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20 U.S.C. § 1087ff — Distribution of assets from student loan funds

Federal law — U.S. Code and appendices · legal_authorities

20 U.S.C. § 1087ff — Distribution of assets from student loan funds

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Source location: Title 20, Chapter 28, § 1087ff; chapter-028-higher-education-resources-and-student-assistance.md

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**(a) In general** Beginning October 1, 2017, there shall be a capital distribution of the balance of the student loan fund established under this part by each institution of higher education as follows: (1) The Secretary shall first be paid an amount which bears the same ratio to the balance in such fund at the close of September 30, 2017, as the total amount of the Federal capital contributions to such fund by the Secretary under this part bears to the sum of such Federal contributions and the institution’s capital contributions to such fund. (2) The remainder of such balance shall be paid to the institution. **(b) Distribution of late collections** Beginning October 1, 2017, each institution with which the Secretary has made an agreement under this part, shall pay to the Secretary the same proportionate share of amounts received by this institution after September 30, 2017, in payment of principal and interest on student loans made from the student loan fund established pursuant to such agreement (which amount shall be determined after deduction of any costs of litigation incurred in collection of the principal or interest on loans from the fund and not already reimbursed from the fund or from such payments of principal or interest), as was determined for the Secretary under subsection (a). **(c) Distribution of excess capital** (1) Upon a finding by the institution or the Secretary prior to October 1, 2017, that the liquid assets of a student loan fund established pursuant to an agreement under this part exceed the amount required for loans or otherwise in the foreseeable future, and upon notice to such institution or to the Secretary, as the case may be, there shall be, subject to such limitations as may be included in regulations of the Secretary or in such agreement, a capital distribution from such fund. Such capital distribution shall be made as follows: (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 student loan fund established under this part exceed 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 institution’s allocation under [section 1087bb of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087bb&num=0&edition=prelim).

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Federal law — U.S. Code and appendices · legal_authorities

20 U.S.C. § 1070a — Statement of purpose; program authorization

**(a) Purpose** It is the purpose of this part, to assist in making available the benefits of postsecondary education to eligible students (defined in accordance with [section 1091 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1091&num=0&edition=prelim)) in institutions of higher education by— (1) providing Federal Pell Grants to all eligible students; (2) providing supplemental educational opportunity grants to those students who demonstrate financial need; (3) providing for payments to the States to assist them in making financial aid available to such students; (4) providing for special programs and projects designed (A) to identify and encourage qualified youths with financial or cultural need with a potential for postsecondary education, (B) to prepare students from low-income families for postsecondary education, and (C) to provide remedial (including remedial language study) and other services to students; and (5) providing assistance to institutions of higher education. **(b) Secretary required to carry out purposes** The Secretary shall, in accordance with subparts 1 through 9 of this part, carry out programs to achieve the purposes of this part.

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Federal law — U.S. Code and appendices · legal_authorities

20 U.S.C. § 1087bb — Allocation of funds

**(a) Allocation based on previous allocation** (1) From the amount appropriated pursuant to section 1087aa(b) 11 See References in Text note below. of this title for each fiscal year, the Secretary shall first allocate to each eligible institution an amount equal to— (A) 100 percent of the amount received under subsections (a) and (b) of this section for fiscal year 1999 (as such subsections were in effect with respect to allocations for such fiscal year), multiplied by (B) the institution’s default penalty, as determined under subsection (e), (2) (A) From the amount so appropriated, the Secretary shall next allocate to each eligible institution that began participation in the program under this part after fiscal year 1999 but is not a first or second time participant, an amount equal to the greater of— (i) $5,000; or (ii) 100 percent of the amount received and expended under this part for the first year it participated in the program. (B) From the amount so appropriated, the Secretary shall next allocate to each eligible institution that began participation in the program under this part after fiscal year 1999 and is a first or second time participant, an amount equal to the greatest of— (i) $5,000; (ii) an amount equal to (I) 90 percent of the amount received and used under this part in the second preceding fiscal year by eligible institutions offering comparable programs of instruction, divided by (II) the number of students enrolled at such comparable institutions in such fiscal year, multiplied by (III) the number of students enrolled at the applicant institution in such fiscal year; or (iii) 90 percent of the institution’s allocation under this part for the preceding fiscal year. (C) Notwithstanding subparagraphs (A) and

Source: Supplied U.S. Code snapshot — release unconfirmed · 20 U.S.C. § 1087bb

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Federal law — U.S. Code and appendices · legal_authorities

