US Codex
U.S.C.
Notes

§1077. Eligibility of student borrowers and terms of federally insured student loans — Inbound Citations

20 U.S.C. § 1077

Cited by 23 provisions in release 119-102.

Citations to 20 U.S.C. § 1077 as a whole

  • 20 U.S.C. § 1071(c)
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    (c) The program established under this part shall be referred to as the “Robert T. Stafford Federal Student Loan Program”. Loans made pursuant to sections 1077 and 1078 of this title shall be known as “Federal Stafford Loans”.
  • 20 U.S.C. § 1077a(e)(1)
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    (1) Notwithstanding subsections (a), (b), and (d) of this section, with respect to any loan (other than a loan made pursuant to sections 1078–1,1 1078–2 and 1078–3 of this title) for which the first disbursement is made on or after October 1, 1992, to any borrower who, on the date of entering into the note or other written evidence of the loan, has no outstanding balance of principal or interest on any loan made, insured, or guaranteed under section 1077, 1078, or 1078–8 of this title, the applicable rate of interest shall, during any 12-month period beginning on July 1 and ending on June 30, be determined on the preceding June 1 and be equal to—
    (A) the bond equivalent rate of 91-day Treasury bills auctioned at the final auction held prior to such June 1; plus
    (B) 3.10 percent,
    except that such rate shall not exceed 9 percent.
  • 20 U.S.C. § 1078(b)(7)(A)
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    (A) In the case of a loan made under section 1077 of this title or this section, the repayment period shall exclude any period of authorized deferment or forbearance and shall begin the day after 6 months after the date the student ceases to carry at least one-half the normal full-time academic workload (as determined by the institution).
  • 20 U.S.C. § 1078(c)(3)(A)(i)(I)
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    (I) is serving in a medical or dental internship or residency program, the successful completion of which is required to begin professional practice or service, or is serving in a medical or dental internship or residency program leading to a degree or certificate awarded by an institution of higher education, a hospital, or a health care facility that offers postgraduate training, provided that if the borrower qualifies for a deferment under section 1077(a)(2)(C)(vii) of this title or subsection (b)(1)(M)(vii) of this section as in effect prior to the enactment of the Higher Education Amendments of 1992, or section 1077(a)(2)(C) of this title or subsection (b)(1)(M) of this section as amended by such amendments, the borrower has exhausted his or her eligibility for such deferment;

Citations to §1077(a)(2)(B)

  • 20 U.S.C. § 1075(b)(2)(C)
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    (C) the original principal amount insured on those loans for which payment of first installment of principal has not become due pursuant to section 1077(a)(2)(B) of this title or such first installment need not be paid pursuant to section 1077(a)(2)(C) of this title; and
  • 20 U.S.C. § 1078(b)(2)(F)
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    (F) provide that, if the sale, other transfer, or assignment of a loan made under this part to another holder will result in a change in the identity of the party to whom the borrower must send subsequent payments or direct any communications concerning the loans, then—
    (i) the transferor and the transferee will be required, not later than 45 days from the date the transferee acquires a legally enforceable right to receive payment from the borrower on such loan, either jointly or separately to provide a notice to the borrower of—
    (I) the sale or other transfer;
    (II) the identity of the transferee;
    (III) the name and address of the party to whom subsequent payments or communications must be sent;
    (IV) the telephone numbers of both the transferor and the transferee;
    (V) the effective date of the transfer;
    (VI) the date on which the current servicer (as of the date of the notice) will stop accepting payments; and
    (VII) the date on which the new servicer will begin accepting payments; and
    (ii) the transferee will be required to notify the guaranty agency, and, upon the request of an institution of higher education, the guaranty agency shall notify the last such institution the student attended prior to the beginning of the repayment period of any loan made under this part, of—
    (I) any sale or other transfer of the loan; and
    (II) the address and telephone number by which contact may be made with the new holder concerning repayment of the loan,
    except that this subparagraph (F) shall only apply if the borrower is in the grace period described in section 1077(a)(2)(B) of this title or subsection (b)(7) or is in repayment status.

