR ................................... $117 $165 $195 $217 $237 IBR .................................... 24 - - - - PAYE ................................ 16 183 - - - REPAYE ........................... 16 183 349 516 683 10-Year Standard ............. 222 222 222 222 222 40,000 ICR ................................... 132 330 390 433 475 IBR .................................... 24 274 - - - PAYE ................................ 16 183 349 - - REPAYE ........................... 16 183 349 516 683 10-Year Standard ............. 444 444 444 444 444 60,000 ICR ................................... 132 466 586 650 712 IBR .................................... 24 274 524 - - PAYE ................................ 16 183 349 516 - REPAYE ........................... 16 183 349 516 683 10-Year Standard ............. 666 666 666 666 666 80,000 ICR ................................... 132 466 781 867 950 IBR .................................... 24 274 524 774 - PAYE ................................ 16 183 349 516 683 REPAYE ........................... 16 183 349 516 683 10-Year Standard ............. 888 888 888 888 888 100,000 ICR ................................... 132 466 799 1,083 1,187 IBR .................................... 24 274 524 774 1,024 PAYE ................................ 16 183 349 516 683 REPAYE ........................... 16 183 349 516 683 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 Income Plan $20,000 $40,000 $60,000 $80,000 $100,000 Initial Debt ......................... 20,000 ICR ................................... $0 $159 $195 $209 $230 IBR .................................... 0 117 - - - PAYE ................................ 0 78 - - - REPAYE ........................... 0 78 245 411 578 10-Year Standard ............. 222 222 222 222 222 40,000 ICR ................................... 0 317 390 418 461 IBR .................................... 0 117 367 - - PAYE ................................ 0 78 245 411 - REPAYE ........................... 0 78 245 411 578 10-Year Standard ............. 444 444 444 444 444 60,000 ICR ................................... 0 326 586 633 699 IBR .................................... 0 117 367 617 - PAYE ................................ 0 78 245 411 578 REPAYE ........................... 0 78 245 411 578 10-Year Standard ............. 666 666 666 666 666 80,000 ICR ................................... 0 326 660 835 921 IBR .................................... 0 117 367 617 867 PAYE ................................ 0 78 245 411 578 REPAYE ........................... 0 78 245 411 578 10-Year Standard ............. 888 888 888 888 888 100,000 ICR ................................... 0 326 660 993 1,152 IBR .................................... 0 117 367 617 867 PAYE ................................ 0 78 245 411 578 REPAYE ........................... 0 78 245 411 578 10-Year Standard ............. 1,110 1,110 1,110 1,110 1,110 [FR Doc. 2017–15061 Filed 7–17–17; 8:45 am] sradovich on DSK3GMQ082PROD with NOTICES BILLING CODE 4000–01–P VerDate Sep<11>2014 17:47 Jul 17, 2017 Jkt 241001 PO 00000 Frm 00023 Fmt 4703 Sfmt 9990 E:\FR\FM\18JYN1.SGM 18JYN1


Document Created: 2018-10-24 11:26:05
Document Modified: 2018-10-24 11:26:05
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice.
DatesThe adjustments to the income percentage factors for the ICR plan formula contained in this notice are effective from July 1, 2017, to June 30, 2018, for any borrower who enters the ICR plan or has his or her monthly payment amount recalculated under the ICR plan during that period.
ContactIan Foss, U.S. Department of Education, 830 First Street NE., Room 113H2, Washington, DC 20202. Telephone: (202) 377-3681 or by email: [email protected]
FR Citation82 FR 32803 
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