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33 U.S.C. § 3078 — Interest payment program
Federal law — U.S. Code and appendices · legal_authorities
**(a) Authority** The Secretary may pay the interest and any special allowances that accrue on one or more student loans of an eligible officer, in accordance with this section.
**(b) Eligible officers** An officer is eligible for the benefit described in subsection (a) while the officer—
(1) is serving on active duty;
(2) has not completed more than three years of service on active duty;
(3) is the debtor on one or more unpaid loans described in subsection (c); and
(4) is not in default on any such loan.
**(c) Student loans** The authority to make payments under subsection (a) may be exercised with respect to the following loans:
(1) A loan made, insured, or guaranteed under part B of title IV of the Higher Education Act of 1965 ([20 U.S.C. 1071](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1071&num=0&edition=prelim) et seq.).
(2) A loan made under part D of such title ([20 U.S.C. 1087a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087a&num=0&edition=prelim) et seq.).
(3) A loan made under part E of such title ([20 U.S.C. 1087aa](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087aa&num=0&edition=prelim) et seq.).
**(d) Maximum benefit** Interest and any special allowance may be paid on behalf of an officer under this section for any of the 36 consecutive months during which the officer is eligible under subsection (b).
**(e) Coordination with Secretary of Education**
(1) **In general** — The Secretary shall consult with the Secretary of Education regarding the administration of this section.
(2) **Reimbursement authorized** — The Secretary is authorized to reimburse the Secretary of Education—
(A) for the funds necessary to pay interest and special allowances on
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Source location: Title 33, Chapter 43, § 3078; chapter-043-national-oceanic-and-atmospheric-administration-commissioned-officer-corps.md
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**(a) Authority** The Secretary may pay the interest and any special allowances that accrue on one or more student loans of an eligible officer, in accordance with this section.
**(b) Eligible officers** An officer is eligible for the benefit described in subsection (a) while the officer—
(1) is serving on active duty;
(2) has not completed more than three years of service on active duty;
(3) is the debtor on one or more unpaid loans described in subsection (c); and
(4) is not in default on any such loan.
**(c) Student loans** The authority to make payments under subsection (a) may be exercised with respect to the following loans:
(1) A loan made, insured, or guaranteed under part B of title IV of the Higher Education Act of 1965 ([20 U.S.C. 1071](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1071&num=0&edition=prelim) et seq.).
(2) A loan made under part D of such title ([20 U.S.C. 1087a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087a&num=0&edition=prelim) et seq.).
(3) A loan made under part E of such title ([20 U.S.C. 1087aa](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087aa&num=0&edition=prelim) et seq.).
**(d) Maximum benefit** Interest and any special allowance may be paid on behalf of an officer under this section for any of the 36 consecutive months during which the officer is eligible under subsection (b).
**(e) Coordination with Secretary of Education**
(1) **In general** — The Secretary shall consult with the Secretary of Education regarding the administration of this section.
(2) **Reimbursement authorized** — The Secretary is authorized to reimburse the Secretary of Education—
(A) for the funds necessary to pay interest and special allowances on student loans under this section (in accordance with sections 428(o), 455(l), and 464(j) of the Higher Education Act of 1965 ([20 U.S.C. 1078](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078&num=0&edition=prelim)(o), 1087e(l), and 1087dd(j)); 11 So in original. The semicolon probably should be preceded by a third closing parenthesis. and
(B) for any reasonable administrative costs incurred by the Secretary of Education in coordinating the program under this section with the administration of the student loan programs under parts B, D, and E of title IV of the Higher Education Act of 1965 ([20 U.S.C. 1071](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1071&num=0&edition=prelim) et seq., 1087a et seq., 1087aa et seq.).
