Sec. 7. HBCU capital financing loan disbursement and forgiveness
214 words·~1 min read·
/bill/117/hr/6893/ih/section-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Each time an institution of higher education receives a disbursement of a loan amount under a covered closed loan agreement, the Secretary shall repay— the outstanding balance of principal, interest, fees, and costs on such loan amount (as of the date of such disbursement) under the covered closed loan agreement; and any reimbursement (including reimbursements of escrow and return of fees and deposits) relating to the covered closed loan agreement that are usual and customary when the loan is paid off by the institution.
In this section, the term “covered closed loan agreement” means each of the following: A closed loan agreement— executed before the date of enactment of the Consolidated Appropriations Act, 2021 ( Public Law 116–260 ); made under part D of title III of the Higher Education Act of 1965 ( 20 U.S.C. 1066 et seq. ); and that provides for loan amounts that have not been disbursed as of the date of enactment of the Consolidated Appropriations Act, 2021 ( Public Law 116–260 ). A closed loan agreement— authorized under section 3512 of the CARES Act ( 20 U.S.C. 1001 note); and made for the deferment of balances that have not been disbursed as of the date of enactment of the Consolidated Appropriations Act, 2021 ( Public Law 116–260 ).
Connectionstraces to 3
Traces to 3 documents
Citation graph
cites case law
Sec. 7
HBCU capital financing loan disbursement and forgiveness
Cites 3Cited by 0 across 0 sources