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Subject: Annual Updates to the Income Contingent Repayment (ICR) Plan Formula for 2016-Federal Direct Loan Program

Publication Date: April 4, 2016

Posted Date: April 4, 2016

Subject: Annual Updates to the Income Contingent Repayment (ICR) Plan Formula for 2016-Federal Direct Loan Program

FR Type: Notice


[Federal Register Volume 81, Number 64 (Monday, April 4, 2016)]
[Notices]
[Pages 19153-19157]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-07517]

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DEPARTMENT OF EDUCATION

Annual Updates to the Income Contingent Repayment (ICR) Plan 
Formula for 2016--William D. Ford Federal Direct Loan Program

AGENCY: Federal Student Aid, Department of Education.

ACTION: Notice.

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Catalog of Federal Domestic Assistance (CFDA) Number: 84.063.

SUMMARY: The Secretary announces the annual updates to the ICR plan 
formula for 2016, 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 2016-2017 year.

DATES: The adjustments to the income percentage factors for the ICR 
plan formula contained in this notice are effective from July 1, 2016, 
to June 30, 2017, 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: ian.foss@ed.gov.
    If you use a telecommunications device for the deaf or a text 
telephone, call the Federal Relay Service, toll free, at 1-800-877-
8339.
 


Last Modified: 04/03/2016