In carrying out the provisions of this part, the Secretary is authorized—
to consent to modification, with respect to rate of interest, time of payment of any installment of principal and interest or any portion thereof, or any other provision of any note evidencing a loan which has been made under this part;
to enforce, pay, compromise, waive, or release any right, title, claim, lien, or demand, however acquired, including any equity or any right of redemption;
section 1082(a)(2) of this title to conduct litigation in accordance with the provisions of ; and
to enter into a contract or other arrangement with State or nonprofit agencies and, on a competitive basis, with collection agencies for servicing and collection of loans under this part.
Pub. L. 89–329, title IV, § 468Pub. L. 99–498, title IV, § 405(a)100 Stat. 1454(, as added , , .)
Editorial Notes
Prior Provisions
Pub. L. 89–329, title IV, § 468Pub. L. 96–374, title IV, § 442(a)94 Stat. 1437Pub. L. 99–498A prior section 1087hh, , as added , , , related to alternative source of funds, prior to the general revision of this part by .
Pub. L. 89–329, title IV, § 469Pub. L. 96–374, title IV, § 442(a)94 Stat. 1439Pub. L. 99–498A prior section 1087ii, , as added , , , related to recapture of current balance of student loan funds, prior to the general revision of this part by .