Source: http://www.law.cornell.edu/uscode/text/20/1098e?qt-us_code_tabs=0
Timestamp: 2014-08-20 20:38:27
Document Index: 85889371

Matched Legal Cases: ['§ 1098', '§ 493', '§ 203', '§ 2', '§ 494', '§ 2213']

20 U.S. Code § 1098e - Income-based repayment | LII / Legal Information Institute
Excepted PLUS loan The term “excepted PLUS loan” means a loan under section 1078–2 of this title, or a Federal Direct PLUS Loan, that is made, insured, or guaranteed on behalf of a dependent student.
Excepted consolidation loan The term “excepted consolidation loan” means a consolidation loan under section 1078–3 of this title, or a Federal Direct Consolidation Loan, if the proceeds of such loan were used to the discharge the liability on an excepted PLUS loan.
Partial financial hardship The term “partial financial hardship”, when used with respect to a borrower, means that for such borrower—
the annual amount due on the total amount of loans made, insured, or guaranteed under part B or C (other than an excepted PLUS loan or excepted consolidation loan) to a borrower as calculated under the standard repayment plan under section 1078
(b)(9)(A)(i) or 1087e
(d)(1)(A) of this title, based on a 10-year repayment period; exceeds
150 percent of the poverty line applicable to the borrower’s family size as determined under section 9902
Income-based repayment program authorized Notwithstanding any other provision of this chapter and part C of subchapter I of chapter 34 of title 42, the Secretary shall carry out a program under which—
shall, on subsidized loans, be paid by the Secretary for a period of not more than 3 years after the date of the borrower’s election under paragraph (1), except that such period shall not include any period during which the borrower is in deferment due to an economic hardship described in section 1085
the maximum monthly payment required to be paid for all loans made to the borrower under part B or C (other than an excepted PLUS loan or excepted consolidation loan) shall not exceed the monthly amount calculated under section 1078
(d)(1)(A) of this title, based on a 10-year repayment period, when the borrower first made the election described in this subsection; and
the Secretary shall repay or cancel any outstanding balance of principal and interest due on all loans made under part B or C (other than a loan under section 1078–2 of this title or a Federal Direct PLUS Loan) to a borrower who—
has made monthly payments of not less than the monthly amount calculated under section 1078
(d)(1)(A) of this title, based on a 10-year repayment period, when the borrower first made the election described in this subsection;
has made payments of not less than the payments required under a standard repayment plan under section 1078
(d)(1)(A) of this title with a repayment period of 10 years;
has made payments under an income-contingent repayment plan under section 1087e
(d)(1)(D) of this title; or
has been in deferment due to an economic hardship described in section 1085
the special allowance payment to a lender calculated under section 1087–1
(b)(2)(I) of this title, when calculated for a loan in repayment under this section, shall be calculated on the principal balance of the loan and on any accrued interest unpaid by the borrower in accordance with this section.
Eligibility determinations The Secretary shall establish procedures for annually determining the borrower’s eligibility for income-based repayment, including verification of a borrower’s annual income and the annual amount due on the total amount of loans made, insured, or guaranteed under part B or C (other than an excepted PLUS loan or excepted consolidation loan), and such other procedures as are necessary to effectively implement income-based repayment under this section. The Secretary shall consider, but is not limited to, the procedures established in accordance with section 1087e
(e)(1) of this title or in connection with income sensitive repayment schedules under section 1078
(b)(9)(A)(iii) or 1078–3
Special rule for married borrowers filing separately In the case of a married borrower who files a separate Federal income tax return, the Secretary shall calculate the amount of the borrower’s income-based repayment under this section solely on the basis of the borrower’s student loan debt and adjusted gross income.
Special terms for new borrowers on and after July 1, 2014 With respect to any loan made to a new borrower on or after July 1, 2014—
(Pub. L. 89–329, title IV, § 493C, as added Pub. L. 110–84, title II, § 203(a),Sept. 27, 2007, 121 Stat. 792; amended Pub. L. 110–153, § 2,Dec. 21, 2007, 121 Stat. 1824; Pub. L. 110–315, title IV, § 494F,Aug. 14, 2008, 122 Stat. 3324; Pub. L. 111–152, title II, § 2213,Mar. 30, 2010, 124 Stat. 1081.)
2010—Subsec. (e). Pub. L. 111–152added subsec. (e).
2008—Subsec. (b)(1). Pub. L. 110–315substituted “or had been in default” for “or is already in default”.
2007—Subsec. (d). Pub. L. 110–153added subsec. (d).
Section effective July 1, 2009, see section 203(c)(1) ofPub. L. 110–84, set out as an Effective Date of 2007 Amendment note under section 1078–3 of this title.