Pay-as-you-Earn Regulatory Package Being Reviewed by OMB

As reported by Regininfo.gov, on June 3, the Department of Education (“Department”) sent the notice of proposed rule making for the Pay-as-you-Earn regulations to the Office of Management and Budget for review.   As reported in Inside Higher Ed on May 1, this regulatory package reached consensus from the negotiating rule making committee on a proposal that would make “new income-based repayment program that is available to all federal direct loan borrowers regardless of when they took out their loans.”  As a result of the consensus, the Department was required to put forth the language agreed to by the negotiated rule making committee.

If anyone wishes to speak with OMB about this regulatory package, you may make a request to do so pursuant to Executive Order 12866.  You should do so fairly soon, however; while OMB typically receives 90 days to review rule packages prior to publication, they may send the package back to the agency before 90 days has run.