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20 U.S.C. § 1087gg — Collection of defaulted loans: Perkins Loan Revolving Fund
Federal law — U.S. Code and appendices · legal_authorities
**(a) Authority of Secretary to collect referred, transferred, or assigned loans** With respect to any loan—
(1) which was made under this part, and
(2) which is referred, transferred, or assigned to the Secretary by an institution with an agreement under [section 1087cc(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087cc/a&num=0&edition=prelim),
the Secretary is authorized to attempt to collect such loan by any means authorized by law for collecting claims of the United States (including referral to the Attorney General for litigation) and under such terms and conditions as the Secretary may prescribe, including reimbursement for expenses reasonably incurred in attempting such collection.
**(b) Collection of referred, transferred, or assigned loans** The Secretary shall continue to attempt to collect any loan referred, transferred, or assigned under paragraph (4) or (5) of [section 1087cc(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087cc/a&num=0&edition=prelim) until all appropriate collection efforts, as determined by the Secretary, have been expended.
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Stable record: federal_law:legal_authorities:record_usc_3845e9cf595d7ebe1a1150fa
Source file: Laws/federal/codes/united-states-code/title-20/section-1087gg-collection-of-defaulted-loans-perkins-loan-revolving-fund--223a264aaf.md
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Source location: Title 20, Chapter 28, § 1087gg; chapter-028-higher-education-resources-and-student-assistance.md
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**(a) Authority of Secretary to collect referred, transferred, or assigned loans** With respect to any loan—
(1) which was made under this part, and
(2) which is referred, transferred, or assigned to the Secretary by an institution with an agreement under [section 1087cc(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087cc/a&num=0&edition=prelim),
the Secretary is authorized to attempt to collect such loan by any means authorized by law for collecting claims of the United States (including referral to the Attorney General for litigation) and under such terms and conditions as the Secretary may prescribe, including reimbursement for expenses reasonably incurred in attempting such collection.
**(b) Collection of referred, transferred, or assigned loans** The Secretary shall continue to attempt to collect any loan referred, transferred, or assigned under paragraph (4) or (5) of [section 1087cc(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087cc/a&num=0&edition=prelim) until all appropriate collection efforts, as determined by the Secretary, have been expended.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Terms and conditions**
(1) Loans from any student loan fund established pursuant to an agreement under [section 1087cc of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087cc&num=0&edition=prelim) to any student by any institution shall, subject to such conditions, limitations, and requirements as the Secretary shall prescribe by regulation, be made on such terms and conditions as the institution may determine.
(2)
(A) Except as provided in paragraph (4), the total of loans made to a student in any academic year or its equivalent by an institution of higher education from a loan fund established pursuant to an agreement under this part shall not exceed—
(i) $5,500, in the case of a student who has not successfully completed a program of undergraduate education; or
(ii) $8,000, in the case of a graduate or professional student (as defined in regulations issued by the Secretary).
(B) Except as provided in paragraph (4), the aggregate unpaid principal amount for all loans made to a student by institutions of higher education from loan funds established pursuant to agreements under this part may not exceed—
(i) $60,000, in the case of any graduate or professional student (as defined by regulations issued by the Secretary, and including any loans from such funds made to such person before such person became a graduate or professional student);
(ii) $27,500, in the case of a student who has successfully completed 2 years of a program of education leading to a bachelor’s degree but who has not completed the work necessary for such a degree (determined under regulations issued by the Secretary), and including any loans from such funds made to such person before such person became such a student; and
Source: Supplied U.S. Code snapshot — release unconfirmed · 20 U.S.C. § 1087dd
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Institution of higher education** For purposes of this chapter, other than subchapter IV, the term “institution of higher education” means an educational institution in any State that—
(1) admits as regular students only persons having a certificate of graduation from a school providing secondary education, or the recognized equivalent of such a certificate, or persons who meet the requirements of [section 1091(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1091/d&num=0&edition=prelim);
(2) is legally authorized within such State to provide a program of education beyond secondary education;
(3) provides an educational program for which the institution awards a bachelor’s degree or provides not less than a 2-year program that is acceptable for full credit toward such a degree, or awards a degree that is acceptable for admission to a graduate or professional degree program, subject to review and approval by the Secretary;
(4) is a public or other nonprofit institution; and
(5) is accredited by a nationally recognized accrediting agency or association, or if not so accredited, is an institution that has been granted preaccreditation status by such an agency or association that has been recognized by the Secretary for the granting of preaccreditation status, and the Secretary has determined that there is satisfactory assurance that the institution will meet the accreditation standards of such an agency or association within a reasonable time.
