1071.
Statement of purpose; nondiscrimination; and appropriations authorized.
(a)
Purpose; discrimination prohibited.
(b)
Authorization of appropriations.
1072.
Advances for reserve funds of State and nonprofit private loan insurance programs.
(a)
Purpose of and authority for advances to reserve funds.
(b)
Limitations on total advances.
(c)
Advances for insurance obligations.
(d)
Recovery of advances during fiscal years 1988 and 1989.
(e)
Correction for errors under reduction of excess cash reserves.
(f)
Refund of cash reserve payments.
(g)
Preservation and recovery of guaranty agency reserves.
(h)
Recall of reserves; limitations on use of reserve funds and assets.
(i)
Additional recall of reserves.
1072a.
Federal Student Loan Reserve Fund.
(e)
Ownership of Federal Fund.
1072b.
Agency Operating Fund.
(e)
Ownership and regulation of Operating Fund.
1073.
Effects of adequate non-Federal programs.
(a)
Federal insurance barred to lenders with access to State or private insurance.
1074.
Scope and duration of Federal loan insurance program.
(a)
Limitations on amounts of loans covered by Federal insurance.
(b)
Apportionment of amounts.
1075.
Limitations on individual federally insured loans and on Federal loan insurance.
(a)
Annual and aggregate limits.
(b)
Level of insurance coverage based on default rate.
1077.
Eligibility of student borrowers and terms of federally insured student loans.
(a)
List of requirements.
(b)
Special rules for multiple disbursement.
(c)
Special repayment rules.
(d)
Borrower information.
1077a.
Applicable interest rates.
(a)
Rates to be consistent for borrower's entire debt.
(b)
Reduction for new borrowers after decline in Treasury bill rates.
(c)
Rates for supplemental loans for students and loans for parents.
(d)
Interest rates for new borrowers after July 1, 1988.
(e)
Interest rates for new borrowers after October 1, 1992.
(f)
Interest rates for new loans after July 1, 1994.
(g)
In school and grace period rules.
(h)
Interest rates for new loans after July 1, 1998.
(i)
Treatment of excess interest payments on new borrower accounts resulting from decline in Treasury bill rates.
(j)
Interest rates for new loans between July 1, 1998 and October 1, 1998.
(k)
Interest rates for new loans on or after October 1, 1998, and before July 1, 2003.
(l)
Lesser rates permitted.
1078.
Federal payments to reduce student interest costs.
(a)
Federal interest subsidies.
(b)
Insurance program agreements to qualify loans for interest subsidies.
(c)
Guaranty agreements for reimbursing losses.
(d)
Usury laws inapplicable.
(e)
Notice of availability of income-sensitive repayment option.
(f)
Payments of certain costs.
(g)
Action on insurance program and guaranty agreements.
(h)
Lending by guaranty agencies.
(i)
Multiple disbursement of loans.
(j)
Lenders-of-last-resort.
(k)
Information on defaults.
(l)
Default aversion assistance.
(m)
Income contingent repayment.
(n)
Blanket certificate of loan guaranty.
1078–1.
Voluntary flexible agreements with guaranty agencies.
(a)
Voluntary agreements.
1078–2.
Federal PLUS loans.
(b)
Limitation based on need.
(c)
PLUS loan disbursement.
(d)
Payment of principal and interest.
(f)
Verification of immigration status and social security number.
1078–3.
Federal consolidation loans.
(a)
Agreements with eligible lenders.
(b)
Contents of agreements, certificates of insurance, and loan notes.
(c)
Payment of principal and interest.
(d)
Special program authorized.
(e)
Termination of authority.
(f)
Interest payment rebate fee.
1078–4.
Commingling of funds.
1078–6.
Default reduction program.
(a)
Other repayment incentives.
(b)
Satisfactory repayment arrangements to renew eligibility.
1078–7.
Requirements for disbursement of student loans.
(a)
Multiple disbursement required.
(b)
Disbursement and endorsement requirements.
(c)
Method of multiple disbursement.
(d)
Withholding of second disbursement.
(e)
Exclusion of consolidation and foreign study loans.
(f)
Beginning of period of enrollment.
(g)
Sales prior to disbursement prohibited.
1078–8.
Unsubsidized Stafford loans for middle-income borrowers.
(c)
Determination of amount of loan.
(e)
Payment of principal and interest.
