Source: https://www.law.cornell.edu/uscode/text/42/297o
Timestamp: 2017-07-25 08:49:25
Document Index: 733762455

Matched Legal Cases: ['§ 297', '§ 42', '§ 297', '§\u202f297', '§\u202f847', '§\u202f5311', '§\u202f841', '§\u202f123', '§\u202f5310']

42 U.S. Code § 297o - Eligible individual student loan repayment | US Law | LII / Legal Information Institute
U.S. Code › Title 42 › Chapter 6A › Subchapter VI › Part E › § 42 U.S. Code § 297o - Eligible individual student loan repayment
§ 297o.
Eligible individual student loan repayment
(b) AgreementsEach agreement entered into under this subsection shall require that the eligible individual shall serve as a full-time member of the faculty of an accredited school of nursing, for a total period, in the aggregate, of at least 4 years during the 6-year period beginning on the later of—
the date on which the individual receives a master’s or doctorate nursing degree from an accredited school of nursing; or
the date on which the individual enters into an agreement under this subsection.
(c) Agreement provisionsAgreements entered into pursuant to subsection (b) shall be entered into on such terms and conditions as the Secretary may determine, except that—
not more than 10 months after the date on which the 6-year period described under subsection (b) begins, but in no case before the individual starts as a full-time member of the faculty of an accredited school of nursing [1] the Secretary shall begin making payments, for and on behalf of that individual, on the outstanding principal of, and interest on, any loan of that individual obtained to pay for such degree;
(2) for an individual who has completed a master’s in nursing or equivalent degree in nursing—
payments may not exceed $10,000 per calendar year; and
total payments may not exceed $40,000 during the 2010 and 2011 fiscal years (after fiscal year 2011, such amounts shall be adjusted to provide for a cost-of-attendance increase for the yearly loan rate and the aggregate loan); and
payments may not exceed $20,000 per calendar year; and
total payments may not exceed $80,000 during the 2010 and 2011 fiscal years (adjusted for subsequent fiscal years as provided for in the same manner as in paragraph (2)(B)).
(e) Eligible individual definedFor purposes of this section, the term “eligible individual” means an individual who—
holds an unencumbered license as a registered nurse; and
has either already completed a master’s or doctorate nursing program at an accredited school of nursing or is currently enrolled on a full-time or part-time basis in such a program.
For the purposes of this section and section 297n–1 of this title, funding priority will be awarded to School of Nursing Student Loans [2] that support doctoral nursing students or Individual Student Loan Repayment [3] that support doctoral nursing students.
(July 1, 1944, ch. 373, title VIII, § 847, as added Pub. L. 111–148, title V, § 5311(b), Mar. 23, 2010, 124 Stat. 632.)
[1]  So in original. Probably should be followed by a comma.[2]  So in original. Probably should not be capitalized.[3]  So in original. Probably should be “individual student loan repayments”.
A prior section 297q, act July 1, 1944, ch. 373, title VIII, § 841, as added Pub. L. 105–392, title I, § 123(5), Nov. 13, 1998, 112 Stat. 3569, was renumbered section 871 of act July 1, 1944, and amended by Pub. L. 111–148, title V, §§ 5310(b)(7), 5312, Mar. 23, 2010, 124 Stat. 631, 633, and transferred to section 298d of this title.