FinAid Loans Public Service Loan Forgiveness Public loan forgiveness form

Table of Contents

This tool can assess your eligibility for the public service loan forgiveness program if you correctly answer all the questions.   This is not an official acceptance into the program or denial.  If you receive a positive result for your eligibility, you would then need to apply for the program.  Qualifying for public service loan forgiveness(PSLF) requires ten years of payments. Previous payments made on your student loans may count to your forgiveness if they are qualifying payments.  You may be eligible for immediate forgiveness, or you may need additional years of payments depending on how many you have previously made.

Why Did I Get a Does Not Qualify Result

You would get a negative result using this eligibility assessment tool if:

  1. You do not work for a government, non-profit 501(c)(3), or a private non-profit in certain fields
  2. Your loans are not federal direct loans
  3. You are not in an income-driven repayment plan
  4. You do not work full time
  5. Your loans are in default

Make Yourself Eligible By Fixing Your Student Loan Situation

Almost everyone is able to qualify for the PSLF program depending on how willing you are to attempt to qualify.  The most difficult to fix would be obtaining a qualifying job, but even that is possible.

Make Your Loans Federal Direct Loans

If your loans are federal, but not direct, you can consolidate into the William D Ford Direct Loan program and all your loans would then become eligible for PSLF. If you have private student loans, there is no way to refinance or consolidate them into a federal direct student loan.

Your Repayment Plan is Not Income-Driven

Federal student loans have multiple repayment options.  Four of them are income-driven and qualify for PSLF.  The payment is based on your income and could be as low as $0.00 per month (and those count as payments towards forgiveness), but if your income is high your payment could significantly increase.  You can use this student loan payment calculator to get an estimate of what your income-driven payment might be in the various plans.

You Do Not Work Full Time

Full-time work, for the purpose of PSLF, is defined as 30 hours per week.  To qualify for PSLF your employer must certify that you are working full-time. You can work multiple part-time jobs to qualify for PSLF as long as the total hours per week is 30 or more.

Your Loans are in Default

Getting your loans out of default to qualify for PSLF can be done in a few ways.  You could elect to go through a student loan rehabilitation which would require 9 months of on-time payments on your student loans.  Another method, arguably easier and fast, is to consolidate into the William D. Ford direct loan program.  This would not only make your loans eligible for PSLF as discussed earlier but would also immediately take your loans out of default once the consolidation is complete.  The consolidation typically takes two to three months.

Why Did I Get a “Cannot Assess Eligibility” Result

Qualifying for PSLF requires every criterion to be met by the borrower.  If you are unsure how to answer any of the questions in the tool and select “not sure” for any of the answers, we cannot assess your eligibility.  Try to get the correct answers for the items you are unsure about, and come back to check your eligibility again.

What Steps Do I Need To Take To Apply

If you qualify and you would like to apply, you have a few options.

Mail-In a Paper Application

You can complete this PSLF Employer Certification Form and mail it directly to the address listed on the form.

Apply Online for PSLF

You can apply online for PSLF through the studentloans.gov portal quicken loans harp

How To Apply For Student Loan Forgiveness Starting Right Now

Public Service Loan Forgiveness (PSLF)

If you are employed full-time with a qualifying public service organization or serving as a full-time AmeriCorps or Peace Corps volunteer, you could potentially qualify for forgiveness on your Direct Loans after 120 qualifying payments on an eligible repayment plan.

You may qualify if your school closed and you were unable to complete a comparable program at another school through a , by transferring academic credits or hours earned at the closed school to another school, or by any other comparable means, if:

There is currently no federal application for requesting this discharge.

If you believe you may qualify, you should contact us to discuss your situation. You will need to present evidence in order to be considered for this discharge program third federal savings and loan association of cleveland

Public Service Loan: Forgiveness The Struggle to Qualify .

False certification cancels any loan that was fraudulently originated by the school. False certification applies to loans disbursed after January 1, 1986, and is tightly defined to cover the following specific situations:

Ability to benefit
Every school must certify students are eligible for federal student loans. For students without a high school diploma or GED, this means the school must demonstrate the student is academically able to benefit from the school's programs before the student can take out a loan(s). If a school falsely certified you for a program for which you did not qualify, you may be eligible for loan cancellation.