(g)
Single application form and loan repayment schedule.
1078–9.
Special insurance and reinsurance rules.
(a)
Designation of lenders, servicers, and guaranty agencies.
(b)
Payment to lenders and servicers.
(c)
Supervision of designated lenders and servicers.
(d)
Supervision of designated guaranty agencies.
1078–10.
Loan forgiveness for teachers.
(a)
Statement of purpose.
(c)
Qualified loans amount.
(g)
Additional eligibility provisions.
1078–11.
Loan forgiveness for child care providers.
(c)
Demonstration program.
(e)
Repayment to eligible lenders.
(f)
Application for repayment.
(h)
Authorization of appropriations.
1079.
Certificate of Federal loan insurance-effective date of insurance.
(a)
Loan-by-loan insurance.
(b)
Comprehensive insurance coverage certificate.
(c)
Charges for Federal insurance.
(d)
Assignability of insurance.
(e)
Consolidation not to affect insurance.
1080.
Default of student under Federal loan insurance program.
(a)
Notice to Secretary and payment of loss.
(b)
Effect of payment of loss.
(c)
Forbearance not precluded.
(d)
Care and diligence required of holders.
(e)
Default rate of lenders, holders, and guaranty agencies.
1080a.
Reports to credit bureaus and institutions of higher education.
(a)
Agreements to exchange information.
(b)
Additional information.
(c)
Contents of agreements.
(d)
Contractor status of participants.
(e)
Disclosure to institutions.
(f)
Duration of authority.
1082.
Legal powers and responsibilities.
(b)
Financial operations responsibilities.
(e)
Use of information on borrowers.
(f)
Audit of financial transactions.
(h)
Authority of the Secretary to impose and enforce limitations, suspensions, and terminations.
(i)
Authority to sell defaulted loans.
(j)
Authority of Secretary to take emergency actions against lenders.
(k)
Program of assistance for borrowers.
(l)
Uniform administrative and claims procedures.
(m)
Common forms and formats.
(n)
Default reduction management.
(o)
Consequences of guaranty agency insolvency.
(p)
Reporting requirement.
1083.
Student loan information by eligible lenders.
(a)
Required disclosure before disbursement.
(b)
Required disclosure before repayment.
(c)
Cost of disclosure and consequences of nondisclosure.
(e)
Special disclosure rules on SLS loans and PLUS loans and unsubsidized loans.
1084.
Participation by Federal credit unions in Federal, State, and private student loan insurance programs.
1085.
Definitions for student loan insurance program.
(a)
Eligible institution.
(k)
Insurance beneficiary.
1086.
Delegation of functions.
1087.
Repayment by Secretary of loans of bankrupt, deceased, or disabled borrowers; treatment of borrowers attending closed schools or falsely certified as eligible to borrow.
(a)
Repayment in full for death and disability.
(b)
Payment of claims on loans in bankruptcy.
(d)
Repayment of loans to parents.
1087–1.
Special allowances.
(b)
Computation and payment.
(c)
Origination fees from students.
(d)
Loan fees from lenders.
(f)
Regulations to prevent denial of loans to eligible students.
1087–2.
Student Loan Marketing Association.
(d)
Authority of Association.
(e)
Advances to lenders that do not discriminate.
(f)
Stock of the Association.
(i)
General corporate powers.
(j)
Accounting, auditing, and reporting.
(k)
Report on audits by Treasury.
(l)
Lawful investment instruments; effect of and exemptions from other laws.
(m)
Preparation of obligations.
(n)
Report on operations and activities.
(p)
Advances for direct loans by guaranty agencies.
(q)
Lender-of-last-resort.
(r)
Safety and soundness of Association.
1087–3.
Reorganization of Student Loan Marketing Association through formation of Holding Company.
(a)
Actions by Association's Board of Directors.
(b)
Shareholder approval.
(d)
Termination of Association.
(e)
Operation of Holding Company.
(h)
Deadline for reorganization effective date.
1087–4.
Discrimination in secondary markets prohibited.
Designation.
In general.
No entitlement to participate or originate.
Delivery of loan funds.
General authority.
Selection criteria.
Selection criteria for origination.
Eligible institutions.
Consortia.
Participation agreements.
Origination.
Withdrawal and termination procedures.
In general.
Interest rate.
Loan fee.
