Letter to the U.S. Department of Education: Notice of Proposed Rulemaking: Improving Income-Driven Repayment for the William D. Ford Federal Direct Loan Program

LETTER SUMMARY

We write on behalf of the diverse organizations set forth below and call on the U.S. Department of Education (“Department”) to withdraw its Notice of Proposed Rulemaking entitled “Improving Income-Driven Repayment for the William D. Ford Federal Direct Loan Program” (“IDR NPRM”), published on January 11, 2023. The IDR NPRM fails to provide the public with an accurate estimate of the proposed rule’s enormous costs, which the Congressional Budget Office (“CBO”) states may run nearly $100 billion more than the Department projected in its proposed regulations.