Sec. 5103. Defaults by youth loan borrowers
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/bill/113/hr/2642/enr/section-5103·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 311(b) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1941(b) ) is amended by adding at the end the following: The Secretary may, on a case-by-case basis, provide debt forgiveness to a borrower for a loan made under this subsection if the borrower was unable to timely repay the loan due to circumstances beyond the control of the borrower, as determined by the Secretary, including any natural disaster, act of terrorism, or other man-made disaster that results in an inordinate level of damage or disruption severely affecting the borrower.
Notwithstanding any other provision of law, debt forgiveness provided under this subparagraph shall not be used by any Federal agency in determining the eligibility of the borrower for any loan made or guaranteed by the agency. Notwithstanding any other provision of law, if a borrower becomes delinquent or is provided with debt forgiveness with respect to a youth loan made under this subsection, the borrower shall not become ineligible, as a result of the delinquency or debt forgiveness, to receive loans and loan guarantees from the Federal Government to pay for education expenses of the borrower. .
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Sec. 5103
Defaults by youth loan borrowers
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