Date certain for applications
The Secretary shall from time to time set dates by which schools must file applications for Federal capital contributions.
Contingent reduction in allotments
If the total of the amounts requested for any fiscal year in such applications exceeds the amounts appropriated under this section for that fiscal year, the allotment to the loan fund of each such school shall be reduced to whichever of the following is the smaller: (A) the amount requested in its application; or (B) an amount which bears the same ratio to the amounts appropriated as the number of students estimated by the Secretary to be enrolled in such school during such fiscal year bears to the estimated total number of students in all such schools during such year. Amounts remaining after allotment under the preceding sentence shall be reallotted in accordance with clause (B) of such sentence among schools whose applications requested more than the amounts so allotted to their loan funds, but with such adjustments as may be necessary to prevent the total allotted to any such school’s loan fund from exceeding the total so requested by it.
Allotment of excess funds
Funds available in any fiscal year for payment to schools under this subpart which are in excess of the amount appropriated pursuant to this section for that year shall be allotted among schools in such manner as the Secretary determines will best carry out the purposes of this subpart.
Payment of installments to schools
Allotments to a loan fund of a school shall be paid to it from time to time in such installments as the Secretary determines will not result in unnecessary accumulations in the loan fund at such school.
Disposition of funds returned to Secretary
Expenditure for Federal capital contributions
section 292s(b)(5) of this titlesection 292q of this titleSubject to , any amounts from student loan funds under that are returned to the Secretary by health professions schools shall be expended to make Federal capital contributions to such funds.
Date certain for contributions
Amounts described in paragraph (1) that are returned to the Secretary shall be obligated before the end of the succeeding fiscal year.
Preference in making contributions
section 292q of this titleIn making Federal capital contributions to student loans funds under for a fiscal year from amounts described in paragraph (1), the Secretary shall give preference to health professions schools of the same disciplines as the health professions schools returning such amounts for the period during which the amounts expended for such contributions were received by the Secretary. Any such amounts that, prior to being so returned, were available only for the purpose of loans under this subpart to individuals from disadvantaged backgrounds shall be available only for such purpose.
Funding for certain medical schools
Authorization of appropriations
section 292q of this titleFor the purpose of making Federal capital contributions to student loan funds established under by schools of medicine or osteopathic medicine, there is authorized to be appropriated $10,000,000 for each of the fiscal years 1994 through 1996.
Minimum requirements
July 1, 1944, ch. 373Pub. L. 102–408, title I, § 102106 Stat. 2021Pub. L. 102–531, title III, § 313(a)(1)106 Stat. 3507Pub. L. 103–43, title XX, § 2014(d)107 Stat. 217Pub. L. 105–392, title I, § 134(c)112 Stat. 3578(, title VII, § 735, as added , , ; amended , , ; , , ; , , .)
Editorial Notes
Prior Provisions
section 294h of this titlePub. L. 102–408A prior section 735 of act , was classified to prior to the general revision of this subchapter by .
Amendments
Pub. L. 105–3921998—Subsec. (e)(2). reenacted heading without change and amended text of par. (2) generally. Prior to amendment, text read as follows: “Amounts described in paragraph (1) that are returned to the Secretary before the fourth quarter of a fiscal year shall be obligated before the end of such fiscal year, and may not be obligated before the fourth quarter. For purposes of the preceding sentence, amounts returned to the Secretary during the last quarter of a fiscal year are deemed to have been returned during the first three quarters of the succeeding fiscal year.”
Pub. L. 103–431993—Subsec. (f). added subsec. (f).
Pub. L. 102–5311992—Subsec. (b). inserted designations for cls. (A) and (B) in first sentence.
Statutory Notes and Related Subsidiaries
Effective Date of 1992 Amendment
Pub. L. 102–531, title III, § 313(c)106 Stat. 3507