Limitations on amounts of loans covered by Federal insurance
section 1085 of this titleThe total principal amount of new loans made and installments paid pursuant to lines of credit (as defined in ) to students covered by Federal loan insurance under this part shall not exceed $2,000,000,000 for the period from , to , for each of the succeeding fiscal years ending prior to , and for the period from , to , for loans first disbursed on or before .
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.
Pub. L. 89–329, title IV, § 424Pub. L. 99–498, title IV, § 402(a)100 Stat. 1358 Pub. L. 102–325, title IV, § 411(b)(1)106 Stat. 510 Pub. L. 105–33, title VI, § 6104(1)111 Stat. 652 Pub. L. 105–244, title IV, § 414112 Stat. 1679 Pub. L. 109–171, title VIII, § 8004(b)(1)120 Stat. 158 Pub. L. 110–315, title IV, § 421122 Stat. 3227 Pub. L. 111–152, title II, § 2202124 Stat. 1074 (, as added , , ; amended , , ; , , ; , , ; , , ; , , ; , , .)
Editorial Notes
Prior Provisions
Pub. L. 89–329, title IV, § 42479 Stat. 1237 Pub. L. 90–460, § 1(a)(1)82 Stat. 634 Pub. L. 90–575, title I, § 112(a)82 Stat. 1020 Pub. L. 92–318, title I, § 132(a)86 Stat. 261 Pub. L. 94–328, § 2(a)90 Stat. 727 Pub. L. 94–482, title I, § 127(a)90 Stat. 2103 Pub. L. 96–374, title IV, § 411(a)94 Stat. 1415 Pub. L. 99–272, title XVI, § 16018(a)(1)100 Stat. 348 Pub. L. 99–498A prior section 1074, , , ; , , ; , , ; , , ; , , ; , , ; , title XIII, § 1391(a)(1), , , 1503; , , , related to new loans under Federal loan insurance program, prior to the general revision of this part by .
Amendments
Pub. L. 111–1522010—Subsec. (a). substituted “, for each of the succeeding fiscal years ending prior to , and for the period from , to , for loans first disbursed on or before .” for “, and for each of the succeeding fiscal years ending prior to . Thereafter, Federal loan insurance pursuant to this part may be granted only for loans made (or for loan installments paid pursuant to lines of credit) to enable students, who have obtained prior loans insured under this part, to continue or complete their educational program; but no insurance may be granted for any loan made or installment paid after .”
Pub. L. 110–3152008—Subsec. (a). substituted “” for “” and “” for “”.
Pub. L. 109–1712006—Subsec. (a). substituted “” for “” and “” for “”.
Pub. L. 105–2441998—Subsec. (a). substituted “” for “” and “” for “”.
Pub. L. 105–331997—Subsec. (a). substituted “” for “” and “” for “”.
Pub. L. 102–3251992—Subsec. (a). substituted “” for “” and “” for “”.
Statutory Notes and Related Subsidiaries
Effective Date of 2006 Amendment
Pub. L. 109–171section 8001(c) of Pub. L. 109–171section 1002 of this titleAmendment by effective , except as otherwise provided, see , set out as a note under .
Effective Date of 1998 Amendment
Pub. L. 105–244Pub. L. 105–244section 3 of Pub. L. 105–244section 1001 of this titleAmendment by effective , except as otherwise provided in , see , set out as a note under .