Sec. 4407. Reimbursement for cancellation of Perkins loans for certain public service
229 words·~1 min read·
/bill/116/hr/4674/ih/section-4407A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 465 of the Higher Education Act of 1965 ( 20 U.S.C. 1087ee ) is amended— in subsection (a), by inserting and before July 1, 2021, after June 30, 1972, ; and by amending subsection
(b)to read as follows: In the case of loans made under this part before July 1, 2021, and that are assigned to the Secretary, the Secretary shall, from amounts repaid each quarter on assigned Perkins Loans made before July 1, 2021, pay to each institution for each quarter an amount equal to— the aggregate of the amounts of loans from its student loan fund that are canceled pursuant to this section for such quarter, minus an amount equal to the aggregate of the amounts of any such loans so canceled that were made from Federal capital contributions to its student loan fund. In the case of loans made under this part before July 1, 2021, and that are retained by the institution for servicing, the institution shall deduct from loan repayments owed to the Secretary under section 466, an amount equal to— the aggregate of the amounts of loans from its student loan fund that are canceled pursuant to this section for such quarter, minus an amount equal to the aggregate of the amounts of any such loans so canceled that were made from Federal capital contributions to its student loan fund. .
Connectionstraces to 1
Traces to 1 document
Citation graph
cites case law
Sec. 4407
Reimbursement for cancellation of Perkins loans for certain public service
Cites 1Cited by 0 across 0 sources