42 U.S.C. § 292i — Insurance account

(a) In general (1) Establishment There's a student loan insurance account ("the Account") the Secretary uses, without a fiscal-year time limit, to pay claims related to collecting or defaulting on loans insured under this subpart. (2) Funding (A) Except as described in (B), everything the Secretary collects as insurance premiums, plus earnings or proceeds from any claim or asset the Secretary acquires while running this program, plus any other money, property, or assets from the Secretary's work under this section, goes into the Account. (B) For fiscal year 1993 and later, before depositing that money into the Account, the Secretary can set aside up to $1,000,000 each fiscal year to fund the Office described in section 292h(d). (3) Expenditures All payments related to defaults on loans the Secretary insures under this subpart come out of the Account. (b) Contingent authority for issuance of notes or other obligations If the Account ever doesn't have enough money to cover collection or default payments, the Secretary of the Treasury can lend the Account the money it needs, subject to the Federal Credit Reform Act of 1990.