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20 U.S.C. § 1074 — Scope and duration of Federal loan insurance program
Federal law — U.S. Code and appendices · legal_authorities
**(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 1085 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1085&num=0&edition=prelim)) 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.
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Source file: Laws/federal/codes/united-states-code/title-20/section-1074-scope-and-duration-of-federal-loan-insurance-program--c892f14620.md
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Source location: Title 20, Chapter 28, § 1074; chapter-028-higher-education-resources-and-student-assistance.md
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**(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 1085 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1085&num=0&edition=prelim)) 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.
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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) Definition of institution of higher education for purposes of student assistance programs**
(1) **Inclusion of additional institutions** — Subject to paragraphs (2) through (4) of this subsection, the term “institution of higher education” for purposes of subchapter IV includes, in addition to the institutions covered by the definition in [section 1001 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1001&num=0&edition=prelim)—
(A) a proprietary institution of higher education (as defined in subsection (b) of this section);
(B) a postsecondary vocational institution (as defined in subsection (c) of this section); and
(C) only for the purposes of part D of subchapter IV, an institution outside the United States that is comparable to an institution of higher education as defined in [section 1001 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1001&num=0&edition=prelim) and that has been approved by the Secretary for the purpose of part D of subchapter IV, consistent with the requirements of [section 1087b(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087b/d&num=0&edition=prelim).
(2) **Institutions outside the United States**
(A) *In general* — For the purpose of qualifying as an institution under paragraph (1)(C), the Secretary shall establish criteria by regulation for the approval of institutions outside the United States and for the determination that such institutions are comparable to an institution of higher education as defined in [section 1001 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1001&num=0&edition=prelim) (except that a graduate medical school, nursing schoo
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Federal law — U.S. Code and appendices · legal_authorities
As used in this part:
**(a) Eligible institution**
(1) **In general** — Except as provided in paragraph (2), the term “eligible institution” means an institution of higher education, as defined in [section 1002 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1002&num=0&edition=prelim), except that, for the purposes of sections 1077(a)(2)(C)(i) and 1078(b)(1)(M)(i) of this title, an eligible institution includes any institution that is within this definition without regard to whether such institution is participating in any program under this subchapter and includes any institution ineligible for participation in any program under this part pursuant to paragraph (2) of this subsection.
(2) **Ineligibility based on high default rates**
(A) An institution whose cohort default rate is equal to or greater than the threshold percentage specified in subparagraph (B) for each of the three most recent fiscal years for which data are available shall not be eligible to participate in a program under this part for the fiscal year for which the determination is made and for the two succeeding fiscal years, unless, within 30 days of receiving notification from the Secretary of the loss of eligibility under this paragraph, the institution appeals the loss of its eligibility to the Secretary. The Secretary shall issue a decision on any such appeal within 45 days after its submission. Such decision may permit the institution to continue to participate in a program under this part if—
(i) the institution demonstrates to the satisfaction of the Secretary that the Secretary’s calculation of its cohort default rate is not accurate, and that recalculation would reduce its cohort default rate for any of the three fiscal years below the thr
Source: Supplied U.S. Code snapshot — release unconfirmed · 20 U.S.C. § 1085
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Loan-by-loan insurance**
(1) **Authority to issue certificates on application** — If, upon application by an eligible lender, made upon such form, containing such information, and supported by such evidence as the Secretary may require, and otherwise in conformity with this section, the Secretary finds that the applicant has made a loan to an eligible student which is insurable under the provisions of this part, he may issue to the applicant a certificate of insurance covering the loan and setting forth the amount and terms of the insurance.
(2) **Effectiveness of certificate** — Insurance evidenced by a certificate of insurance pursuant to subsection (a)(1) shall become effective upon the date of issuance of the certificate, except that the Secretary is authorized, in accordance with regulations, to issue commitments with respect to proposed loans, or with respect to lines (or proposed lines) of credit, submitted by eligible lenders, and in that event, upon compliance with subsection (a)(1) by the lender, the certificate of insurance may be issued effective as of the date when any loan, or any payment by the lender pursuant to a line of credit, to be covered by such insurance was made. Such insurance shall cease to be effective upon 60 days’ default by the lender in the payment of any installment of the premiums payable pursuant to subsection (c).
(3) **Contents of applications** — An application submitted pursuant to subsection (a)(1) shall contain (A) an agreement by the applicant to pay, in accordance with regulations, the premiums fixed by the Secretary pursuant to subsection (c), and (B) an agreement by the applicant that if the loan is covered by insurance the applicant will submit such supplementary reports and statement during the effective period of t
Source: Supplied U.S. Code snapshot — release unconfirmed · 20 U.S.C. § 1079
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Federal law — U.S. Code and appendices · legal_authorities
Page 404
TITLE 20—EDUCATION
§ 1073
(B) the Secretary may regulate the uses or
expenditure of moneys in the Operating
Fund.
(Pub. L. 89–329, title IV, § 422B, as added Pub. L.
105–244, title IV, § 413(b), Oct. 7, 1998, 112 Stat.
1677.)
Editorial Notes
REFERENCES IN TEXT
Section 1078(c)(6)(B) of this title, referred to in sub-
sec. (c)(5), was redesignated section 1078(c)(6)(A)(ii) of
this title by Pub. L. 109–171, title VIII, § 8014(d)(3)(A),
(B), Feb. 8, 2006, 120 Stat. 170.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Section effective Oct. 1, 1998, except as otherwise pro-
vided in Pub. L. 105–244, see section 3 of Pub. L. 105–244,
set out as an Effective Date of 1998 Amendment note
under section 1001 of this title.
§ 1073. Effects of adequate non-Federal programs
(a) Federal insurance barred to lenders with ac-
cess to State or private insurance
Except as provided in subsection (b), the Sec-
retary shall not issue certificates of insurance
under section 1079 of this title to lenders in a
State if the Secretary determines that every eli-
gible institution has reasonable access in that
State to a State or private nonprofit student
loan insurance program which is covered by an
agreement under section 1078(b) of this title.
(b) Exceptions
The Secretary may issue certificates of insur-
ance under section 1079 of this title to a lender
in a State—
(1) for insurance of a loan made to a student
borrower who does not, by reason of the bor-
rower’s residence, have access to loan insur-
ance under the loan insurance program of such
State (or under any private nonprofit loan in-
surance program which has received an ad-
vance under section 1072 of this title for the
benefit of students in such State);
(2) for insurance of all the loans made
Source: Supplied 2024 U.S. Code historical extraction · 20 U.S.C. § 1074
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