20-U.S.C.-1087FF

20-U.S.C.-1087FF

§1087Ff – Distribution of Assets From Student Loan Funds

Pathway

Title 20 > Chapter 28 > Subchapter IV > Part D > Section 1087ff

Details

  • Reference: Section 1087ff
  • Legend: §1087Ff – Distribution of Assets From Student Loan Funds
  • USCode Year: 2013

Provision Content

(a) In general

After September 30, 2003, and not later than March 31, 2004, there shall be a capital distribution of the balance of the student loan fund established under this part by each institution of higher education as follows:

(1) The Secretary shall first be paid an amount which bears the same ratio to the balance in such fund at the close of September 30, 2003, as the total amount of the Federal capital contributions to such fund by the Secretary under this part bears to the sum of such Federal contributions and the institutions capital contributions to such fund.

(2) The remainder of such balance shall be paid to the institution.

(b) Distribution of late collections

After October 1, 2012, each institution with which the Secretary has made an agreement under this part, shall pay to the Secretary the same proportionate share of amounts received by this institution after September 30, 2003, in payment of principal and interest on student loans made from the student loan fund established pursuant to such agreement (which amount shall be determined after deduction of any costs of litigation incurred in collection of the principal or interest on loans from the fund and not already reimbursed from the fund or from such payments of principal or interest), as was determined for the Secretary under subsection (a) of this section.

(c) Distribution of excess capital

(1) Upon a finding by the institution or the Secretary prior to October 1, 2004, that the liquid assets of a student loan fund established pursuant to an agreement under this part exceed the amount required for loans or otherwise in the foreseeable future, and upon notice to such institution or to the Secretary, as the case may be, there shall be, subject to such limitations as may be included in regulations of the Secretary or in such agreement, a capital distribution from such fund. Such capital distribution shall be made as follows:

(A) The Secretary shall first be paid an amount which bears the same ratio to the total to be distributed as the Federal capital contributions by the Secretary to the student loan fund prior to such distribution bear to the sum of such Federal capital contributions and the capital contributions to the fund made by the institution.

(B) The remainder of the capital distribution shall be paid to the institution.

(2) No finding that the liquid assets of a student loan fund established under this part exceed the amount required under paragraph (1) may be made prior to a date which is 2 years after the date on which the institution of higher education received the funds from such institutions allocation under section 1087bb of this title.

(Pub. L. 89–329, title IV, §466, as added Pub. L. 99–498, title IV, §405(a), Oct. 17, 1986, 100 Stat. 1453; amended Pub. L. 102–325, title IV, §466, July 23, 1992, 106 Stat. 584; Pub. L. 103–208, §2(f)(15), Dec. 20, 1993, 107 Stat. 2471; Pub. L. 105–244, title IV, §466, Oct. 7, 1998, 112 Stat. 1728; Pub. L. 110–84, title V, §501, Sept. 27, 2007, 121 Stat. 801.)

Prior Provisions

A prior section 1087ff, Pub. L. 89–329, title IV, §466, as added Pub. L. 92–318, title I, §137(b), June 23, 1972, 86 Stat. 278; amended Pub. L. 94–482, title I, §130(h), Oct. 12, 1976, 90 Stat. 2147; Pub. L. 96–374, title IV, §442(c), title XIII, §1391(a)(1), Oct. 3, 1980, 94 Stat. 1440, 1503, related to distribution of assets from student loan funds, prior to the general revision of this part by Pub. L. 99–498.

Amendments

2007—Subsec. (b). Pub. L. 110–84 substituted October 1, 2012 for March 31, 2012.

1998—Subsec. (a). Pub. L. 105–244, §466(1)(A), in introductory provisions, substituted 2003 for 1996 and 2004 for 1997.

Subsec. (a)(1). Pub. L. 105–244, §466(1)(B), substituted 2003 for 1996.

Subsec. (b). Pub. L. 105–244, §466(2), substituted 2012 for 2005 and 2003 for 1996.

Subsec. (c)(1). Pub. L. 105–244, §466(3), substituted 2004 for 1997 in introductory provisions.

1993—Subsec. (c)(2). Pub. L. 103–208 realigned margin.

1992—Subsec. (b). Pub. L. 102–325, §466(1), substituted 2005 for 1997.

Subsec. (c). Pub. L. 102–325, §466(2), designated existing provisions as par. (1), redesignated former pars. (1) and (2) as subpars. (A) and (B), respectively, and added par. (2).

Effective Date of 2007 Amendment

Amendment by Pub. L. 110–84 effective Oct. 1, 2007, see section 1(c) of Pub. L. 110–84, set out as a note under section 1070a of this title.

Effective Date of 1998 Amendment

Amendment by Pub. L. 105–244 effective Oct. 1, 1998, except as otherwise provided in Pub. L. 105–244, see section 3 of Pub. L. 105–244, set out as a note under section 1001 of this title.

Effective Date of 1993 Amendment

Amendment by Pub. L. 103–208 effective as if included in the Higher Education Amendments of 1992, Pub. L. 102–325, except as otherwise provided, see section 5(a) of Pub. L. 103–208, set out as a note under section 1051 of this title.

U.S. Encyclopedia of Law Coverage

20-U.S.C.-1087A in the Legal Encyclopedia: Students

In this entry about 20-U.S.C.-1087A, find legal reference material, bibliographies and premiere content related to students in the American Encyclopedia of Law, presenting a comprehensive view of the United States students-specific issues, written by authorities in the field.

Part D – Federal Perkins Loans in the Legal Encyclopedia: Student Assistance

In this entry about Part D – Federal Perkins Loans, find legal reference material, bibliographies and premiere content related to student assistance in the American Encyclopedia of Law, presenting a comprehensive view of the United States student assistance-specific issues, written by authorities in the field.

Part C – William D. Ford Federal Direct Loan Program in the Legal Encyclopedia: Loans

In this entry about Part C – William D. Ford Federal Direct Loan Program, find legal reference material, bibliographies and premiere content related to loans in the American Encyclopedia of Law, presenting a comprehensive view of the United States loans-specific issues, written by authorities in the field.

20-U.S.C.-1087-2 in the Legal Encyclopedia: Education

In this entry about 20-U.S.C.-1087-2, find legal reference material, bibliographies and premiere content related to education in the American Encyclopedia of Law, presenting a comprehensive view of the United States education-specific issues, written by authorities in the field.

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