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20 U.S.C. § 1087aa — Appropriations authorized

submitted 40 years ago by Pub. L. 89-329 to r/title-20-EDUCATION · 418 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section authorizes Federal Perkins Loans for needy undergraduate students and sets temporary authority for certain new, continuing, and graduate borrowers. It ends new lending and new appropriations on specified dates.

(a) The Secretary must run a program that helps institutions maintain funds to lend to needy undergraduate students studying at those institutions or in approved study-abroad programs. These loans are called “Federal Perkins Loans.” (b) (1) Through September 30, 2017, an institution may lend to a new undergraduate Perkins borrower with no outstanding principal or interest on an institutional Perkins loan only after awarding all Federal Direct Loans for which the student is eligible under section 1087e(a)(2)(A) and (D). Through that date, it may lend to a current undergraduate Perkins borrower who has an outstanding balance only after awarding all eligible Federal Direct Stafford Loans under section 1087e(a)(2)(A). Through September 30, 2016, an institution that most recently lent to an eligible graduate student before October 1, 2015 may continue lending from its fund so the student can continue or finish that academic program. (2) An institution may not make loans under this part after September 30, 2017. (3) No law authorizes appropriations for the paragraph (1) functions for a fiscal year after fiscal year 2015.
the actual law source: uscode.house.gov ↗public domain
(a) Program authority

The Secretary shall carry out a program assisting in the maintenance of funds at institutions of higher education for the making of loans to undergraduate students in need to pursue their courses of study in such institutions or while engaged in programs of study abroad approved for credit by such institutions. Loans made under this part shall be known as “Federal Perkins Loans”.

(b) Authority to make loans
(1) In general
(A) Loans for new undergraduate Federal Perkins Loan borrowers

Through September 30, 2017, an institution of higher education may make a loan under this part to an eligible undergraduate student who, on the date of disbursement of a loan made under this part, has no outstanding balance of principal or interest on a loan made under this part from the student loan fund established under this part by the institution, but only if the institution has awarded all Federal Direct Loans, as referenced under subparagraphs (A) and (D) of section 1087e(a)(2) of this title, for which such undergraduate student is eligible.

(B) Loans for current undergraduate Federal Perkins Loan borrowers

Through September 30, 2017, an institution of higher education may make a loan under this part to an eligible undergraduate student who, on the date of disbursement of a loan made under this part, has an outstanding balance of principal or interest on a loan made under this part from the student loan fund established under this part by the institution, but only if the institution has awarded all Federal Direct Stafford Loans as referenced under section 1087e(a)(2)(A) of this title for which such undergraduate student is eligible.

(C) Loans for certain graduate borrowers

Through September 30, 2016, with respect to an eligible graduate student who has received a loan made under this part prior to October 1, 2015, an institution of higher education that has most recently made such a loan to the student for an academic program at such institution may continue making loans under this part from the student loan fund established under this part by the institution to enable the student to continue or complete such academic program.

(2) No additional loans

An institution of higher education shall not make loans under this part after September 30, 2017.

(3) Prohibition on additional appropriations

No funds are authorized to be appropriated under this chapter or any other Act to carry out the functions described in paragraph (1) for any fiscal year following fiscal year 2015.

Source credit: (Pub. L. 89–329, title IV, § 461, as added Pub. L. 99–498, title IV, § 405(a), Oct. 17, 1986, 100 Stat. 1439; amended Pub. L. 102–325, title IV, § 461(a)(2)–(c), July 23, 1992, 106 Stat. 576; Pub. L. 105–244, title IV, § 461, Oct. 7, 1998, 112 Stat. 1720; Pub. L. 110–315, title IV, § 461, Aug. 14, 2008, 122 Stat. 3265; Pub. L. 114–105, § 2(a)(1), Dec. 18, 2015, 129 Stat. 2219.)

history & why it existsrecord from the source credit
  • 1986Enacted · Pub. L. 89-329 · 100 Stat. 1439
  • 1992Amended · Pub. L. 102-325 · 106 Stat. 576
  • 1998Amended · Pub. L. 105-244 · 112 Stat. 1720
  • 2008Amended · Pub. L. 110-315 · 122 Stat. 3265
  • 2015Amended · Pub. L. 114-105 · 129 Stat. 2219

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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