[Federal Register Volume 89, Number 10 (Tuesday, January 16, 2024)]
[Rules and Regulations]
[Page 2489]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-00204]


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DEPARTMENT OF EDUCATION

34 CFR Part 685

[Docket ID ED-2023-OPE-0004]
RIN 1840-AD81


Improving Income Driven Repayment for the William D. Ford Federal 
Direct Loan Program and the Federal Family Education Loan (FFEL) 
Program

AGENCY: Office of Postsecondary Education, Department of Education.

ACTION: Announcement of early implementation date.

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SUMMARY: The U.S. Department of Education (Department) designates a 
regulatory provision in its final rule related to income-driven 
repayment for early implementation.

DATES: January 16, 2024. For the implementation date of the regulatory 
provision, see SUPPLEMENTARY INFORMATION.

FOR FURTHER INFORMATION CONTACT: Bruce Honer, U.S. Department of 
Education, 400 Maryland Avenue SW, 5th Floor, Washington, DC 20202. 
Telephone: (202) 987-0750. Email: [email protected].
    If you are deaf, hard of hearing, or have a speech disability and 
wish to access telecommunications relay services, please dial 7-1-1.

SUPPLEMENTARY INFORMATION: Section 482(c)(1) of the Higher Education 
Act of 1965, as amended (HEA), requires that regulations affecting 
programs under title IV of the HEA be published in final form by 
November 1 prior to the start of the award year (July 1) to which they 
apply. Section 482(c)(2) of the HEA also permits the Secretary to 
designate any regulatory provision as one that an entity subject to the 
provision may choose to implement earlier and to outline the conditions 
for early implementation.
    On July 10, 2023, the Department published in the Federal Register 
a final rule amending regulations related to income-driven repayment 
(88 FR 43820). In that final rule we designated certain provisions for 
early implementation. In addition, on October 23, 2023, the Department 
published in the Federal Register a document announcing early 
implementation of provisions related to income-driven repayment (88 FR 
72685).
    The Secretary is exercising his authority under section 482(c) of 
the HEA to designate an additional regulatory change made in that final 
rule for early implementation beginning on January 21, 2024.
    Under Sec.  685.209(k)(3), a borrower receives forgiveness if the 
borrower's total original principal balance on all loans that are being 
paid under the Revised Pay as You Earn (REPAYE) plan was less than or 
equal to $12,000, after the borrower has satisfied 120 monthly payments 
or the equivalent, plus an additional 12 monthly payments or the 
equivalent over a period of at least 1 year for every $1,000 if the 
total original principal balance is above $12,000. See 88 FR 43820, 
43903. Under the regulations, the REPAYE plan is also known as the 
Saving on a Valuable Education (SAVE) plan. The Department will 
implement this provision on January 21, 2024.
    Accessible Format: On request to the program contact person listed 
under FOR FURTHER INFORMATION CONTACT, individuals with disabilities 
can obtain this document in an accessible format. The Department will 
provide the requestor with an accessible format that may include Rich 
Text Format (RTF) or text format (txt), a thumb drive, an MP3 file, 
braille, large print, audiotape, or compact disc, or other accessible 
format.
    Electronic Access to This Document: The official version of this 
document is the document published in the Federal Register. You may 
access the official edition of the Federal Register and the Code of 
Federal Regulations at www.govinfo.gov. At this site you can view this 
document, as well as all other documents of this Department published 
in the Federal Register, in text or Adobe Portable Document Format 
(PDF). To use PDF, you must have Adobe Acrobat Reader, which is 
available free at the site.
    You may also access documents of the Department published in the 
Federal Register by using the article search feature at 
www.federalregister.gov. Specifically, through the advanced search 
feature at this site, you can limit your search to documents published 
by the Department.

Miguel A. Cardona,
Secretary of Education.
[FR Doc. 2024-00204 Filed 1-12-24; 8:45 am]
BILLING CODE 4000-01-P