Comments sought on proposal to amend rules governing income-contingent repayment plans
January 11, 2023
The public now has a chance to comment the Department of Education's proposed changes to income-contingent repayment plans.
The proposed changes, announced earlier this week and posted in the January 11 Federal Register, seek to streamline the repayment plans and lower costs for borrowers.
According to an announcement by the Department, the proposed regulations "would amend the terms of the Revised Pay As You Earn (REPAYE) plan to offer $0 monthly payments for any individual borrower who makes less than roughly $30,600 annually and any borrower in a family of four who makes less than about $62,400."
The Department said, "the regulations would also cut in half monthly payments on undergraduate loans for borrowers who do not otherwise have a $0 payment in this plan," and "the proposed regulations would also ensure that borrowers stop seeing their balances grow due to the accumulation of unpaid interest after making their monthly payments."
The Federal Register announcement provides a detailed description of the proposed changes. Comments must be submitted via the Federal eRulemaking Portal at regulations.gov.