Ability to benefit cancellation only applies to fraudulent certification. It does not apply to schools that misrepresent their education programs, the quality of their facilities and faculty, or their ability to help you find employment in your field of study.

Download the form for specific eligibility requirements and completion.

Unauthorized signature
In rare cases, someone at the school has signed a borrower's name on a financial aid application without authorization, received the borrower's loan funds and the borrower received no benefit from those funds. If you believe an official at your school forged your signature on a promissory note or loan application, you may be eligible for loan cancellation.

Download the form for specific eligibility requirements and completion.

Disqualifying status
If your school certified your eligibility to study for a field in which you couldn't work, you may be entitled to loan cancellation. Barriers can include physical or mental conditions, legal status or other conditions that would legally bar employment in your field of study. An example of this may be a school knowingly admitting a felon into law school.

Download the form for specific eligibility requirements and completion.

Identity theft
If a student loan(s) was taken out in your name as a result of identity theft, you may qualify for a false certification cancellation.

Download the form for specific eligibility requirements and completion sallie mae loan payment login

Forgiveness Cancellation and Discharge Charts Federal .



In 2019, the Federally-funded Non Profit Student Loan Forgiveness Program remains widely accessible for employees of all 501(c)(3) organizations, as well as for others not traditionally considered “non profit” employees.

In fact, the Public Service Loan Forgiveness Program (PSLF) – which is the official name of the student loan debt forgiveness program for nonprofit workers – remains the absolute best Federal Student Loan Forgiveness Program on offer, as it provides complete loan forgiveness after making just 10 years of monthly payments, while also allows you to avoid paying taxes on the debt you have forgiven!

To receive loan forgiveness at the 10 year mark, all you need to do is work for a qualifying non profit organization – any 501(c)(3) will count – for at least 30 hours per week, and make your monthly student loan payments in-full, on-time, and under one of the excellent Income-Based Student Loan Repayment Plans.

While President Trump at one time proposed eliminating PSLF entirely, this proposal was shot down immediately, and I see no signs that the Non-Profit Forgiveness program will be removed at any point in the near future.



How Does Non Profit Loan Forgiveness Work

Those borrowers with excessive, unbearable levels of Federal student loan debt are going to have a significantly tougher time getting out from under it.


How Do I Actually Apply For Loan Forgiveness

I can finally offer advice on this topic, because the official Public Service Loan Forgiveness Application form has FINALLY gone live, and you can find it right here.

The form requires all sorts of information about your loans, your employment, your income, etc., and you’ll need to fill it out in full, and accurately, in order to be considered for receiving non-profit loan forgiveness benefits.

Make absolutely certain that you fill out each field completely, and accurately, because ANY MISTAKES could invalidate your eligibility to receive forgiveness benefits, and the worst part about the process is that it could take months to head back from the Department of Education on the status of your application, so you do NOT want to screw this up!

This is one of the only reasons why I recommend that my visitors hire a service like the Student Loan Relief Helpline to help them fill out all the certification documents and other paperwork… as making a mistake on these docs could mean waiting another several months or even years to get your loans wiped out, costing you a ton of money for a simple, stupid mistake!

If you want to make sure that you are doing everything correctly, then don’t be afraid to call the Student Loan Relief Helpline for assistance. You will have to pay for their service, but if the few hundred dollars you pay them ensures your paperwork is complete, and gets you access to tens of thousands of dollars in loan forgiveness benefits, then you’re really not wasting money, right

You can reach the Student Loan Relief Helpline by calling 1-888-906-3065.

Will I Owe Taxes on the Forgiven Debt

Unlike most other forms of student loan forgiveness, the Non-Profit Forgiveness benefits offered under PSLF are NOT taxable, and will NOT require you to claim the amount of debt you have forgiven as “taxable income” on your IRS returns, and that’s a big deal.

Why Because the forgiveness benefits that do lead to tax liabilities can end up costing people thousands or even tens of thousands of dollars.

How If you receive forgiveness of a $100,000 loan under a different forgiveness benefit plan, the IRS forces you to add that $100,000 of forgiveness to your tax return as income!