**(b) Additional institutions included** For purposes of this chapter, other than subchapter IV, the term “institution of higher education” also includes—
(1) any school that provides not less than a 1-year program of training to prepare students for gainful employment in a re
Source: Supplied U.S. Code snapshot — release unconfirmed · 20 U.S.C. § 1001
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Contents of agreements** An agreement with any institution of higher education for the payment of Federal capital contributions under this part shall—
(1) provide for the establishment and maintenance of a student loan fund for the purpose of this part;
(2) provide for the deposit in such fund of—
(A) Federal capital contributions from funds appropriated under [section 1087aa of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087aa&num=0&edition=prelim);
(B) a capital contribution by an institution in an amount equal to one-third of the Federal capital contributions described in subparagraph (A);
(C) collections of principal and interest on student loans made from deposited funds;
(D) charges collected pursuant to regulations under [section 1087dd(c)(1)(H) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087dd/c/1/H&num=0&edition=prelim); and
(E) any other earnings of the funds;
(3) provide that such student loan fund shall be used only for—
(A) loans to students, in accordance with the provisions of this part;
(B) administrative expenses, as provided in subsection (b);
(C) capital distributions, as provided in [section 1087ff of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087ff&num=0&edition=prelim); and
(D) costs of litigation, and other collection costs agreed to by the Secretary in connection with the collection of a loan from the fund (and interest thereon) or a charge assessed pursuant to regulations under [section 1087dd(c)(1)(H) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087dd/c/1/H&num=0&edition=prelim);
(4) provide that where a note or written agree
Source: Supplied U.S. Code snapshot — release unconfirmed · 20 U.S.C. § 1087cc
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Federal law — U.S. Code and appendices · legal_authorities
Page 601
TITLE 20—EDUCATION
§ 1087gg
(A) The Secretary shall first be paid an
amount which bears the same ratio to the
total to be distributed as the Federal capital
contributions by the Secretary to the student
loan fund prior to such distribution bear to
the sum of such Federal capital contributions
and the capital contributions to the fund made
by the institution.
(B) The remainder of the capital distribution
shall be paid to the institution.
(2) No finding that the liquid assets of a stu-
dent loan fund established under this part ex-
ceed the amount required under paragraph (1)
may be made prior to a date which is 2 years
after the date on which the institution of higher
education received the funds from such institu-
tion’s allocation under section 1087bb of this
title.
(Pub. L. 89–329, title IV, § 466, as added Pub. L.
99–498, title IV, § 405(a), Oct. 17, 1986, 100 Stat.
1453; amended Pub. L. 102–325, title IV, § 466, July
23, 1992, 106 Stat. 584; Pub. L. 103–208, § 2(f)(15),
Dec. 20, 1993, 107 Stat. 2471; Pub. L. 105–244, title
IV, § 466, Oct. 7, 1998, 112 Stat. 1728; Pub. L.
110–84, title V, § 501, Sept. 27, 2007, 121 Stat. 801;
Pub. L. 114–105, § 2(b), Dec. 18, 2015, 129 Stat.
2220.)
Editorial Notes
PRIOR PROVISIONS
A prior section 1087ff, Pub. L. 89–329, title IV, § 466, as
added Pub. L. 92–318, title I, § 137(b), June 23, 1972, 86
Stat. 278; amended Pub. L. 94–482, title I, § 130(h), Oct.
12, 1976, 90 Stat. 2147; Pub. L. 96–374, title IV, § 442(c),
title XIII, § 1391(a)(1), Oct. 3, 1980, 94 Stat. 1440, 1503, re-
lated to distribution of assets from student loan funds,
prior to the general revision of this part by Pub. L.
99–498.
AMENDMENTS
2015—Subsec. (a). Pub. L. 114–105, § 2(b)(1)(A), sub-
stituted ‘‘Beginning October 1, 2
Source: Supplied 2024 U.S. Code historical extraction · 20 U.S.C. § 1087gg
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