The payment runs from $120 a year to 10 percent of income
What the document says“not more than $10,000, is $120;”
The section sets the applicable base payment by adjusted gross income: $120 where income is $10,000 or less, then 1 percent of income above $10,000 rising a point for each $10,000 band to 10 percent above $100,000. The monthly payment is that figure divided by 12, less $50 for each dependent, with a floor of $10 a month. A final payment may be the remaining balance, and a borrower who will not give the Secretary the information owes what a 10 year standard plan would charge until they do.
What the document actually says“not more than $10,000, is $120;”
A borrower earning $10,000 or less pays $120 a year.
Above that the rate is a share of income. It starts at 1 percent. It rises to 10 percent over $100,000.
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