The Department of Education's Federal Student Aid division announced a proposal to extend a current information collection effort related to the Income Based Repayment (IBR) plan, without any changes. This is being done under the Paperwork Reduction Act and concerns the notifications that loan holders must send to borrowers who qualify for this repayment plan. They are seeking public comments by January 21, 2025, about the necessity, timeliness, burden estimate, and potential improvements for the information collection process. This effort affects state, local, and tribal governments as well as the private sector, with nearly 958,240 expected annual responses and 76,665 anticipated annual burden hours.
Simple Explanation
The Department of Education wants to keep sending notes to people about a special payment plan that helps them pay back school loans based on how much money they make. They want to hear what everyone thinks about this plan by January 21, 2025.