**(f) Special allowance defined** In this section, the term ‘special allowance’ means a special allowance that is payable under section 438 of the Higher Education Act of 1965 ([20 U.S.C. 1087–1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087–1&num=0&edition=prelim)).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Findings** In order to assure (1) that the limitation on interest payments or other conditions (or both) on loans made or insured under this part, do not impede or threaten to impede the carrying out of the purposes of this part or do not cause the return to holders of loans to be less than equitable, (2) that incentive payments on such loans are paid promptly to eligible lenders, and (3) that appropriate consideration of relative administrative costs and money market conditions is made in setting the quarterly rate of such payments, the Congress finds it necessary to establish an improved method for the determination of the quarterly rate of the special allowances on such loans, and to provide for a thorough, expeditious, and objective examination of alternative methods for the determination of the quarterly rate of such allowances.
**(b) Computation and payment**
(1) **Quarterly payment based on unpaid balance** — A special allowance shall be paid for each of the 3-month periods ending March 31, June 30, September 30, and December 31 of every year and the amount of such allowance paid to any holder with respect to any 3-month period shall be a percentage of the average unpaid balance of principal (not including unearned interest added to principal) of all eligible loans held by such holder during such period.
(2) **Rate of special allowance**
(A) Subject to subparagraphs (B), (C), (D), (E), (F), (G), (H), and (I) and paragraph (4), the special allowance paid pursuant to this subsection on loans shall be computed (i) by determining the average of the bond equivalent rates of 91-day Treasury bills auctioned for such 3-month period, (ii) by subtracting the applicable interest rate on such loans from such average, (iii) by adding 3.10 percent to the resultant
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** There are hereby made available, in accordance with the provisions of this part, such sums as may be necessary (1) to make loans to all eligible students (and the eligible parents of such students) in attendance at participating institutions of higher education selected by the Secretary, to enable such students to pursue their courses of study at such institutions during the period beginning July 1, 1994; and (2) for purchasing loans under [section 1087i–1 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087i-1&num=0&edition=prelim). Loans made under this part shall be made by participating institutions, or consortia thereof, that have agreements with the Secretary to originate loans, or by alternative originators designated by the Secretary to make loans for students in attendance at participating institutions (and their parents).
**(b) Designation**
(1) **Program** — The program established under this part shall be referred to as the “William D. Ford Federal Direct Loan Program”.
(2) **Direct loans** — Notwithstanding any other provision of this part, loans made to borrowers under this part that, except as otherwise specified in this part, have the same terms, conditions, and benefits as loans made to borrowers under [section 1078 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078&num=0&edition=prelim), shall be known as “Federal Direct Stafford/Ford Loans”.
**(c) Maximum aid** The maximum dollar amount of financial assistance provided under this part to a student shall not exceed the cost of attendance for such student.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Purpose; discrimination prohibited**
(1) **Purpose** — The purpose of this part is to enable the Secretary—
(A) to encourage States and nonprofit private institutions and organizations to establish adequate loan insurance programs for students in eligible institutions (as defined in [section 1085 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1085&num=0&edition=prelim)),
(B) to provide a Federal program of student loan insurance for students or lenders who do not have reasonable access to a State or private nonprofit program of student loan insurance covered by an agreement under [section 1078(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078/b&num=0&edition=prelim),
(C) to pay a portion of the interest on loans to qualified students which are insured under this part, and
(D) to guarantee a portion of each loan insured under a program of a State or of a nonprofit private institution or organization which meets the requirements of [section 1078(a)(1)(B) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078/a/1/B&num=0&edition=prelim).
(2) **Discrimination by creditors prohibited** — No agency, organization, institution, bank, credit union, corporation, or other lender who regularly extends, renews, or continues credit or provides insurance under this part shall exclude from receipt or deny the benefits of, or discriminate against any borrower or applicant in obtaining, such credit or insurance on the basis of race, national origin, religion, sex, marital status, age, or handicapped status.
**(b) Authorization of appropriations** For the purpose of carrying out this part—
(1) there are authorized to be appropriated to
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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) Program authority** The Secretary shall carry out a program assisting in the maintenance of funds at institutions of higher education for the making of loans to undergraduate students in need to pursue their courses of study in such institutions or while engaged in programs of study abroad approved for credit by such institutions. Loans made under this part shall be known as “Federal Perkins Loans”.
