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William D. Ford Federal Direct Loan Program

Federal Register, May 25, 2000, Page 34005

Agency

Department of Education

Action

Notice of the annual updates to the income contingent repayment (ICR) plan formula.

Summary

The Secretary announces the annual updates to the ICR Plan formula for 2000. Under the William D. Ford Federal Direct Loan (Direct Loan) Program, borrowers may choose to repay their student loans under the ICR plan, which bases the repayment amount on the borrower's income, family size, loan amount, and interest rate. Each year, the formula for calculating a borrower's payment is adjusted to reflect changes due to inflation. This notice contains the required updates based on inflation, which are examples of how the calculation of the monthly ICR amount is performed, the income percentage factors, the constant multiplier chart, and charts showing sample repayment amounts. These updates are effective from July 1, 2000 to June 30, 2001.

Further Information

Don Watson, U.S. Department of Education, Room 3045, ROB-3, 400 Maryland Avenue, SW., Washington, DC 20202-5400. (202) 708-8242.

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