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ED/OPE RIN: 1840-AD18 Publication ID: Fall 2014 
Title: ●Pay As You Earn 
Abstract:

On June 9 2014, the President issued a memorandum (79 FR 33843) directing the Secretary to propose regulations by June 9, 2015, that will allow additional students who borrowed Federal Direct Loans to cap their Federal student loan payments at 10 percent of their income. The memorandum further directed the Secretary to issue final regulations after considering all public comments with the goal of making the repayment option available to borrowers by December 31, 2015. 

 
Agency: Department of Education(ED)  Priority: Other Significant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Yes  Unfunded Mandates: No 
CFR Citation: Not Yet Determined     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: Not Yet Determined   
Legal Deadline:  None

Statement of Need:

The President has issued a memorandum directing the Secretary to propose regulations by June 9, 2015, that will allow additional student borrowers Federal Direct Loans to cap their Federal student loan payments at 10 percent of their income. The memorandum further directed the Secretary to issue final regulations after considering all public comments with the goal of making the repayment option available to borrowers by December 31, 2015.

Summary of the Legal Basis:

The President directed the Secretary to propose regulations that will allow additional student borrowers Federal Direct Loans to cap their Federal student loan payments at 10 percent of their income.

Alternatives:

These will be discussed in the notice of proposed rulemaking.

Anticipated Costs and Benefits:

These will be discussed in the notice of proposed rulemaking.

Risks:

These will be discussed in the notice of proposed rulemaking.
Timetable:
Action Date FR Cite
Notice of Intent to Establish Negotiated Rulemaking Committee  09/03/2014  79 FR 52273   
NPRM  06/00/2015 
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: Undetermined 
Federalism: Undetermined 
Included in the Regulatory Plan: Yes 
Public Comment URL: www.regulations.gov  
RIN Data Printed in the FR: No 
Agency Contact:
Wendy Macias
Department of Education
Office of Postsecondary Education
Room 8056, Room 8017, 1990 K Street NW.,
Washington, DC 20006
Phone:202 502-7526
Email: wendy.macias@ed.gov