Which means that you’d be forced to pay taxes on that $100,000 which got forgiven, at the same rate you pay for regular income (for most Americans, that’s 25% – 35%), meaning you’d owe $25,000 – $35,000!

And unlike your monthly student loan payments, which are stretched out over time so that you only have to pay a small amount of money each month, IRS tax bills are due all at once, meaning you’d have to come up with that money in a single go.

That’s no easy task, and it’s why so many people end up in big trouble with the IRS.



Get Tax Help at Forget Tax Debt!

If you’re struggling with tax-related problems, I’ve got good news – my new site Forget Tax Debt was created specifically for you!

Like Forget Student Loan Debt, this new site offers information about dealing with IRS debt, covering topics like Getting Free Help Filing and Paying Back Taxes, applying for IRS Tax Debt Forgiveness Programs, Settling with the IRS, signing up for the IRS Fresh Start Program, and avoiding IRS Phone Scams.

Forget Tax Debt is new, but I’m building it out to be the best site on the web for tax-related problems, and like this site, I’m offering all my advice, information and resources entirely for free, so if you’re struggling with any sort of IRS issue, please be sure to visit Forget Tax Debt here.

What if I Have Other Student Loan Questions

This site was built to help people deal with their student debt, and I’ve created helpful, comprehensive Guides for just about any topic you can possibly imagine.

If you need Help with Federal Student Debt, you’ll want to check out pages on Federal Student Loan Forgiveness Benefits, Federal Student Loan Bankruptcy Discharges, Federal Student Loan Delinquencies, The Federal Student Loan Rehabilitation Program, and Federal Student Loan Wage Garnishments.

And if you need Help with Private Student Debt, you’ll want to check out my pages on Private Student Loan Forgiveness Programs, Private Student Loan Consolidation Options, Private Student Loan Bankruptcy Discharges and Private Student Loan Default Help.


Leave a Comment!

If you have any questions that haven’t been covered on this page, or others on my site, please do feel free to post them in the comments section below!

I answer questions each morning when I wake up, so it should only take 24 hours to get a response, no matter what you’re asking about.

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If this page helped enhance your understand of non profit loan forgiveness, please link to it from your Blog, email it to a friend, send it out via Twitter or share it on Facebook!

I rely on your help to keep the servers running, so anything that you can do to spread awareness of this website will go a long way toward ensuring that I can continue to make regular updates hdfc personal loan emi calculator

Thank you for visiting, and please come back soon!

FinAid Loans Public Service Loan Forgiveness

Amendments

2010—Subsec. (a)(4)(A). Pub. L. 111–152, § 2206(a)(1), inserted “, and first disbursed before July 1, 2010” after “under this part”.

Subsec. (b)(1)(E). Pub. L. 111–152, § 2206(a)(2)(A), inserted “, and before July 1, 2010” before semicolon.

Subsec. (b)(5). Pub. L. 111–152, § 2206(a)(2)(B), substituted “If, before July 1, 2010,” for “In the event that”.

Subsec. (c)(1)(A)(ii). Pub. L. 111–152, § 2206(a)(3)(A), inserted “and that is disbursed before July 1, 2010,” after “2006,”.

Subsec. (c)(1)(C). Pub. L. 111–152, § 2206(a)(3)(B), inserted “and disbursed before July 1, 2010,” after “1994,”.

Subsec. (e). Pub. L. 111–152, § 2206(a)(4), substituted “June 30, 2010. No loan may be made under this section for which the disbursement is on or after July 1, 2010.” for “September 30, 2014.”

2009—Subsec. (a)(4)(E). Pub. L. 111–39, § 402(f)(3)(A), substituted “part E” for “subpart II of part B”.

Subsec. (c)(2)(A). Pub. L. 111–39, § 402(f)(3)(B), in introductory provisions, substituted “subsection (b)(2)” for “subsection (b)(2)(F)” and inserted comma after “graduated”.

Subsec. (c)(3)(A). Pub. L. 111–39, § 402(c)(1), substituted “section 1098e of this title,” for “section 1098e of this title”.

Subsec. (d)(3)(D). Pub. L. 111–39, § 402(f)(3)(C), substituted “loan insurance account” for “loan insurance fund”.

