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

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

Dates

Interested persons are invited to submit comments on or before June 17, 2024.

Supplementary Information

The Department, in accordance with the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3506(c)(2)(A)), provides the general public and Federal agencies with an opportunity to comment on proposed, revised, and continuing collections of information. This helps the Department assess the impact of its information collection requirements and minimize the public's reporting burden. It also helps the public understand the Department's information collection requirements and provide the requested data in the desired format. The Department is soliciting comments on the proposed information collection request (ICR) that is described below. The Department is especially interested in public comment addressing the following issues: (1) is this collection necessary to the proper functions of the Department; (2) will this information be processed and used in a timely manner; (3) is the estimate of burden accurate; (4) how might the Department enhance the quality, utility, and clarity of the information to be collected; and (5) how might the Department minimize the burden of this collection on the respondents, including through the use of information technology. Please note that written comments received in response to this notice will be considered public records.

Title of Collection: Income Driven Repayment Plan Request for the William D. Ford Federal Direct Loans and Federal Family Education Loan Programs.

OMB Control Number: 1845-0102.

Type of Review: A revision of a currently approved ICR.

Respondents/Affected Public: Individuals and Households Total Estimated Number of Annual Responses: 9,500,000.

Total Estimated Number of Annual Burden Hours: 3,135,000.

Abstract: Department of Education (the Department) 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.