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20 U.S.C. § 1073 — Effects of adequate non-Federal programs
Federal law — U.S. Code and appendices · legal_authorities
**(a) Federal insurance barred to lenders with access to State or private insurance** Except as provided in subsection (b), the Secretary shall not issue certificates of insurance under [section 1079 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1079&num=0&edition=prelim) to lenders in a State if the Secretary determines that every eligible 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078/b&num=0&edition=prelim).
**(b) Exceptions** The Secretary may issue certificates of insurance under [section 1079 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1079&num=0&edition=prelim) to a lender in a State—
(1) for insurance of a loan made to a student borrower who does not, by reason of the borrower’s residence, have access to loan insurance under the loan insurance program of such State (or under any private nonprofit loan insurance program which has received an advance under [section 1072 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1072&num=0&edition=prelim) for the benefit of students in such State);
(2) for insurance of all the loans made to student borrowers by a lender who satisfies the Secretary that, by reason of the residence of such borrowers, such lender will not have access to any single State or nonprofit private loan insurance program which will insure substantially all of the loans such lender intends to make to such student borrowers; or
(3) under such circumstances as may be approved by the guaranty agency in such S
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Source file: Laws/federal/codes/united-states-code/title-20/section-1073-effects-of-adequate-non-federal-programs--c2f0ac1a41.md
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Source location: Title 20, Chapter 28, § 1073; chapter-028-higher-education-resources-and-student-assistance.md
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**(a) Federal insurance barred to lenders with access to State or private insurance** Except as provided in subsection (b), the Secretary shall not issue certificates of insurance under [section 1079 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1079&num=0&edition=prelim) to lenders in a State if the Secretary determines that every eligible 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078/b&num=0&edition=prelim).
**(b) Exceptions** The Secretary may issue certificates of insurance under [section 1079 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1079&num=0&edition=prelim) to a lender in a State—
(1) for insurance of a loan made to a student borrower who does not, by reason of the borrower’s residence, have access to loan insurance under the loan insurance program of such State (or under any private nonprofit loan insurance program which has received an advance under [section 1072 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1072&num=0&edition=prelim) for the benefit of students in such State);
(2) for insurance of all the loans made to student borrowers by a lender who satisfies the Secretary that, by reason of the residence of such borrowers, such lender will not have access to any single State or nonprofit private loan insurance program which will insure substantially all of the loans such lender intends to make to such student borrowers; or
(3) under such circumstances as may be approved by the guaranty agency in such State, for the insurance of a loan to a borrower for whom such lender previously was issued such a certificate if the loan covered by such certificate is not yet repaid.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Purpose of and authority for advances to reserve funds**
(1) **Purpose; eligible recipients** — From sums appropriated pursuant to paragraphs (3) and (4)(A) of [section 1071(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1071/b&num=0&edition=prelim), the Secretary is authorized to make advances to any State with which the Secretary has made an agreement pursuant to [section 1078(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078/b&num=0&edition=prelim) for the purpose of helping to establish or strengthen the reserve fund of the student loan insurance program covered by that agreement. If for any fiscal year a State does not have a student loan insurance program covered by an agreement made pursuant to [section 1078(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078/b&num=0&edition=prelim), and the Secretary determines after consultation with the chief executive officer of that State that there is no reasonable likelihood that the State will have such a student loan insurance program for such year, the Secretary may make advances for such year for the same purpose to one or more nonprofit private institutions or organizations with which the Secretary has made an agreement pursuant to [section 1078(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078/b&num=0&edition=prelim) in order to enable students in the State to participate in a program of student loan insurance covered by such an agreement. The Secretary may make advances under this subsection both to a State program (with which he has such an agreement) and to one or more nonprofit private institutions or organizations (w
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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
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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. § 1073
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