Subsec. (f)(3). Pub. L. 111–39, § 402(f)(3)(D), substituted “this subsection” for “subsection (a) of this section”.

2008—Subsec. (a)(3)(B)(i)(V)(cc). Pub. L. 110–315, § 425(a), added item (cc).

Subsec. (b)(1)(F), (G). Pub. L. 110–315, § 425(b)(1), added subpar. (F) and redesignated former subpar. (F) as (G).

Subsec. (b)(4)(E)(i). Pub. L. 110–315, § 432(b)(3)(A), substituted “consumer reporting agencies” for “credit bureau organizations”.

Subsec. (b)(4)(E)(ii). Pub. L. 110–315, § 432(b)(3)(B), substituted “consumer reporting agencies” for “organizations”.

Subsec. (b)(5). Pub. L. 110–315, § 425(c), made technical correction to directory language of Pub. L. 110–84, § 203(b)(2)(C). See 2007 Amendment note below.

Pub. L. 110–315, § 425(b)(2), substituted “A direct consolidation loan offered under this paragraph” for “Such direct consolidation loan” and inserted after first sentence “In addition, in the event that a borrower chooses to obtain a consolidation loan for the purposes of using the no accrual of interest for active duty service members program offered under section 1087e(o) of this title, the Secretary shall offer a Federal Direct Consolidation loan to any such borrower who applies for participation in such program.”

Subsec. (c)(2)(A). Pub. L. 110–315, § 425(d)(1)(A), in introductory provisions, substituted “income-sensitive, or income-based” for “or income-sensitive” and inserted “or income-based” after “such income-sensitive”.

Subsec. (c)(3). Pub. L. 110–315, § 425(d)(1)(B), inserted “except in the case of an income-based repayment schedule under section 1098e of this title” before “a repayment schedule” in subpar. (A) and added subpar. (C).

Subsec. (e). Pub. L. 110–315, § 425(e), substituted “2014” for “2012”.

2007—Subsec. (a)(3)(B)(i)(V). Pub. L. 110–84, § 203(b)(1)(A), amended subcl. (V) generally. Prior to amendment, subcl. (V) read as follows: “an individual may obtain a subsequent consolidation loan under section 1087e(g) of this title only for the purposes of obtaining an income contingent repayment plan, and only if the loan has been submitted to the guaranty agency for default aversion.”

Subsec. (a)(3)(B)(i)(V)(aa). Pub. L. 110–84, § 203(b)(2)(A), substituted “income contingent repayment or income-based repayment,” for “an income contingent repayment plan,” and inserted “or if the loan is already in default” before semicolon.

Subsec. (b)(5). Pub. L. 110–84, § 203(b)(2)(C), as amended by Pub. L. 110–315, § 425(c), inserted “, pursuant to income-based repayment under section 1098e of this title,” after “part D of this subchapter” in third sentence.

Pub. L. 110–84, § 203(b)(2)(B), inserted “or income-based repayment terms” after “income-sensitive repayment terms” in first sentence.

Pub. L. 110–84, § 203(b)(1)(B), (C), inserted “or chooses to obtain a consolidation loan for the purposes of using the public service loan forgiveness program offered under section 1087e(m) of this title,” after “from such a lender,” in first sentence and “, except that if a borrower intends to be eligible to use the public service loan forgiveness program under section 1087e(m) of this title, such loan shall be repaid using one of the repayment options described in section 1087e(m)(1)(A) of this title” before period at end of second sentence.

2006—Subsec. (a)(3)(A)(ii)(I). Pub. L. 109–171, § 8009(b)(2), inserted “as determined under section 1078(b)(7)(A) of this title” after “repayment status”.

Subsec. (a)(3)(B)(i). Pub. L. 109–171, § 8009(a)(1)(A), (B), substituted “under this section or under section 1087e(g) of this title terminates under both sections upon receipt of a consolidation loan under this section or under section 1087e(g) of this title” for “under this section terminates upon receipt of a consolidation loan under this section”.

Subsec. (a)(3)(B)(i)(V). Pub. L. 109–171, § 8009(a)(1)(C)–(E), added subcl. (V).

