20 U.S.C. § 1092c — Simplification of lending process for borrowers
submitted 34 years ago by Pub. L. 89-329 to r/title-20-EDUCATION · 123 words · no verdicts yet
Eligible lenders should, when practicable and with the borrower’s cooperation, treat similar loans as one loan and send one bill. A guaranty agency should also help the borrower deal with one lender, holder, guaranty agency, and servicer.
(a) All similar loans treated as one. To the extent practicable and with the borrower’s cooperation, eligible lenders must treat all loans made to a borrower under the same part B section as one loan and send one bill for all of them for each monthly or similar payment period. A deferment on one is treated as a deferment on all.
(b) One lender and one guaranty agency. To the extent practicable and with the borrower’s cooperation, the guaranty agency must ensure that the borrower has only one lender, holder, guaranty agency, and servicer to contact.
To the extent practicable, and with the cooperation of the borrower, eligible lenders shall treat all loans made to a borrower under the same section of part B as one loan and shall submit one bill to the borrower for the repayment of all such loans for the monthly or other similar period of repayment. Any deferments on one such loan will be considered a deferment on the total amount of all such loans.
To the extent practicable, and with the cooperation of the borrower, the guaranty agency shall ensure that a borrower only have one lender, one holder, one guaranty agency, and one servicer with which to maintain contact.
Source credit: (Pub. L. 89–329, title IV, § 485C, as added Pub. L. 102–325, title IV, § 488, July 23, 1992, 106 Stat. 624.)
- 1992Enacted · Pub. L. 89-329 · 106 Stat. 624
A history note hasn’t been published yet. The record shows enactment by Pub. L. 89-329 on 1992-07-23.
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