L. 105–244, § 420(c)(1), entered “aside from which term shall perhaps not pertain in the case of a borrower which have multiple proprietors from loans under it part,” shortly after “not as much as this part,”
Subsec. (b)(1)(A). Pub. L. 109–234, § 7015(a), struck aside “and (i) the lending company retains a great mortgage of that borrower that’s chosen because of the debtor for integration below so it point, aside from that it term shall not incorporate in the case of a debtor which have multiple holders of finance under so it region, or (ii) brand new borrower certifies the debtor features needed and contains already been incapable of obtain a combination loan that have income-painful and sensitive payment terminology from the holders of the a fantastic money out of one to debtor (being very selected to own consolidation)” after “mortgage not as much as it area”.
Subsec. (b)(5). Bar. L. 109–234, § 7015(c), reenacted going without alter and you may substituted in the text message “If the a borrower struggles to get a beneficial combination mortgage from a lender that have a binding agreement not as much as subsection (a)(1), or is not able to obtain a consolidation loan having money-sensitive and painful repayment terminology acceptable into the debtor off such as for example a lender, brand new Assistant should offer such borrower exactly who enforce for this, a national Head Integration loan. Such as for example direct integration financing” having “In the event that a debtor is not able to obtain a good combination loan away from a lender which have a binding agreement less than subsection (a)(1) associated with area, or perhaps is not able to get a consolidation loan which have income-sensitive installment conditions appropriate into borrower from instance a lender, the Assistant will give these borrower which applies because of it, a direct consolidation loan.
Pub. L. 109–171, § 8009(a)(2), and this brought replacement out of “In the event the a loan provider having an agreement not as much as subsection (a)(1) associated with part rejects a combination loan application published to the new lender from the a qualified debtor under so it section, otherwise rejects a software published to the lending company by the like an effective borrower to have a consolidation financing that have earnings-sensitive and painful repayment conditions, the Secretary shall render any such debtor exactly who can be applied for it, a federal Head Combination mortgage. ” to possess earliest phrase, is actually repealed by Pub. L. 109–234, § 7015(d). Get a hold of Active Date away from 2006 Amendment mention less than.
2002-Subsec. (c)(1)(A). Club. L. 107–139 amended subpar. (A) fundamentally. Ahead of modification, subpar. (A) see the following: “Despite subparagraphs (B) and (C), with respect to one financing produced around which point whereby the application is received by a qualified financial towards the otherwise shortly after , the applicable interest rate are calculated less than part 1077a(k)(4) associated with term.”
1998-Subsec. (a)(3). Club. L. 105–244, § 420(a), revised heading, additional subpars. (A) and you may (B), and https://paydayloanservice.org/installment-loans-ct/ you can struck out previous subpars. (A) and you may (B) and this outlined the expression “qualified borrower”, provided for cancellation out of person’s updates due to the fact a qualified borrower, and taken to counting financing against specific limits on the aggregate indebtedness.
Subsec. (a)(4)(C). Bar. L. 105–244, § 420(b), added subpar. (C) and you may hit away former subpar. (C) and therefore read the following: “generated lower than region D associated with the subchapter, besides money generated lower than including area is eligible college student money only for combination fund by which the application form are received of the an eligible financial during the months birth into the November thirteen, 1997 , and stop into Oct step 1, 1998 ;”.
Such head integration financing”
Subsec. (b)(4)(C)(ii). Pub. L. 105–244, § 420(c)(2), entered “during the any such several months” immediately after “and start to become repaid” during the introductory arrangements and you will struck aside “, otherwise on otherwise shortly after Oct step 1, 1998 ,” in advance of “that consolidated” for the subcl. (I) and you may “and you will just before Oct step 1, 1998 ,” just before “aside from” for the subcl. (II).
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