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20 U.S.C. § 426 — Repealed.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

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20 U.S.C. § 426 — Repealed.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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Source location: Title 20, Chapter 17, § 426; chapter-017-national-defense-education-program.md

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

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

**(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 a

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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),

Page 109 TITLE 20—EDUCATION §§ 427 to 429 Stat. 1100, provided findings and declaration of policy for National Defense Education Act of 1958. § 402. Repealed. Pub. L. 91–230, title IV, § 401(f)(2), Apr. 13, 1970, 84 Stat. 173 Section, Pub. L. 85–864, title I, § 102, Sept. 2, 1958, 72 Stat. 1582, prohibited Federal control of education (cur- riculum, program of instruction, administration, or personnel of any educational institution or school sys- tem. See section 1232a of this title. § 403. Omitted Editorial Notes CODIFICATION Section, Pub. L. 85–864, title I, § 103, Sept. 2, 1958, 72 Stat. 1582; Pub. L. 86–70, § 18(a)(1), June 25, 1959, 73 Stat. 144; Pub. L. 86–624, § 14(a)(1), July 12, 1960, 74 Stat. 413; Pub. L. 88–210, title II, § 201, formerly § 21, Dec. 18, 1963, 77 Stat. 415, renumbered Pub. L. 90–576, title I, § 101(a)(1), Oct. 16, 1968, 82 Stat. 1064; Pub. L. 88–665, title I, §§ 102, 103, Oct. 16, 1964, 78 Stat. 1100; Pub. L. 89–329, title IV, § 491, formerly § 461, Nov. 8, 1965, 79 Stat. 1251, renumbered Pub. L. 90–575, title I, § 141, Oct. 16, 1968, 82 Stat. 1030; Pub. L. 89–752, § 16(b), Nov. 3, 1966, 80 Stat. 1245; Pub. L. 90–575, title I, § 174(a), title III, § 351(c), Oct. 16, 1968, 82 Stat. 1035, 1058; Pub. L. 92–318, title I, § 137(b), June 23, 1972, 86 Stat. 272; Pub. L. 94–482, title V, § 501(m)(1), Oct. 12, 1976, 90 Stat. 2237; Pub. L. 96–88, title III, § 301(a)(1), (2)(F), title V, § 507, Oct. 17, 1979, 93 Stat. 677, 692, defined terms ‘‘State’’, ‘‘institution of higher education’’, ‘‘Secretary’’, ‘‘State educational agency’’, ‘‘school-age population’’, ‘‘elementary school’’, ‘‘sec- ondary school’’, ‘‘public’’, ‘‘nonprofit’’, ‘‘local edu- cational agency’’, ‘‘school of nursing’’, ‘‘collegiate school of nursing’’, ‘‘as

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