Citations to §1077(a)(2)(C)

  • 20 U.S.C. § 1075(b)(2)(C)
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    (C) the original principal amount insured on those loans for which payment of first installment of principal has not become due pursuant to section 1077(a)(2)(B) of this title or such first installment need not be paid pursuant to section 1077(a)(2)(C) of this title; and
  • 20 U.S.C. § 1077a(g)(1)(B)
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    (B) during the period in which principal need not be paid (whether or not such principal is in fact paid) by reason of a provision described in section 1078(b)(1)(M) or 1077(a)(2)(C) of this title,
  • 20 U.S.C. § 1077a(j)(2)(B)
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    (B) during the period in which principal need not be paid (whether or not such principal is in fact paid) by reason of a provision described in section 1078(b)(1)(M) or 1077(a)(2)(C) of this title,
  • 20 U.S.C. § 1077a(k)(2)(B)
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    (B) during the period in which principal need not be paid (whether or not such principal is in fact paid) by reason of a provision described in section 1077(a)(2)(C) or 1078(b)(1)(M) of this title,
  • 20 U.S.C. § 1078(a)(3)(A)(i)(II)
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    (II) which accrues during a period in which principal need not be paid (whether or not such principal is in fact paid) by reason of a provision described in subsection (b)(1)(M) of this section or in section 1077(a)(2)(C) of this title.
  • 20 U.S.C. § 1078(c)(3)
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    (3) A guaranty agreement under this subsection—
    (A) shall contain provisions providing that—
    (i) upon request, a lender shall grant a borrower forbearance, renewable at 12-month intervals, on terms agreed to by the parties to the loan with the approval of the insurer and documented in accordance with paragraph (10), and otherwise consistent with the regulations of the Secretary, if the borrower—
    (I) is serving in a medical or dental internship or residency program, the successful completion of which is required to begin professional practice or service, or is serving in a medical or dental internship or residency program leading to a degree or certificate awarded by an institution of higher education, a hospital, or a health care facility that offers postgraduate training, provided that if the borrower qualifies for a deferment under section 1077(a)(2)(C)(vii) of this title or subsection (b)(1)(M)(vii) of this section as in effect prior to the enactment of the Higher Education Amendments of 1992, or section 1077(a)(2)(C) of this title or subsection (b)(1)(M) of this section as amended by such amendments, the borrower has exhausted his or her eligibility for such deferment;
    (II) has a debt burden under this subchapter that equals or exceeds 20 percent of income;
    (III) is serving in a national service position for which the borrower receives a national service educational award under the National and Community Service Trust Act of 1993; or
    (IV) is eligible for interest payments to be made on such loan for service in the Armed Forces under section 2174 of title 10, and, pursuant to that eligibility, the interest is being paid on such loan under subsection (o);
    (ii) the length of the forbearance granted by the lender—
    (I) under clause (i)(I) shall equal the length of time remaining in the borrower’s medical or dental internship or residency program, if the borrower is not eligible to receive a deferment described in such clause, or such length of time remaining in the program after the borrower has exhausted the borrower’s eligibility for such deferment;
    (II) under clause (i)(II) or (IV) shall not exceed 3 years; or
    (III) under clause (i)(III) shall not exceed the period for which the borrower is serving in a position described in such clause; and
    (iii) no administrative or other fee may be charged in connection with the granting of a forbearance under clause (i), and no adverse information regarding a borrower may be reported to a consumer reporting agency solely because of the granting of such forbearance;
    (B) may, to the extent provided in regulations of the Secretary, contain provisions that permit such forbearance for the benefit of the student borrower as may be agreed upon by the parties to an insured loan and approved by the insurer;
    (C) shall contain provisions that specify that—
    (i) the form of forbearance granted by the lender pursuant to this paragraph, other than subparagraph (A)(i)(IV), shall be temporary cessation of payments, unless the borrower selects forbearance in the form of an extension of time for making payments, or smaller payments than were previously scheduled;
    (ii) the form of forbearance granted by the lender pursuant to subparagraph (A)(i)(IV) shall be the temporary cessation of all payments on the loan other than payments of interest on the loan that are made under subsection (o);
    (iii) the lender shall, at the time of granting a borrower forbearance, provide information to the borrower to assist the borrower in understanding the impact of capitalization of interest on the borrower’s loan principal and total amount of interest to be paid during the life of the loan; and
    (iv) the lender shall contact the borrower not less often than once every 180 days during the period of forbearance to inform the borrower of—
    (I) the amount of unpaid principal and the amount of interest that has accrued since the last statement of such amounts provided to the borrower by the lender;