Repayment plans.
Income contingent repayment.
Deferment.
Federal Direct Consolidation Loans.
Borrower defenses.
Loan application and promissory note.
Loan disbursement.
Fiscal control and fund accountability.
Contracts for supplies and services.
Contracts for origination, servicing, and data systems.
Notice in lieu of regulations for first year of program.
Closing date for applications from institutions.
Publication of list of participating institutions.
Administrative expenses.
Calculation basis.
Special rules.
Budget justification.
1087aa.
Appropriations authorized.
(b)
Authorization of appropriations.
(c)
Use of appropriations.
1087bb.
Allocation of funds.
(a)
Allocation based on previous allocation.
(b)
Allocation of excess based on share of excess eligible amounts.
(c)
Determination of institution's self-help need.
(d)
Anticipated collections.
(f)
Applicable maximum cohort default rate.
(g)
"Cohort default rate" defined.
(i)
Reallocation of excess allocations.
1087cc.
Agreements with institutions of higher education.
(a)
Contents of agreements.
(b)
Administrative expenses.
(c)
Cooperative agreements with credit bureau organizations.
(d)
Limitation on use of interest bearing accounts.
(e)
Special due diligence rule.
1087cc–1.
Student loan information by eligible institutions.
(a)
Disclosure required prior to disbursement.
(b)
Disclosure required prior to repayment.
(c)
Costs and effects of disclosures.
(a)
Terms and conditions.
(b)
Demonstration of need and eligibility required.
(c)
Contents of loan agreement.
(d)
Availability of loan fund to all eligible students.
(f)
Special repayment rule authority.
(h)
Rehabilitation of loans.
(i)
Incentive repayment program.
1087ee.
Cancellation of loans for certain public service.
(a)
Cancellation of percentage of debt based on years of qualifying service.
(b)
Reimbursement for cancellation.
1087ff.
Distribution of assets from student loan funds.
(b)
Distribution of late collections.
(c)
Distribution of excess capital.
1087gg.
Collection of defaulted loans: Perkins Loan Revolving Fund.
(a)
Authority of Secretary to collect referred, transferred, or assigned loans.
(b)
Collection of referred, transferred, or assigned loans.
1087hh.
General authority of Secretary.
(a)
Low-income communities.
(c)
Infants, toddlers, children, and youth with disabilities.
1087ll.
Cost of attendance.
1087mm.
Family contribution.
1087nn.
Determination of expected family contribution; data elements.
(a)
General rule for determination of expected family contribution.
1087oo.
Family contribution for dependent students.
(a)
Computation of expected family contribution.
(b)
Parents' contribution from adjusted available income.
(c)
Parents' available income.
(d)
Parents' contribution from assets.
(f)
Computations in case of separation, divorce, remarriage, or death.
(g)
Student contribution from available income.
(h)
Student contribution from assets.
(i)
Adjustments to parents' contribution for enrollment periods other than 9 months for purposes other than subpart 2 of part A of this subchapter.
(j)
Adjustments to student's contribution for enrollment periods of less than nine months.
1087pp.
Family contribution for independent students without dependents other than a spouse.
(a)
Computation of expected family contribution.
(b)
Family's contribution from available income.
(c)
Family contribution from assets.
(d)
Computations in case of separation, divorce, or death.
1087qq.
Family contribution for independent students with dependents other than a spouse.
(a)
Computation of expected family contribution.
(b)
Family's available income.
(c)
Family's contribution from assets.
(e)
Computations in case of separation, divorce, or death.
1087rr.
Regulations; updated tables.
(a)
Authority to prescribe regulations restricted.
(b)
Income protection allowance.
(c)
Adjusted net worth of a farm or business.
(d)
Education savings and asset protection allowance.
(e)
Assessment schedules and rates.
(f)
"Consumer Price Index" defined.
(g)
State and other tax allowance.
(h)
Employment expense allowance.
1087ss.
Simplified needs test.
(a)
Simplified application section.
(b)
Simplified needs test.
(c)
Zero expected family contribution.
1087tt.
Discretion of student financial aid administrators.
(b)
Adjustments to assets taken into account.
(c)
Refusal or adjustment of loan certifications.
1087uu.
Disregard of student aid in other Federal programs.
1087uu–1.
Native American students.
(b)
Untaxed income and benefits.
(c)
Veteran and veterans' education benefits.
