20 U.S.C. § 1087a — Program authority

submitted 40 years ago by Pub. L. 89-329 to r/title-20-EDUCATION · 228 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section authorizes the Direct Loan program and identifies its loans. It makes funds available for eligible students and parents and limits a student’s aid to the student’s cost of attendance.

(a) The necessary sums are available under this part to make loans to all eligible students and eligible parents attending participating institutions selected by the Secretary, so students can pursue their studies beginning July 1, 1994, and to buy loans under section 1087i-1. Participating institutions or their consortia that have origination agreements, or alternative originators designated by the Secretary, make the loans. (b) (1) The program is called the “William D. Ford Federal Direct Loan Program.” (2) Loans under this part that generally have the same terms, conditions, and benefits as section 1078 loans are called “Federal Direct Stafford/Ford Loans.” (c) Financial assistance to a student under this part may not exceed that student’s cost of attendance.

the actual law source: uscode.house.gov ↗public domain

(a) In general

There are hereby made available, in accordance with the provisions of this part, such sums as may be necessary (1) to make loans to all eligible students (and the eligible parents of such students) in attendance at participating institutions of higher education selected by the Secretary, to enable such students to pursue their courses of study at such institutions during the period beginning July 1, 1994; and (2) for purchasing loans under section 1087i–1 of this title. Loans made under this part shall be made by participating institutions, or consortia thereof, that have agreements with the Secretary to originate loans, or by alternative originators designated by the Secretary to make loans for students in attendance at participating institutions (and their parents).

(b) Designation

(1) Program

The program established under this part shall be referred to as the “William D. Ford Federal Direct Loan Program”.

(2) Direct loans

Notwithstanding any other provision of this part, loans made to borrowers under this part that, except as otherwise specified in this part, have the same terms, conditions, and benefits as loans made to borrowers under section 1078 of this title, shall be known as “Federal Direct Stafford/Ford Loans”.

The maximum dollar amount of financial assistance provided under this part to a student shall not exceed the cost of attendance for such student.

Source credit: (Pub. L. 89–329, title IV, § 451, 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. 103–382, title III, § 358A, Oct. 20, 1994, 108 Stat. 3968; Pub. L. 110–227, § 7(a), May 7, 2008, 122 Stat. 746; Pub. L. 116–260, div. FF, title VII, § 702(a)(2), Dec. 27, 2020, 134 Stat. 3138.)

history & why it existsrecord from the source credit

1986Enacted · Pub. L. 89-329 · 100 Stat. 1437
1992Amended · Pub. L. 102-325 · 106 Stat. 569
1993Amended · Pub. L. 103-66 · 107 Stat. 341
1994Amended · Pub. L. 103-382 · 108 Stat. 3968
2008Amended · Pub. L. 110-227 · 122 Stat. 746
2020Amended · Pub. L. 116-260 · 134 Stat. 3138

A history note hasn’t been published yet. The record shows enactment by Pub. L. 89-329 on 1986-10-17.

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