**(b) Authority to make loans**
(1) **In general**
(A) *Loans for new undergraduate Federal Perkins Loan borrowers* — Through September 30, 2017, an institution of higher education may make a loan under this part to an eligible undergraduate student who, on the date of disbursement of a loan made under this part, has no outstanding balance of principal or interest on a loan made under this part from the student loan fund established under this part by the institution, but only if the institution has awarded all Federal Direct Loans, as referenced under subparagraphs (A) and (D) of [section 1087e(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087e/a/2&num=0&edition=prelim), for which such undergraduate student is eligible.
(B) *Loans for current undergraduate Federal Perkins Loan borrowers* — Through September 30, 2017, an institution of higher education may make a loan under this part to an eligible undergraduate student who, on the date of disbursement of a loan made under this part, has an outstanding balance of principal or interest on a loan made under this part from the student loan fund established under this part by the institution, but only if the institution has awarded all Federal Direct Stafford Loans as referenced under [section 1087e(a)(2)(A) of this title](https://uscode.house.gov/view.xhtml?req=g
Source: Supplied U.S. Code snapshot — release unconfirmed · 20 U.S.C. § 1087aa
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Federal interest subsidies**
(1) **Types of loans that qualify** — Each student who has received a loan for study at an eligible institution for which the first disbursement is made before July 1, 2010, and—
(A) which is insured by the Secretary under this part; or
(B) which is insured under a program of a State or of a nonprofit private institution or organization which was contracted for, and paid to the student, within the period specified in paragraph (5), and which—
(i) in the case of a loan insured prior to July 1, 1967, was made by an eligible lender and is insured under a program which meets the requirements of subparagraph (E) of subsection (b)(1) and provides that repayment of such loan shall be in installments beginning not earlier than 60 days after the student ceases to pursue a course of study (as described in subparagraph (D) of subsection (b)(1)) at an eligible institution, or
(ii) in the case of a loan insured after June 30, 1967, was made by an eligible lender and is insured under a program covered by an agreement made pursuant to subsection (b),
shall be entitled to have paid on his or her behalf and for his or her account to the holder of the loan a portion of the interest on such loan under circumstances described in paragraph (2).
(2) **Additional requirements to receive subsidy**
(A) Each student qualifying for a portion of an interest payment under paragraph (1) shall—
(i) have provided to the lender a statement from the eligible institution, at which the student has been accepted for enrollment, or at which the student is in attendance, which—
(I) sets forth the loan amount for which the student shows financial need; and
(II) sets forth a schedule for disbursement of the proceeds of the loan in ins
Source: Supplied U.S. Code snapshot — release unconfirmed · 20 U.S.C. § 1078
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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
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general**
(1) **Parallel terms, conditions, benefits, and amounts** — Unless otherwise specified in this part, loans made to borrowers under this part shall have the same terms, conditions, and benefits, and be available in the same amounts, as loans made to borrowers, and first disbursed on June 30, 2010, under sections 1078, 1078–2, 1078–3, and 1078–8 of this title.
(2) **Designation of loans** — Loans made to borrowers under this part that, except as otherwise specified in this part, have the same terms, conditions, and benefits as loans made to borrowers under—
(A) [section 1078 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078&num=0&edition=prelim) shall be known as “Federal Direct Stafford Loans”;
(B) [section 1078–2 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078-2&num=0&edition=prelim) shall be known as “Federal Direct PLUS Loans”;
(C) [section 1078–3 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078-3&num=0&edition=prelim) shall be known as “Federal Direct Consolidation Loans”; and
(D) [section 1078–8 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078-8&num=0&edition=prelim) shall be known as “Federal Direct Unsubsidized Stafford Loans”.
