§ 674.40. Treatment of loan repayments where cancellation, loan repayments, and minimum monthly repayments apply.
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/us/cfr/t34/s§ 674.40·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)An institution may not exercise the minimum monthly repayment provisions on a note when the borrower has received a partial cancellation for the period covered by a postponement.
(b)If a borrower has received Defense, NDSL, and Perkins loans and only one can be cancelled, the amount due on the uncancelled loan is the amount established in § 674.31(b) (2), loan repayment terms; § 674.33(b), minimum repayment rates; or § 674.33(c), extension of repayment period. (Authority: 20 U.S.C. 425 and 1087dd, 1087ee) \[52 FR 45754, Dec. 1, 1987. Redesignated at 59 FR 61410, Nov. 30, 1994\]
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- 20 USC 425
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§ 674.40
Treatment of loan repayments where cancellation, loan repayments, and minimum monthly repayments apply.
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