38 U.S.C. § 7694 — Specialty education loan repayment
submitted 8 years ago by Pub. L. 115-182 to r/title-38-VETERANS-BENEFITS · 229 words · no verdicts yet
This section explains how the VA pays a participant's qualifying student loans directly to the lender. Total payments are capped at $160,000 over four years, or $40,000 a year, unless waived for hard-to-fill positions.
(a) In General: Payments under the Specialty Education Loan Repayment Program go to the holders of a selected participant's qualifying loans (described in section 7682(a)(2)), covering the loans' principal and interest.
(b) Frequency of Payment: The Secretary* makes payments for any given participant on whatever schedule the Secretary determines appropriate.
(c) Maximum Amount; Waiver: (1) Payments made for a participant can't exceed $160,000 total over 4 years of participation, and no more than $40,000 in any single year. (2) (A) The Secretary may waive these limits for a participant described in (B) — in that case, the total amount payable is the full principal and interest owed on the participant's loans. (B) That's a participant the Secretary determines serves in a position for which qualified employees are in short supply, whether because of the position's location or its requirements.
Payments under the Specialty Education Loan Repayment Program shall consist of payments for the principal and interest on loans described in section 7682(a)(2) of this title for individuals selected to participate in the Program to the holders of such loans.
The Secretary* shall make payments for any given participant in the Specialty Education Loan Repayment Program on a schedule determined appropriate by the Secretary.
The amount of payments made for a participant under the Specialty Education Loan Repayment Program may not exceed $160,000 over a total of 4 years of participation in the Program, of which not more than $40,000 of such payments may be made in each year of participation in the Program.
The Secretary may waive the limitations under paragraph (1) in the case of a participant described in subparagraph (B). In the case of such a waiver, the total amount of payments payable to or for that participant is the total amount of the principal and the interest on the participant’s loans referred to in subsection (a).
A participant described in this subparagraph is a participant in the Program who the Secretary determines serves in a position for which there is a shortage of qualified employees by reason of either the location or the requirements of the position.
Source credit: (Added Pub. L. 115–182, title III, § 303(a), June 6, 2018, 132 Stat. 1465.)
- 2018Enacted · Pub. L. 115-182 · 132 Stat. 1465
A history note hasn’t been published yet. The record shows enactment by Pub. L. 115-182 on 2018-06-06.
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