(3) **Termination of authority to make interest subsidized loans and Federal Direct PLUS loans to graduate and professional students**
(A) *Termination of authority to make interest subsidized loans to graduate and professional students* — Subject to subparagraph (B), and notwithstanding any provision of this part or part B—
(i) for any period of instruction beginning on or after July 1, 2012, a graduate or profess
Source: Supplied U.S. Code snapshot — release unconfirmed · 20 U.S.C. § 1087e
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Federal law — U.S. Code and appendices · legal_authorities
Page 392
TITLE 20—EDUCATION
§ 1070g–3
2010 (20 U.S.C. 9903), and section 9 of the National
Science Foundation Authorization Act of 2002 (42
U.S.C. 1862n), to ‘highly qualified’, as defined in sec-
tion 9101 of the Elementary and Secondary Education
Act of 1965 [now section 8101, 20 U.S.C. 7801], with re-
spect to a teacher, means that the teacher meets ap-
plicable State certification and licensure require-
ments, including any requirements for certification
obtained through alternative routes to certification.’’
§ 1070g–3. Program period and funding
Beginning on July 1, 2008, there shall be avail-
able to the Secretary to carry out this subpart,
from funds not otherwise appropriated, such
sums as may be necessary to provide TEACH
Grants in accordance with this subpart to each
eligible applicant.
(Pub. L. 89–329, title IV, § 420O, as added Pub. L.
110–84, title I, § 104, Sept. 27, 2007, 121 Stat. 790.)
§ 1070g–4. Program report
Not later than two years after August 14, 2008,
and every two years thereafter, the Secretary
shall prepare and submit to the authorizing
committees a report on TEACH grants with re-
spect to the schools and students served by re-
cipients of such grants. Such report shall take
into consideration information related to—
(1) the number of TEACH grant recipients;
(2) the degrees obtained by such recipients;
(3) the location, including the school, local
educational agency, and State, where the re-
cipients completed the service agreed to under
section 1070g–2(b) of this title and the subject
taught;
(4) the duration of such service; and
(5) any other data necessary to conduct such
evaluation.
(Pub. L. 89–329, title IV, § 420P, as added Pub. L.
110–315, title IV, § 412(a)(2), Aug. 14, 2008, 122 Stat.
3227.)
SUBPART 10—SCHO
Source: Supplied 2024 U.S. Code historical extraction · 20 U.S.C. § 1071
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Federal law — U.S. Code and appendices · legal_authorities
Page 417
TITLE 20—EDUCATION
§ 1078
‘‘(i) the average of the bond equivalent rates of 91-
day Treasury bills auctioned during the 12 months
ending on November 30 preceding such calendar year;
plus
‘‘(ii) 3.75 percent.’’
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2007 AMENDMENT
Amendment by Pub. L. 110–84 effective Oct. 1, 2007,
see section 1(c) of Pub. L. 110–84, set out as a note under
section 1070a of this title.
EFFECTIVE DATE OF 2006 AMENDMENT
Amendment by Pub. L. 109–171 effective July 1, 2006,
except as otherwise provided, see section 8001(c) of Pub.
L. 109–171, set out as a note under section 1002 of this
title.
EFFECTIVE DATE OF 1998 AMENDMENT
Pub. L. 105–244, title IV, § 416(c), Oct. 7, 1998, 112 Stat.
1682, provided that: ‘‘The amendments made by this
section [amending this section and sections 1078–2,
1078–3, and 1087–1 of this title] shall apply with respect
to any loan made, insured, or guaranteed under part B
of title IV of the Higher Education Act of 1965 [20 U.S.C.
1071 et seq.] for which the first disbursement is made on
or after October 1, 1998, and before July 1, 2003, except
that such amendments shall apply with respect to any
loan made under section 428C of such Act [20 U.S.C.
1078–3] for which the application is received by an eligi-
ble lender on or after October 1, 1998, and before July
1, 2003.’’
EFFECTIVE DATE OF 1993 AMENDMENT
Amendment by section 2(c)(5) of Pub. L. 103–208 effec-
tive on and after Dec. 20, 1993, and amendment by sec-
tion 2(c)(6)–(10) of Pub. L. 103–208 effective, except as
otherwise provided, as if included in the Higher Edu-
cation Amendments of 1992, Pub. L. 102–325, see section
5(a), (b)(2) of Pub. L. 103–208, set out as a note under
section 1051 of this title.
EFFECTIVE DATE O
Source: Supplied 2024 U.S. Code historical extraction · 20 U.S.C. § 1078
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