Subsec. (a)(3)(C). Pub. L. 109–171, § 8009(c), struck out subpar. (C), which read as follows:

“(C)(i) A married couple, each of whom has eligible student loans, may be treated as if such couple were an individual borrowing under subparagraphs (A) and (B) if such couple agrees to be held jointly and severally liable for the repayment of a consolidation loan, without regard to the amounts of the respective loan obligations that are to be consolidated, and without regard to any subsequent change that may occur in such couple’s marital status.

“(ii) Only one spouse in a married couple applying for a consolidation loan under this subparagraph need meet any of the requirements of subsection (b) of this section, except that each spouse shall—

“(I) individually make the initial certification that no other application is pending in accordance with subsection (b)(1)(A) of this section; and

“(II) agree to notify the holder concerning any change of address in accordance with subsection (b)(4) of this section.”

Subsec. (b)(1)(A). Pub. L. 109–234, § 7015(a), struck out “and (i) the lender holds an outstanding loan of that borrower which is selected by the borrower for consolidation under this section, except that this clause shall not apply in the case of a borrower with multiple holders of loans under this part, or (ii) the borrower certifies that the borrower has sought and has been unable to obtain a consolidation loan with income-sensitive repayment terms from the holders of the outstanding loans of that borrower (which are so selected for consolidation)” after “loan under this section”.

Subsec. (b)(5). Pub. L. 109–234, § 7015(c), reenacted heading without change and substituted in text “In the event that a borrower is unable to obtain a consolidation loan from a lender with an agreement under subsection (a)(1), or is unable to obtain a consolidation loan with income-sensitive repayment terms acceptable to the borrower from such a lender, the Secretary shall offer any such borrower who applies for it, a Federal Direct Consolidation loan. Such direct consolidation loan” for “In the event that a borrower is unable to obtain a consolidation loan from a lender with an agreement under subsection (a)(1) of this section, or is unable to obtain a consolidation loan with income-sensitive repayment terms acceptable to the borrower from such a lender, the Secretary shall offer any such borrower who applies for it, a direct consolidation loan. Such direct consolidation loan”.

Pub. L. 109–171, § 8009(a)(2), which directed substitution of “In the event that a lender with an agreement under subsection (a)(1) of this section denies a consolidation loan application submitted to the lender by an eligible borrower under this section, or denies an application submitted to the lender by such a borrower for a consolidation loan with income-sensitive repayment terms, the Secretary shall offer any such borrower who applies for it, a Federal Direct Consolidation loan. The Secretary shall offer such a loan to a borrower who has defaulted, for the purpose of resolving the default.” for first sentence, was repealed by Pub. L. 109–234, § 7015(d). See Effective Date of 2006 Amendment note below.

Subsec. (e). Pub. L. 109–171, § 8004(b)(3), substituted “2012” for “2004”.

2002—Subsec. (c)(1)(A). Pub. L. 107–139 amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “Notwithstanding subparagraphs (B) and (C), with respect to any loan made under this section for which the application is received by an eligible lender on or after October 1, 1998, and before July 1, 2003, the applicable interest rate shall be determined under section 1077a(k)(4) of this title.”

1998—Subsec. (a)(3). Pub. L. 105–244, § 420(a), amended heading, added subpars. (A) and (B), and struck out former subpars. (A) and (B) which defined the term “eligible borrower”, provided for termination of individual’s status as an eligible borrower, and provided for counting loans against certain limitations on aggregate indebtedness.

Subsec. (a)(4)(C). Pub. L. 105–244, § 420(b), added subpar. (C) and struck out former subpar. (C) which read as follows: “made under part D of this subchapter, except that loans made under such part shall be eligible student loans only for consolidation loans for which the application is received by an eligible lender during the period beginning on November 13, 1997, and ending on October 1, 1998;”.

Subsec. (b)(1)(A)(i). Pub. L. 105–244, § 420(c)(1), inserted “except that this clause shall not apply in the case of a borrower with multiple holders of loans under this part,” after “under this section,”.

Subsec. (b)(4)(C)(ii). Pub. L. 105–244, § 420(c)(2), inserted “during any such period” after “and be paid” in introductory provisions and struck out “, or on or after October 1, 1998,” before “that consolidated” in subcl. (I) and “and before October 1, 1998,” before “except that” in subcl. (II).

