20 U.S.C. § 1087rr — Regulations; updated tables
submitted 40 years ago by Pub. L. 89-329 to r/title-20-EDUCATION · 1,006 words · no verdicts yet
The Secretary generally may not issue regulations for this part, except to update specified tables and for most cost-of-attendance rules. The section sets the required updating methods.
(a) Authority restricted. Despite other law, the Secretary* may not issue regulations to carry out this part except (1) to update tables under (b) through (g), and (2) for the definition of cost of attendance* in section 1087ll, except section 1087ll(a)(1). (b) Income protection. For 2023–2024 and later years, publish Federal Register revisions by increasing each allowance by the Consumer Price Index increase from April 2020 to the April before the award year and rounding to $10. (c) Farm or business net worth. The base adjusted net worth table is: below $1, $0; $1–$140,000, 40%; $140,001–$415,000, $56,000 plus 50% over $140,000; $415,001–$695,000, $193,500 plus 60% over $415,000; $695,001 or more, $361,500 plus 100% over $695,000. For later years, publish a revision by CPI-adjusting the net-worth amounts and rounding to $5,000, then adjust the adjusted-net-worth amounts. (d) Asset protection. Publish revised tables for sections 1087oo(d)(2), 1087pp(c)(2), and 1087qq(c)(2). For ages 40 and above, use the present value, rounded to $100, of an annuity providing at age 65 an inflation-adjusted supplement equal to moderate family income most recently found by the Bureau of Labor Statistics minus current average Social Security retirement benefits. For ages below 40, reduce the updated age-40 allowance by one-fifteenth for each year below 40 and round to $100. Assume the existing tables are for 2021–2022, inflation is 6% yearly, annuity return is 8%, and commission is 6%. (e) Assessments. Publish revised tables for sections 1087oo(e) and 1087qq(d), CPI-adjusting each adjusted-available-income amount from April 2020 to the April before the academic year and rounding to $100, then adjusting other dollar amounts. (f) Consumer Price Index. It means the CPI for All Urban Consumers published by the Labor Department*. Each annual update must correct prior years’ estimates of actual CPI changes. (g) Employment allowance. For 2023–2024 and later, publish revised tables for sections 1087oo(c)(4), 1087pp(b)(3), and 1087qq(b)(4), CPI-adjusting the specified dollar amount and rounding to $10. (h) For 2023–2024, determine the adjusted amounts and revised tables under this section; the amounts and tables printed in sections 1087oo, 1087pp, and 1087qq are only a baseline.
Notwithstanding any other provision of law, the Secretary* shall not have the authority to prescribe regulations to carry out this part except—
to prescribe updated tables in accordance with subsections (b) through (g); and
with respect to the definition of cost of attendance* under section 1087ll of this title, excluding section 1087ll(a)(1) of this title.
For award year 2023–2024 and each subsequent award year, the Secretary shall publish in the Federal Register revised income protection allowances for the purposes of subsections (c)(3) and (g)(2)(C) of section 1087oo of this title, subclauses (I) and (II) of section 1087pp(b)(1)(A)(iii) of this title, and section 1087qq(b)(3) of this title, by increasing the income protection allowances in each of such provisions, by a percentage equal to the percentage increase in the Consumer Price Index, as defined in subsection (f), between April 2020 and the April in the year prior to the beginning of the award year and rounding the result to the nearest $10.
The table of the net worth of a farm or business for purposes of making determinations of assets* as defined under section 1087vv(f) of this title is the following:
Farm/Business Net Worth Adjustment | |
|---|---|
If the net worth of a farm or business is— | Then the adjusted net worth is— |
Less than $1 | $0 |
$1 to $140,000 | 40% of net worth of farm/business |
$140,001 to $415,000 | $56,000 + 50% of net worth over $140,000 |
$415,001 to $695,000 | $193,500 + 60% of net worth over $415,000 |
$695,001 or more | $361,500 + 100% of net worth over $695,000. |
For award year 2023–2024 and each subsequent award year, the Secretary shall publish in the Federal Register a revised table of the adjusted net worth of a farm or business for purposes of section 1087vv(f) of this title. Such revised table shall be developed—
by increasing each dollar amount that refers to net worth of a farm or business by a percentage equal to the percentage increase in the Consumer Price Index between April 2020 and the April in the year prior to the beginning of such award year, and rounding the result to the nearest $5,000; and
by adjusting the dollar amounts in the column referring to the adjusted net worth to reflect the changes made pursuant to subparagraph (A).
