20 U.S.C. § 1087i — Authority to sell loans
submitted 28 years ago by Pub. L. 89-329 to r/title-20-EDUCATION · 126 words · no verdicts yet
After consulting the Treasury Secretary, the Secretary may sell loans made under this part on terms that serve the United States, but the sale cannot cost the Federal Government. Sale proceeds may fund interest reductions only when those reductions are financially best for the Government.
The Secretary*, after consulting the Secretary of the Treasury, may sell loans made under this part on terms the Secretary determines are in the United States’ best interest. The sale may not create any cost for the Federal Government. Despite other laws, the Secretary may use the sale proceeds to reduce the interest paid by a borrower when the Secretary considers the reduction appropriate to encourage on-time repayment under section 1087e(b)(7). The Secretary may offer a reduction only after finding that it is in the Federal Government’s best financial interest.
The Secretary*, in consultation with the Secretary of the Treasury, is authorized to sell loans made under this part on such terms as the Secretary determines are in the best interest of the United States, except that any such sale shall not result in any cost to the Federal Government. Notwithstanding any other provision of law, the proceeds of any such sale may be used by the Secretary to offer reductions in the interest rate paid by a borrower of a loan made under this part as the Secretary determines appropriate to encourage on-time repayment in accordance with section 1087e(b)(7) of this title. Such reductions may be offered only if the Secretary determines the reductions are in the best financial interests of the Federal Government.
Source credit: (Pub. L. 89–329, title IV, § 459, as added Pub. L. 105–244, title IV, § 455, Oct. 7, 1998, 112 Stat. 1718.)
- 1998Enacted · Pub. L. 89-329 · 112 Stat. 1718
A history note hasn’t been published yet. The record shows enactment by Pub. L. 89-329 on 1998-10-07.
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