Subsec. (b)(6)(A). Pub. L. 105–244, § 420(c)(3), inserted before semicolon at end “, except that a lender is not required to consolidate loans described in subparagraph (D) or (E) of subsection (a)(4) or subsection (d)(1)(C)(ii)”.

Subsec. (c)(1). Pub. L. 105–244, § 420(b)(2), amended heading, added subpar. (A), and struck out former subpar. (A) which read as follows: “Consolidation loans made under this section shall bear interest at rates determined under subparagraph (B), (C), or (D). For the purposes of payment of special allowances under section 1087–1(b)(2) of this title, the interest rate required by this subsection is the applicable interest rate with respect to a consolidation loan.”

Subsec. (e). Pub. L. 105–244, § 420(d), substituted “September 30, 2004” for “September 30, 2002”.

Subsec. (f)(2), (3). Pub. L. 105–244, § 420(e), added par. (2) and redesignated former par. (2) as (3).

1997—Subsec. (a)(4)(C) to (E). Pub. L. 105–78, § 609(b), added subpar. (C) and redesignated former subpars. (C) and (D) as (D) and (E), respectively.

Subsec. (b)(4)(C)(ii)(I). Pub. L. 105–78, § 609(c)(1), (2), inserted “for which the application is received by an eligible lender before November 13, 1997, or on or after October 1, 1998,” after “consolidation loan” and struck out “or” at end.

Subsec. (b)(4)(C)(ii)(II), (III). Pub. L. 105–78, § 609(c)(3)–(5), added subcl. (II) and redesignated former subcl. (II) as (III) and inserted “or (II)” before semicolon at end.

Subsec. (b)(6). Pub. L. 105–78, § 609(d), added par. (6).

Subsec. (c)(1)(A). Pub. L. 105–78, § 609(e)(1), substituted “subparagraph (B), (C), or (D)” for “subparagraph (B) or (D)”.

Subsec. (c)(1)(D). Pub. L. 105–78, § 609(e)(2), added subpar. (D).

Subsec. (e). Pub. L. 105–33 substituted “September 30, 2002.” for “September 30, 1998.”

1996—Subsec. (a)(1)(A). Pub. L. 104–208 inserted “or the Holding Company of the Student Loan Marketing Association, including any subsidiary of the Holding Company, created pursuant to section 1087–3 of this title” after “Student Loan Marketing Association”.

1994—Subsec. (a)(4)(D). Pub. L. 103–382 added subpar. (D).

1993—Subsec. (a)(3). Pub. L. 103–66, § 4046(a)(1), amended heading.

Subsec. (a)(3)(A). Pub. L. 103–208, § 2(c)(33), substituted “defaulted borrower who has made arrangements to repay the obligation on the defaulted loans satisfactory to the holders of the defaulted loans” for “delinquent or defaulted borrower who will reenter repayment through loan consolidation”. See Codification note above.

Pub. L. 103–66, § 4046(a)(1), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “For the purpose of this section, the term ‘eligible borrower’ means a borrower who, at the time of application for a consolidation loan—

“(i) has an outstanding indebtedness on eligible student loans, at the time of application for a consolidation loan, of not less than $7,500; and

“(ii) is in repayment status, or in a grace period preceding repayment, or is a delinquent or defaulted borrower who will reenter repayment through loan consolidation.”

Subsec. (a)(3)(B)(ii). Pub. L. 103–66, § 4046(b)(2), struck out at end “Nothing in this section shall be interpreted to authorize the Secretary to require lenders, holders, or guarantors of consolidated loans to receive, to maintain, or to make reports with respect to preexisting records relating to any eligible student loan (as defined under paragraph (4)) discharged by a borrower in receiving a consolidation loan.”

Subsec. (a)(4)(A). Pub. L. 103–208, § 2(c)(34), struck out before semicolon at end “, except for loans made to parent borrowers under section 1078–2 of this title as in effect prior to October 17, 1986”.

Subsec. (a)(4)(C). Pub. L. 103–208, § 2(c)(35), substituted “part A” for “part C” before “of title VII of the Public Health Service Act”.