For award year 2023–2024 and each subsequent award year, the Secretary shall publish in the Federal Register a revised table of allowances for the purpose of sections 1087oo(d)(2), 1087pp(c)(2), and 1087qq(c)(2) of this title. Such revised table shall be developed by determining the present value cost, rounded to the nearest $100, of an annuity that would provide, for each age cohort of 40 and above, a supplemental income at age 65 (adjusted for inflation) equal to the difference between the moderate family income (as most recently determined by the Bureau of Labor Statistics), and the current average social security retirement benefits. For each age cohort below 40, the allowance shall be computed by decreasing the allowance for age 40, as updated, by one-fifteenth for each year of age below age 40 and rounding the result to the nearest $100. In making such determinations—
the tables of allowances specified in sections 1087oo(d)(2), 1087pp(c)(2), and 1087qq(c)(2) of this title shall be considered to be for award year 2021–2022 for the purposes of calculating inflation;
inflation shall be presumed to be 6 percent per year;
the rate of return of an annuity shall be presumed to be 8 percent; and
the sales commission on an annuity shall be presumed to be 6 percent.
For award year 2023–2024 and each subsequent award year, the Secretary shall publish in the Federal Register a revised table of assessments from adjusted available income for the purpose of sections 1087oo(e) and 1087qq(d) of this title. Such revised table shall be developed—
by increasing each dollar amount that refers to adjusted available income by a percentage equal to the percentage increase in the Consumer Price Index between April 2020 and the April in the year prior to the beginning of such academic year, rounded to the nearest $100; and
by adjusting the other dollar amounts to reflect the changes made pursuant to paragraph (1).
In this section, the term “Consumer Price Index” means the Consumer Price Index for All Urban Consumers published by the Department* of Labor. Each annual update of tables to reflect changes in the Consumer Price Index shall be corrected for misestimation of actual changes in such Index in previous years.
For award year 2023–2024 and each succeeding award year, the Secretary shall publish in the Federal Register a revised table of employment expense allowances for the purpose of sections 1087oo(c)(4), 1087pp(b)(3), and 1087qq(b)(4) of this title. Such revised table shall be developed by increasing the dollar amount specified in sections 1087oo(c)(4), 1087pp(b)(3), and 1087qq(b)(4) of this title by a percentage equal to the percentage increase in the Consumer Price Index, as defined in subsection (f), between April 2020 and the April in the year prior to the beginning of the award year and rounding the result to the nearest $10.
For award year 2023–2024, the Secretary shall determine adjusted amounts and prescribe revised tables with respect to the income protection, employment expense, and asset protection allowances and the assessment schedules under sections 1087oo, 1087pp, and 1087qq of this title, pursuant to this section. The amounts and tables specified in sections 1087oo, 1087pp, and 1087qq of this title with respect to such allowances and schedules shall only be used by the Secretary as a baseline for adjustments and table revisions prescribed in accordance with this section.
Source credit: (Pub. L. 89–329, title IV, § 478, as added Pub. L. 99–498, title IV, § 406(a), Oct. 17, 1986, 100 Stat. 1470; amended Pub. L. 100–50, § 14(20)–(22), June 3, 1987, 101 Stat. 351, 352; Pub. L. 102–325, title IV, § 471(a), July 23, 1992, 106 Stat. 602; Pub. L. 103–208, § 2(g)(8), (9), Dec. 20, 1993, 107 Stat. 2472; Pub. L. 105–244, title IV, § 476, Oct. 7, 1998, 112 Stat. 1730; Pub. L. 109–171, title VIII, § 8017(d), (e), Feb. 8, 2006, 120 Stat. 173, 174; Pub. L. 110–84, title VI, § 601(d), Sept. 27, 2007, 121 Stat. 803; Pub. L. 116–260, div. FF, title VII, § 702(g), Dec. 27, 2020, 134 Stat. 3150.)
- 1986Enacted · Pub. L. 89-329 · 100 Stat. 1470
- 1987Amended · Pub. L. 100-50 · 101 Stat. 351, 352
- 1992Amended · Pub. L. 102-325 · 106 Stat. 602
- 1993Amended · Pub. L. 103-208 · 107 Stat. 2472
- 1998Amended · Pub. L. 105-244 · 112 Stat. 1730
- 2006Amended · Pub. L. 109-171 · 120 Stat. 173, 174
- 2007Amended · Pub. L. 110-84 · 121 Stat. 803
- 2020Amended · Pub. L. 116-260 · 134 Stat. 3150
A history note hasn’t been published yet. The record shows enactment by Pub. L. 89-329 on 1986-10-17.
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