In general
section 1087i–1 of this titleThere are hereby made available, in accordance with the provisions of this part, such sums as may be necessary (1) to make loans to all eligible students (and the eligible parents of such students) in attendance at participating institutions of higher education selected by the Secretary, to enable such students to pursue their courses of study at such institutions during the period beginning ; and (2) for purchasing loans under . Loans made under this part shall be made by participating institutions, or consortia thereof, that have agreements with the Secretary to originate loans, or by alternative originators designated by the Secretary to make loans for students in attendance at participating institutions (and their parents).
Designation
Program
The program established under this part shall be referred to as the “William D. Ford Federal Direct Loan Program”.
Direct loans
section 1078 of this titleNotwithstanding any other provision of this part, loans made to borrowers under this part that, except as otherwise specified in this part, have the same terms, conditions, and benefits as loans made to borrowers under , shall be known as “Federal Direct Stafford/Ford Loans”.
Maximum aid
The maximum dollar amount of financial assistance provided under this part to a student shall not exceed the cost of attendance for such student.
Pub. L. 89–329, title IV, § 451Pub. L. 99–498, title IV, § 404100 Stat. 1437 Pub. L. 102–325, title IV, § 451106 Stat. 569 Pub. L. 103–66, title IV, § 4021107 Stat. 341 Pub. L. 103–382, title III, § 358A108 Stat. 3968 Pub. L. 110–227, § 7(a)122 Stat. 746 Pub. L. 116–260, div. FF, title VII, § 702(a)(2)134 Stat. 3138 (, as added , , ; amended , , ; , , ; , , ; , , ; , , .)
Editorial Notes
Prior Provisions
Pub. L. 89–329, title IV, § 451Pub. L. 90–575, title I, § 14182 Stat. 1031 Pub. L. 92–318, title I, § 136(a)86 Stat. 272 Pub. L. 94–482, title I, § 129(a)90 Stat. 2144 A prior section 1087a, , as added , , ; amended , (b)(1), , , authorized appropriations for cooperative education programs from the fiscal year ending , through the fiscal year ending prior to , prior to repeal by , , , eff. 30 days after .
Amendments
Pub. L. 116–2602020—Subsec. (c). added subsec. (c).
Pub. L. 110–227section 1087i–1 of this title2008—Subsec. (a). , in first sentence, inserted “(1)” before “to make loans” and “; and (2) for purchasing loans under ” before period at end and, in second sentence, substituted “Loans made under this part shall” for “Such loans shall”.
Pub. L. 103–3821994— designated existing provisions as subsec. (a), added heading, and added subsec. (b).
Pub. L. 103–661993— amended section generally, substituting provisions relating to program authority for former provisions relating to program and payment authority.
Pub. L. 102–3251992— amended section generally, substituting provisions relating to program and payment authority for Federal direct loan demonstration program for former provisions relating to statement of purpose of income contingent direct loan demonstration project.
Statutory Notes and Related Subsidiaries
Effective Date of 2020 Amendment
Pub. L. 116–260section 701(b) of Pub. L. 116–260section 1001 of this titleAmendment by effective , except as otherwise expressly provided, and applicable with respect to award year 2024–2025 and each subsequent award year, as determined under this chapter, see , set out as a note under .
Effective Date of 1992 Amendment
Pub. L. 102–325section 2 of Pub. L. 102–325section 1001 of this titleAmendment by effective , see , set out as a note under .
Income Contingent Loan Distribution of Funds
Pub. L. 102–325, title IV, § 452106 Stat. 575