Subsec. (b)(1)(A), (E), (F). Pub. L. 103–66, § 4046(a)(2)(A), inserted “with income-sensitive repayment terms” after “obtain a consolidation loan” in subpar. (A)(ii), added subpar. (E), and redesignated former subpar. (E) as (F).

Subsec. (b)(4)(C). Pub. L. 103–66, § 4046(a)(2)(B), amended subpar. (C) generally. Prior to amendment, subpar. (C) read as follows: “provides that periodic installments of principal need not be paid, but interest shall accrue and be paid by the Secretary, during any period for which the borrower would be eligible for a deferral under section 1078(b)(1)(M) of this title, and that any such period shall not be included in determining the repayment period pursuant to subsection (c)(2) of this section;”.

Subsec. (b)(5). Pub. L. 103–66, § 4046(a)(2)(C), added par. (5).

Subsec. (c)(1)(B), (C). Pub. L. 103–66, § 4046(a)(3)(A), amended subpars. (B) and (C) generally. Prior to amendment, subpars. (B) and (C) read as follows:

“(B) Except as provided in subparagraph (C), a consolidation loan shall bear interest at an annual rate on the unpaid principal balance of the loan which is equal to the weighted average of the interest rates on the loans consolidated, rounded to the nearest whole percent.

“(C) A consolidation loan shall bear interest at an annual rate on the unpaid principal balance of the loan equal to not less than 9 percent.”

Subsec. (c)(2)(A). Pub. L. 103–208, § 2(c)(36), inserted period at end of cl. (vi). See Codification note above.

Pub. L. 103–66, § 4046(a)(3)(B)(i), in introductory provisions substituted “income-sensitive repayment schedules, established by the lender in accordance with the regulations of the Secretary. Except as required by such income-sensitive repayment schedules, or by the terms of repayment pursuant to income contingent repayment offered by the Secretary under subsection (b)(5), such repayment terms” for “income sensitive repayment schedules. Such repayment terms”, added cl. (i), and redesignated former cls. (i) to (v) as (ii) to (vi), respectively.

Subsec. (c)(2)(B), (C). Pub. L. 103–66, § 4046(a)(3)(B)(ii), (iii), redesignated subpar. (C) as (B) and struck out former subpar. (B) which read as follows: “Unless a consolidation loan under subparagraph (A)(ii) will be used to discharge at least $5,000 of loans made under this part, such loan shall be repaid in accordance with subparagraph (A)(i).”

Subsec. (c)(3)(A). Pub. L. 103–208, § 2(c)(37), inserted “be an amount” before “equal to”.

Subsec. (c)(3)(B). Pub. L. 103–66, § 4046(a)(3)(C), inserted “except as required by the terms of repayment pursuant to income contingent repayment offered by the Secretary under subsection (b)(5),” before “the lender”.

Subsec. (f). Pub. L. 103–66, § 4106(a), added subsec. (f).

1992—Pub. L. 102–325, § 419(a), substituted “Federal consolidation” for “Consolidation” in section catchline.

Subsec. (a)(3)(A)(i). Pub. L. 102–325, § 419(b)(1)(A), substituted “$7,500” for “$5,000”.

Subsec. (a)(3)(A)(ii). Pub. L. 102–325, § 419(b)(1)(B), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: “is in repayment status, or in a grace period preceding repayment, and is not delinquent with respect to any required payment on such indebtedness by more than 90 days.”

Subsec. (a)(3)(B). Pub. L. 102–325, § 419(c), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “An individual’s status as an eligible borrower under this section terminates upon receipt of a consolidation loan under this section except with respect to eligible student loans received after the date of receipt of the consolidation loan. Loans made under this section shall, to the extent used to discharge loans made under this subchapter, be counted against the applicable limitations on aggregate indebtedness contained in sections 1075(a)(2), 1078(b)(1)(B), 1078–1(b)(2), and 1087dd(a)(2) of this title. Nothing in this subparagraph shall be interpreted to authorize the Secretary to require lenders, holders, or guarantors of consolidation loans to receive, to maintain, or to make reports with respect to pre-existing records relating to any eligible student loan (as defined under subsection (a)(4) of this section) discharged by a borrower in receiving a consolidation loan.”