(h)
Treatment of income taxes paid to other jurisdictions.
(j)
Other financial assistance; tuition prepayment plans.
(a)
Academic and award year.
(c)
Third party servicer.
1088a.
Clock and credit hour treatment of diploma nursing schools.
(a)
Secretary required to comply with schedule.
(b)
Timing for reallocations.
(c)
Delay of effective date of late publications.
1090.
Forms and regulations.
(a)
Common financial aid form development and processing.
(b)
Streamlined reapplication process.
(c)
Information to committees of Congress.
(d)
Toll-free information.
1091.
Student eligibility.
(b)
Eligibility for student loans.
(c)
Satisfactory progress.
(d)
Students who are not high school graduates.
(e)
Certification for GSL eligibility.
(f)
Loss of eligibility for violation of loan limits.
(g)
Verification of immigration status.
(h)
Limitations of enforcement actions against institutions.
(i)
Validity of loan guarantees for loan payments made before immigration status verification completed.
(j)
Assistance under subparts 1 and 3 of part A, and part C.
(k)
Special rule for correspondence courses.
(l)
Courses offered through telecommunications.
(m)
Students with a first baccalaureate or professional degree.
(p)
Verification of social security number.
(q)
Verification of income data.
(r)
Suspension of eligibility for drug-related offenses.
1091a.
Statute of limitations, and State court judgments.
(b)
Assessment of costs and other charges.
(c)
State court judgments.
1091b.
Institutional refunds.
(a)
Return of title IV funds.
(b)
Return of title IV program funds.
(d)
Percentage of the payment period or period of enrollment completed.
1092.
Institutional and financial assistance information for students.
(a)
Information dissemination activities.
(b)
Exit counseling for borrowers.
(c)
Financial assistance information personnel.
(d)
Departmental publication of descriptions of assistance programs.
(e)
Disclosures required with respect to athletically related student aid.
(f)
Disclosure of campus security policy and campus crime statistics.
1092a.
Combined payment plan.
(a)
Eligibility for plan.
(b)
Applicability of other requirements.
(d)
Borrower selection of competing offers.
(f)
Notes and insurance certificates.
(g)
Termination of borrower eligibility.
(i)
Commencement of repayment.
1092b.
National Student Loan Data System.
(a)
Development of System.
(b)
Additional information.
(e)
Standardization of data reporting.
(g)
Integration of databases.
1092c.
Simplification of lending process for borrowers.
(a)
All like loans treated as one.
(b)
One lender, one guaranty agency.
1093.
Distance education demonstration programs.
(b)
Demonstration programs authorized.
(f)
Evaluations and reports.
(h)
"Distance education" defined.
1094.
Program participation agreements.
(a)
Required for programs of assistance; contents.
(c)
Audits; financial responsibility; enforcement of standards.
(d)
"Eligible institution" defined.
1094a.
Regulatory relief and improvement.
(a)
Quality Assurance Program.
(b)
Regulatory improvement and streamlining experiments.
(c)
"Current award year" defined.
1094b.
Assignment of identification numbers.
1095.
Transfer of allotments.
1095a.
Wage garnishment requirement.
(a)
Garnishment requirements.
(b)
Hearing requirements.
(d)
No attachment of student assistance.
(e)
"Disposable pay" defined.
1096.
Administrative expenses.
1097.
Criminal penalties.
(c)
Inducements to lend or assign.
(d)
Obstruction of justice.
1097a.
Administrative subpoenas.
1098.
Advisory Committee on Student Financial Assistance.
(a)
Establishment and purpose.
(b)
Independence of Advisory Committee.
(d)
Functions of the Committee.
(e)
Operations of the Committee.
(f)
Submission to Department for comment.
(g)
Compensation and expenses.
(h)
Personnel and resources.
(i)
Availability of funds.
(j)
Special analyses and activities.
1098a.
Regional meetings and negotiated rulemaking.
(c)
Applicability of Federal Advisory Committee Act.
(d)
Authorization of appropriations.
1098b.
Authorization of appropriations for administrative expenses.
1098c.
Year 2000 requirements at the Department.
(a)
Preparations for Year 2000.
(b)
Postponement authority for Year 2000.
1098d.
Procedures for cancellations and deferments for eligible disabled veterans.
1099.
Exemption from State disclosure requirements.