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ED/OPE RIN: 1840-AD69 Publication ID: Fall 2021 
Title: Income Contingent Repayment 
Abstract:

Using the income-contingent repayment (ICR) authority under the Higher Education Act of 1965, the Secretary of Education may create or adjust income-driven repayment plans to cap borrower payments at a set share of their income. The Department will propose improvements to these plans in 34 CFR part 685.

 
Agency: Department of Education(ED)  Priority: Economically Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Yes  Unfunded Mandates: No 
CFR Citation: 34 CFR 685   
Legal Authority: 20 U.S.C. 1087e   
Legal Deadline:  None

Statement of Need:

This rulemaking is necessary to make improvements to the income- driven repayment plans created under the ICR authority in Higher Education Act of 1965 that allows the Secretary to cap payments at a set share of a borrower’s income.

Summary of the Legal Basis:

The Department is conducting this rulemaking under 20 U.S.C. 1087e.

Alternatives:

We have limited information about the alternatives at this time.

Anticipated Costs and Benefits:

We have limited information about the anticipated costs and benefits at this time.

Risks:

We have limited information about the risks at this time.
Timetable:
Action Date FR Cite
Notice of Intent to Commence Negotiated Rulemaking  05/26/2021  86 FR 28299   
NPRM  05/00/2022 
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: Undetermined 
Federalism: Undetermined 
Included in the Regulatory Plan: Yes 
RIN Data Printed in the FR: No 
Agency Contact:
Jennifer Hong
Director, Policy Coordination Group
Department of Education
400 Maryland Avenue SW, Room 287-23,
Washington, DC 20202
Phone:202 453-7805
Email: jennifer.hong@ed.gov