[USC02] 14 USC 2772: Education loan repayment program
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TEXT OF PART V OF SUBTITLE A (3001 ET SEQ.), EFFECTIVE JANUARY 1, 2022, CURRENTLY SET OUT AS A PREVIEW

14 USC 2772: Education loan repayment program Text contains those laws in effect on September 20, 2021
From Title 14-COAST GUARDSUBTITLE II-PERSONNELCHAPTER 27-PAY, ALLOWANCES, AWARDS, AND OTHER RIGHTS AND BENEFITSSUBCHAPTER III-PAYMENTS

§2772. Education loan repayment program

(a)(1) Subject to the provisions of this section, the Secretary may repay-

(A) any loan made, insured, or guaranteed under part B of title IV of the Higher Education Act of 1965 (20 U.S.C. 1071 et seq.);

(B) any loan made under part D of such title (the William D. Ford Federal Direct Loan Program, 20 U.S.C. 1087a et seq.); or

(C) any loan made under part E of such title (20 U.S.C. 1087aa et seq.).


Repayment of any such loan shall be made on the basis of each complete year of service performed by the borrower.

(2) The Secretary may repay loans described in paragraph (1) in the case of any individual for service performed on active duty as an enlisted member of the Coast Guard in a specialty specified by the Secretary.

(b) The portion or amount of a loan that may be repaid under subsection (a) is 331/3 percent or $1,500, whichever is greater, for each year of service.

(c) If a portion of a loan is repaid under this section for any year, interest on the remainder of such loan shall accrue and be paid in the same manner as is otherwise required.

(d) Nothing in this section shall be construed to authorize refunding any repayment of a loan.

(e) The Secretary shall, by regulation, prescribe a schedule for the allocation of funds made available to carry out this section during any year for which funds are not sufficient to pay the sum of the amounts eligible for repayment under subsection (a).

(Added Pub. L. 108–293, title II, §218(a), Aug. 9, 2004, 118 Stat. 1038 , §472; renumbered §2772, Pub. L. 115–282, title I, §116(b), Dec. 4, 2018, 132 Stat. 4226 ; amended Pub. L. 116–283, div. G, title LVXXXV [LXXXV], §8505(a)(41), Jan. 1, 2021, 134 Stat. 4750 .)


Editorial Notes

References in Text

The Higher Education Act of 1965, referred to in subsec. (a)(1), is Pub. L. 89–329, Nov. 8, 1965, 79 Stat. 1219 . Parts B, D, and E of title IV of the Act are classified generally to parts B (§1071 et seq.), D (§1087a et seq.), and E (§1087aa et seq.), respectively, of subchapter IV of chapter 28 of Title 20, Education. For complete classification of this Act to the Code, see Short Title note set out under section 1001 of Title 20 and Tables.

Amendments

2021-Subsec. (a)(2). Pub. L. 116–283 substituted "individual" for "person".

2018-Pub. L. 115–282 renumbered section 472 of this title as this section.