    (II) the fact that interest will accrue on the loan for the period of forbearance;
    (III) the amount of interest that will be capitalized, and the date on which capitalization will occur;
    (IV) the option of the borrower to pay the interest that has accrued before the interest is capitalized; and
    (V) the borrower’s option to discontinue the forbearance at any time; and
    (D) shall contain provisions that specify that—
    (i) forbearance for a period not to exceed 60 days may be granted if the lender reasonably determines that such a suspension of collection activity is warranted following a borrower’s request for deferment, forbearance, a change in repayment plan, or a request to consolidate loans, in order to collect or process appropriate supporting documentation related to the request, and
    (ii) during such period interest shall accrue but not be capitalized.
    Guaranty agencies shall not be precluded from permitting the parties to such a loan from entering into a forbearance agreement solely because the loan is in default. The Secretary shall permit lenders to exercise administrative forbearances that do not require the agreement of the borrower, under conditions authorized by the Secretary. Such forbearances shall include (i) forbearances for borrowers who are delinquent at the time of the granting of an authorized period of deferment under subsection (b)(1)(M) or section 1077(a)(2)(C) of this title, and (ii) if the borrower is less than 60 days delinquent on such loans at the time of sale or transfer, forbearances for borrowers on loans which are sold or transferred.
  • 20 U.S.C. § 1078(c)(3)(A)(i)(I)
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    (I) is serving in a medical or dental internship or residency program, the successful completion of which is required to begin professional practice or service, or is serving in a medical or dental internship or residency program leading to a degree or certificate awarded by an institution of higher education, a hospital, or a health care facility that offers postgraduate training, provided that if the borrower qualifies for a deferment under section 1077(a)(2)(C)(vii) of this title or subsection (b)(1)(M)(vii) of this section as in effect prior to the enactment of the Higher Education Amendments of 1992, or section 1077(a)(2)(C) of this title or subsection (b)(1)(M) of this section as amended by such amendments, the borrower has exhausted his or her eligibility for such deferment;
  • 20 U.S.C. § 1078–2(d)(1)(A)(i)
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    (i) during any period during which the parent borrower or the graduate or professional student borrower meets the conditions required for a deferral under section 1077(a)(2)(C) or 1078(b)(1)(M) of this title; and
  • 20 U.S.C. § 1078–8(e)(2)(A)
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    (A) Except as provided in subparagraph (C), interest on loans made under this section for which payments of principal are not required during the in-school and grace periods or for which payments are deferred under sections 1077(a)(2)(C) and 1078(b)(1)(M) of this title shall, if agreed upon by the borrower and the lender—
    (i) be paid monthly or quarterly; or
    (ii) be added to the principal amount of the loan by the lender only—
    (I) when the loan enters repayment;
    (II) at the expiration of a grace period, in the case of a loan that qualifies for a grace period;
    (III) at the expiration of a period of deferment or forbearance; or
    (IV) when the borrower defaults.
  • 20 U.S.C. § 1087e(b)(2)(A)(ii)
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    (ii) during the period in which principal need not be paid (whether or not such principal is in fact paid) by reason of a provision described in section 1078(b)(1)(M) or 1077(a)(2)(C) of this title,
  • 20 U.S.C. § 1087e(b)(5)(B)(ii)
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    (ii) during the period in which principal need not be paid (whether or not such principal is in fact paid) by reason of a provision described in section 1078(b)(1)(M) or 1077(a)(2)(C) of this title,
  • 20 U.S.C. § 1087e(b)(6)(B)(ii)
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    (ii) during the period in which principal need not be paid (whether or not such principal is in fact paid) by reason of a provision described in section 1078(b)(1)(M) or 1077(a)(2)(C) of this title,
  • 20 U.S.C. § 1087e(f)(6)
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    (6) A borrower of a loan made under this part, who at the time such individual applies for such loan, has an outstanding balance of principal or interest owing on any loan made, insured, or guaranteed under part B of this subchapter prior to July 1, 1993, shall be eligible for a deferment under section 1077(a)(2)(C) of this title or section 1078(b)(1)(M) of this title as such sections were in effect on July 22, 1992.
  • 20 U.S.C. § 1087–1(b)(2)(I)(ii)(II)
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    (II) for which the first disbursement is made on or after July 1, 2006, and before July 1, 2010, and for which the applicable rate of interest is described in section 1077a(l)(1) or (l)(4) of this title, but only with respect to (aa) periods prior to the beginning of the repayment period of the loan; or (bb) during the periods in which principal need not be paid (whether or not such principal is in fact paid) by reason of a provision described in section 1077(a)(2)(C) or 1078(b)(1)(M) of this title;

Citations to §1077(a)(2)(C)(i)

Citations to §1077(a)(2)(C)(i)(I)

Citations to §1077(a)(2)(C)(iv)