25 U.S.C. § 1464 — Maturity of loans; interest rate; interest deferral on educational loans
submitted 52 years ago by Pub. L. 93-262 to r/title-25-INDIANS · 122 words · no verdicts yet
Loans may last no longer than 30 years. Their interest rate is set by the Treasury Secretary using municipal-bond market yields, subject to a cap tied to comparable outstanding, marketable United States obligations, plus any additional charge the Secretary sets for other program costs; educational loans may defer interest while the borrower is in school or military service.
Loans may have terms of no more than 30 years. They must bear interest at a rate determined by the Secretary* of the Treasury after taking into consideration the market yield on municipal bonds. In no event may the rate be greater than the rate determined by the Secretary of the Treasury after taking into consideration the current average yield on outstanding marketable obligations of the United States of comparable maturity, plus any additional charge toward covering other costs of the program that the Secretary determines is consistent with its purpose. Educational loans may provide for interest to be deferred while the borrower is in school or in the military service.
Loans shall be for terms that do not exceed thirty years and shall bear interest at (a) a rate determined by the Secretary* of the Treasury taking into consideration the market yield on municipal bonds: Provided, That in no event shall the rate be greater than the rate determined by the Secretary of the Treasury taking into consideration the current average yield on outstanding marketable obligations of the United States of comparable maturity, plus (b) such additional charge, if any, toward covering other costs of the program as the Secretary may determine to be consistent with its purpose: Provided, That educational loans may provide for interest to be deferred while the borrower is in school or in the military service.
Source credit: (Pub. L. 93–262, title I, § 104, Apr. 12, 1974, 88 Stat. 78.)
- 1974Enacted · Pub. L. 93-262 · 88 Stat. 78
A history note hasn’t been published yet. The record shows enactment by Pub. L. 93-262 on 1974-04-12.
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