View all text of Part F [§ 1087kk - § 1087vv]
§ 1087rr. Regulations; updated tables
(a) Authority to prescribe regulations restricted
Notwithstanding any other provision of law, the Secretary shall not have the authority to prescribe regulations to carry out this part except—
(1) to prescribe updated tables in accordance with subsections (b) through (g); and
(2) with respect to the definition of cost of attendance under section 1087ll of this title, excluding section 1087ll(a)(1) of this title.
(b) Income protection allowance adjustments
(c) Adjusted net worth of a farm or business
(1) Table
(2) Revised tables
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—
(A) 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
(B) by adjusting the dollar amounts in the column referring to the adjusted net worth to reflect the changes made pursuant to subparagraph (A).
(d) Asset protection allowance
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—
(1) 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;
(2) inflation shall be presumed to be 6 percent per year;
(3) the rate of return of an annuity shall be presumed to be 8 percent; and
(4) the sales commission on an annuity shall be presumed to be 6 percent.
(e) Assessment schedules and rates
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—
(1) 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
(2) by adjusting the other dollar amounts to reflect the changes made pursuant to paragraph (1).
(f) Consumer price index defined
(g) Employment expense allowance
(h) Clarification for award year 2023–2024
(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.)