20 U.S.C. § 1001 — General definition of institution of higher education

**(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

20 U.S.C. § 1051 — Authorization of appropriations

**(a) Authorizations** (1) **Part A** (A) There are authorized to be appropriated to carry out part A (other than sections 1059c through 1059g of this title), $135,000,000 for fiscal year 2009, and such sums as may be necessary for each of the five succeeding fiscal years. (B) There are authorized to be appropriated to carry out [section 1059c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1059c&num=0&edition=prelim), $30,000,000 for fiscal year 2009, and such sums as may be necessary for each of the five succeeding fiscal years. (C) There are authorized to be appropriated to carry out [section 1059d of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1059d&num=0&edition=prelim), $15,000,000 for fiscal year 2009, and such sums as may be necessary for each of the five succeeding fiscal years. (D) There are authorized to be appropriated to carry out [section 1059e of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1059e&num=0&edition=prelim), $75,000,000 for fiscal year 2009 and each of the five succeeding fiscal years. (E) There are authorized to be appropriated to carry out [section 1059f of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1059f&num=0&edition=prelim), $25,000,000 for fiscal year 2009, and such sums as may be necessary for each of the five succeeding fiscal years. (F) There are authorized to be appropriated to carry out [section 1059g of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1059g&num=0&edition=prelim), $30,000,000 for fiscal year 2009, and such sums as may be necessary for each of the five succeeding fiscal years. (2) **Part

Source: Supplied U.S. Code snapshot — release unconfirmed · 20 U.S.C. § 1051

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Federal law — U.S. Code and appendices · legal_authorities

20 U.S.C. § 1087cc — Agreements with institutions of higher education

**(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

20 U.S.C. § 426 — Repealed. Pub. L. 92–318, title I, § 137(d)(2), June 23, 1972, 86 Stat. 280

### Statutory Notes Section, Pub. L. 85–864, title II, § 206, Sept. 2, 1958, 72 Stat. 1586; Pub. L. 87–344, title II, § 201(c), Oct. 3, 1961, 75 Stat. 759; Pub. L. 88–210, title II, § 202(e), formerly § 22(e), Dec. 18, 1963, 77 Stat. 416, renumbered Pub. L. 90–576, title I, § 101(a)(1), Oct. 16, 1968, 82 Stat. 1064; Pub. L. 88–665, title II, § 206, Oct. 16, 1964, 78 Stat. 1102; Pub. L. 90–575, title I, § 171(c), Oct. 16, 1968, 82 Stat. 1034, provided for distributions of assets from student loan funds. See [section 1087ff of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087ff&num=0&edition=prelim). #### Effective Date of Repeal Repeal effective June 23, 1972, see section 137(d)(2) of Pub. L. 92–318.

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Federal law — U.S. Code and appendices · legal_authorities

20 U.S.C. § 1087ff — Distribution of assets from student loan

Page 600 TITLE 20—EDUCATION § 1087ff Subsec. (a)(6). Pub. L. 103–208, § 2(f)(14), realigned mar- gin. See Codification note above. Pub. L. 103–82 added par. (6). 1992—Subsec. (a)(2)(A). Pub. L. 102–325, § 465(a)(1), as amended by Pub. L. 103–208, § 2(k)(7), struck out before semicolon at end ‘‘and such determination shall not be made with respect to more than 50 percent of the total number of schools in the State receiving assistance under such chapter 1’’. Subsec. (a)(2)(C). Pub. L. 102–325, § 465(a)(2), amended subpar. (C) generally. Prior to amendment, subpar. (C) read as follows: ‘‘as a full-time teacher of children with disabilities in a public or other nonprofit elementary or secondary school system;’’. Subsec. (a)(2)(G) to (I). Pub. L. 102–325, § 465(a)(3)–(5), added subpars. (G) to (I). Subsec. (a)(3)(A)(i). Pub. L. 102–325, § 465(b), sub- stituted ‘‘(A), (C), (F), (G), (H), or (I)’’ for ‘‘(A), (C), or (F)’’. Subsec. (c). Pub. L. 102–325, § 465(c), added subsec. (c). 1991—Subsec. (a)(2). Pub. L. 102–119 substituted ‘‘1401(a)(1)’’ for ‘‘1401(1)’’ in last sentence. The ref- erences to section 1401 include the substitution of ‘‘In- dividuals with Disabilities Education Act’’ for ‘‘Edu- cation of the Handicapped Act’’ in the original. 1990—Subsec. (a)(2). Pub. L. 101–476, § 901(e), sub- stituted ‘‘children with disabilities’’ for ‘‘handicapped children’’ in two places. Subsec. (a)(2)(F). Pub. L. 101–647, § 2101(a), which di- rected amendment of subsec. (a)(2) by adding at the end a new subpar. (F), was executed by adding subpar. (F) after subpar. (E) and before last sentence to reflect the probable intent of Congress. Subsec. (a)(3)(A)(i). Pub. L. 101–647, § 2101(b), which di- rected amendment of subsec. (a)(3)(i) by substituting ‘‘(A), (

Source: Supplied 2024 U.S. Code historical extraction · 20 U.S.C. § 1087ff

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