Sec. 424. SCOPE AND DURATION OF FEDERAL LOAN INSURANCE PROGRAM
171 words·~1 min read·
/statute-compilations/comps-765/sec-424A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## SEC. 424 SCOPE AND DURATION OF FEDERAL LOAN INSURANCE PROGRAM **[**[20 U.S.C. 1074](/us/usc/t20/s1074)**]** ###
(a)Limitations on Amounts of Loans Covered by Federal Insurance The total principal amount of new loans made and installments paid pursuant to lines of credit (as defined in section 435) to students covered by Federal loan insurance under this part shall not exceed $2,000,000,000 for the period from July 1, 1976, to September 30, 1976, for each of the succeeding fiscal years ending prior to October 1, 2009, and for the period from October 1, 2009, to June 30, 2010, for loans first disbursed on or before June 30, 2010. ###
(b)Apportionment of Amounts The Secretary may, if he or she finds it necessary to do so in order to assure an equitable distribution of the benefits of this part, assign, within the maximum amounts specified in subsection (a), Federal loan insurance quotas applicable to eligible lenders, or to States or areas, and may from time to time reassign unused portions of these quotas.
Connectionstraces to 1
Traces to 1 document
Citation graph
cites case law
Sec. 424
SCOPE AND DURATION OF FEDERAL LOAN INSURANCE PROGRAM
Cites 1Cited by 0 across 0 sources