Source: https://www.govregs.com/uscode/title20_chapter28_subchapterIV_partB_section1075
Timestamp: 2020-08-15 13:18:43
Document Index: 218658458

Matched Legal Cases: ['§\u202f425', '§\u202f402', '§\u202f10', '§\u202f413', '§\u202f2', '§\u202f415', '§\u202f8005']

20 USC 1075 - Limitations on individual federally insured loans and on Federal loan insurance
Limitations on individual federally insured loans and on Federal loan insurance
$23,000, in the case of any student who has not successfully completed a program of undergraduate education, excluding loans made under section 1078–1 1
$65,500, in the case of any graduate or professional student (as defined by regulations of the Secretary) and (I) including any loans which are insured by the Secretary under this section, or by a guaranty agency, made to such student before the student became a graduate or professional student),2
but (II) excluding loans made under section 1078–1 1 or 1078–2 of this title,
Level of insurance coverage based on default rate
Reduction for defaults in excess of 5 or 9 percent
if, for any fiscal year, the total amount of payments under section 1080 of this title by the Secretary to any eligible lender as described in section 1085(d)(1)(D) of this title exceeds 5 percent of the sum of the loans made by such lender which are insured by the Secretary and which were in repayment at the end of the preceding fiscal year, the insurance liability under this subsection for that portion of such excess which represents loans insured after the applicable date with respect to such loans, as determined under subparagraph (C), shall be equal to 90 percent of the amount of such portion; or
Notwithstanding subparagraph (A), the provisions of clauses (i) and (ii) of such subparagraph shall not apply to an eligible lender as described in section 1085(d)(1)(D) of this title for the fiscal year in which such lender begins to carry on a loan program insured by the Secretary, or for any of the 4 succeeding fiscal years.
The applicable date with respect to a loan made by an eligible lender as described in section 1085(d)(1)(D) of this title shall be—
Computation of amounts in repayment
For the purpose of this subsection, the sum of the loans made by a lender which are insured by the Secretary and which are in repayment shall be the original principal amount of loans made by such lender which are insured by the Secretary reduced by—
the original principal amount insured on those loans for which payment of first installment of principal has not become due pursuant to section 1077(a)(2)(B) of this title or such first installment need not be paid pursuant to section 1077(a)(2)(C) of this title; and
Payments to assignees
Pledge of full faith and credit
(Pub. L. 89–329, title IV, § 425, as added Pub. L. 99–498, title IV, § 402(a), Oct. 17, 1986, 100 Stat. 1359; amended Pub. L. 100–50, § 10(a), June 3, 1987, 101 Stat. 341; Pub. L. 102–325, title IV, § 413, July 23, 1992, 106 Stat. 512; Pub. L. 103–208, § 2(c)(2), (3), Dec. 20, 1993, 107 Stat. 2460, 2461; Pub. L. 105–244, title IV, § 415, Oct. 7, 1998, 112 Stat. 1679; Pub. L. 109–171, title VIII, § 8005(a), Feb. 8, 2006, 120 Stat. 158.)
cite as: 20 USC 1075