2015 US Code
Title 20 - Education (Sections 1 - 10013)
Chapter 28 - Higher Education Resources and Student Assistance (Sections 1001 - 1161aa-1)
Subchapter IV - Student Assistance (Sections 1070 - 1099e)
Part C - William D. Ford Federal Direct Loan Program (Sections 1087a - 1087j)
Sec. 1087b - Funds for origination of direct student loans
Publication Title | United States Code, 2012 Edition, Supplement 3, Title 20 - EDUCATION |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 20 - EDUCATION CHAPTER 28 - HIGHER EDUCATION RESOURCES AND STUDENT ASSISTANCE SUBCHAPTER IV - STUDENT ASSISTANCE Part C - William D. Ford Federal Direct Loan Program Sec. 1087b - Funds for origination of direct student loans |
Contains | section 1087b |
Date | 2015 |
Laws In Effect As Of Date | January 3, 2016 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 89-329, title IV, §452, as added Pub. L. 99-498, title IV, §404, Oct. 17, 1986, 100 Stat. 1437; amended Pub. L. 102-325, title IV, §451, July 23, 1992, 106 Stat. 569; Pub. L. 103-66, title IV, §4021, Aug. 10, 1993, 107 Stat. 341; Pub. L. 105-33, title VI, §6102, Aug. 5, 1997, 111 Stat. 652; Pub. L. 105-244, title IV, §401(g)(5), Oct. 7, 1998, 112 Stat. 1652; Pub. L. 111-152, title II, §2209(a), Mar. 30, 2010, 124 Stat. 1077. |
Statutes at Large References | 82 Stat. 1031 90 Stat. 2144 100 Stat. 1437 106 Stat. 569 107 Stat. 341 111 Stat. 652 112 Stat. 1652 124 Stat. 1077 |
Public and Private Laws | Public Law 89-329, Public Law 90-575, Public Law 94-482, Public Law 99-498, Public Law 102-325, Public Law 103-66, Public Law 105-33, Public Law 105-244, Public Law 111-152 |
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The Secretary shall provide, on the basis of the need and the eligibility of students at each participating institution, and parents of such students, for such loans, funds for student and parent loans under this part—
(1) directly to an institution of higher education that has an agreement with the Secretary under section 1087d(a) of this title to participate in the direct student loan programs under this part and that also has an agreement with the Secretary under section 1087d(b) of this title to originate loans under this part; or
(2) through an alternative originator designated by the Secretary to students (and parents of students) attending institutions of higher education that have an agreement with the Secretary under section 1087d(a) of this title but that do not have an agreement with the Secretary under section 1087d(b) of this title.
(b) No entitlement to participate or originateNo institution of higher education shall have a right to participate in the programs authorized by this part, to originate loans, or to perform any program function under this part. Nothing in this subsection shall be construed so as to limit the entitlement of an eligible student attending a participating institution (or the eligible parent of such student) to borrow under this part.
(c) Delivery of loan fundsLoan funds shall be paid and delivered to an institution by the Secretary prior to the beginning of the payment period established by the Secretary in a manner that is consistent with payment and delivery of Federal Pell Grants under subpart 1 of part A of this subchapter.
(d) Institutions outside the United StatesLoan funds for students (and parents of students) attending institutions outside the United States shall be disbursed through a financial institution located or operating in the United States and designated by the Secretary to serve as the agent of such institutions with respect to the receipt of the disbursements of such loan funds and the transfer of such funds to such institutions. To be eligible to receive funds under this part, an institution outside the United States shall make arrangements with the agent designated by the Secretary under this subsection to receive funds under this part.
(Pub. L. 89–329, title IV, §452, as added Pub. L. 99–498, title IV, §404, Oct. 17, 1986, 100 Stat. 1437; amended Pub. L. 102–325, title IV, §451, July 23, 1992, 106 Stat. 569; Pub. L. 103–66, title IV, §4021, Aug. 10, 1993, 107 Stat. 341; Pub. L. 105–33, title VI, §6102, Aug. 5, 1997, 111 Stat. 652; Pub. L. 105–244, title IV, §401(g)(5), Oct. 7, 1998, 112 Stat. 1652; Pub. L. 111–152, title II, §2209(a), Mar. 30, 2010, 124 Stat. 1077.)
PRIOR PROVISIONSA prior section 1087b, Pub. L. 89–329, title IV, §452, as added Pub. L. 90–575, title I, §141, Oct. 16, 1968, 82 Stat. 1031, authorized grants for programs of cooperative education, prior to repeal by Pub. L. 94–482, title I, §129(a), Oct. 12, 1976, 90 Stat. 2144, eff. 30 days after Oct. 12, 1976.
AMENDMENTS2010—Subsec. (d). Pub. L. 111–152 added subsec. (d).
1998—Subsec. (c). Pub. L. 105–244 substituted "Federal Pell Grants" for "basic grants".
1997—Subsecs. (b) to (d). Pub. L. 105–33 redesignated subsecs. (c) and (d) as (b) and (c), respectively, and struck out former subsec. (b) which required the Secretary to pay fees to institutions of higher education and alternative loan originators to assist in meeting the cost of loan origination.
1993—Pub. L. 103–66 amended section generally, substituting provisions relating to funds for origination of direct student loans for former provisions relating to payment rules.
1992—Pub. L. 102–325 amended section generally, substituting provisions relating to payment rules for former provisions authorizing demonstration projects.
EFFECTIVE DATE OF 1998 AMENDMENTAmendment by Pub. L. 105–244 effective Oct. 1, 1998, except as otherwise provided in Pub. L. 105–244, see section 3 of Pub. L. 105–244, set out as a note under section 1001 of this title.
EFFECTIVE DATE OF 1992 AMENDMENTAmendment by Pub. L. 102–325 effective Oct. 1, 1992, see section 2 of Pub. L. 102–325, set out as a note under section 1001 of this title.
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