Agency Information Collection Activities; Comment Request; Income Driven Repayment Plan Request for the William D. Ford Federal Direct Loans and Federal Family Education Loan Programs

Publication Date
April 18, 2024
Subject
Agency Information Collection Activities; Comment Request; Income Driven Repayment Plan Request for the William D. Ford Federal Direct Loans and Federal Family Education Loan Programs
FR Type
Notice

The Department of Education is requesting revision of the form without change to the usage or burden amounts of the information collection, 1845-0102. The Department is requesting the 60-day public comment period. The Department is updating the IDR Request Form that is used by a borrower to enroll, re-certify, or change their IDR plan to support the entirety of the final rule published July 10, 2023. Specifically, the form is being updated to remove the option for new enrollments in the PAYE Plan and limit new enrollments in the ICR Plan to borrowers with specific types of loans. The form has also been updated to make the definition of family size consistent for all borrowers. The form updates the terms of the SAVE Plan to reduce the discretionary income percentage used to calculate monthly payments for undergraduate-level loans and describe the new shortened forgiveness timelines for borrowers with low initial loan debts. Additionally, updates were made to reorganize the order of the sections and to improve readability and the borrower experience.

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