Subsec. (a)(3)(C). Pub. L. 102–325, § 419(d), added subpar. (C).

Subsec. (a)(4)(A). Pub. L. 102–325, § 419(b)(2), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “made, insured, or guaranteed under this part, except for loans made to parent borrowers under section 1078–2 of this title, including loans made to parent borrowers under section 1078–2 of this title as in effect prior to October 17, 1986;”.

Subsec. (b)(4)(C). Pub. L. 102–325, § 419(e), amended subpar. (C) generally. Prior to amendment, subpar. (C) read as follows: “provides that periodic installments of principal need not be paid, but interest shall accrue and be paid, during any period for which the borrower would be eligible for a deferral under clause (i), (viii), or (ix) of section 1078(b)(1)(M) of this title, and that any such period shall not be included in determining the repayment period pursuant to subsection (c)(2) of this section;”.

Subsec. (c)(2)(A). Pub. L. 102–325, § 419(f), substituted “which shall include” for “which may include” in first sentence, inserted second sentence, and struck out former second sentence which read as follows: “Such repayment terms shall require that if the sum of the consolidation loan and the amount outstanding on other student loans to the individual—

“(i) is equal to or greater than $5,000 but less than $7,500, then such consolidation loan shall be repaid in not more than 10 years;

“(ii) is equal to or greater than $7,500 but less than $10,000, then such consolidation loan shall be repaid in not more than 12 years;

“(iii) is equal to or greater than $10,000 but less than $20,000, then such consolidation loan shall be repaid in not more than 15 years;

“(iv) is equal to or greater than $20,000 but less than $45,000, then such consolidation loan shall be repaid in not more than 20 years; or

“(v) is equal to or greater than $45,000, then such consolidation loan shall be repaid in not more than 25 years.”

Subsec. (d). Pub. L. 102–408, § 306(a), added subsec. (d). Former subsec. (d) redesignated (e).

Pub. L. 102–325, § 419(g), substituted “September 30, 1998” for “September 30, 1992”.

Subsec. (e). Pub. L. 102–408, § 306(b), which directed the substitution of “1997” for “1992”, could not be executed because “1992” did not appear in text subsequent to the amendment by Pub. L. 102–325, § 419(g). See above.

Pub. L. 102–408, § 306(a)(1), redesignated subsec. (d) as subsec. (e).

1987—Subsec. (a)(1)(C). Pub. L. 100–50, § 10(s)(1), which directed the amendment of subpar. (C) by substituting “(C), (E), and (J)” for “(C) and (E)”, was executed by substituting the new language for “(C), and (E)”, as the probable intent of Congress.

Subsec. (a)(3)(A). Pub. L. 100–50, § 10(s)(2), struck out cl. (iii) which read as follows: “is not a parent borrower under section 1078–2 of this title.”

Subsec. (a)(3)(B). Pub. L. 100–50, § 10(s)(3), substituted “eligible student loans received” for “loans received under this subchapter”, “under this subchapter” for “under this part”, and “, 1078(b)(1)(B), 1078–1(b)(2), and 1087dd(a)(2) of this title” for “and 1078(b)(1)(B) of this title”, and inserted provision that nothing in subpar. (B) should be interpreted to authorize Secretary to require lenders, holders, or guarantors of consolidation loans to make reports with respect to pre-existing records relating to eligible student loans discharged by a borrower in receiving a consolidation loan.

Subsec. (a)(4)(A). Pub. L. 100–50, § 10(s)(4), inserted exception for loans made to parent borrowers under section 1078–2 of this title.

Subsec. (b)(1)(C). Pub. L. 100–50, § 10(s)(5), in cl. (i), substituted “subsection (a)(3)” for “subsection (a)(2)” and, in cl. (ii), substituted “all eligible student loans received by the eligible borrower” for “all loans received by the eligible borrower under this subchapter”.

Subsec. (c)(2)(A)(v). Pub. L. 100–50, § 10(s)(6), substituted “equal to or greater” for “more” the first time appearing, as the probable intent of Congress.

Subsec. (c)(5). Pub. L. 100–50, § 10(s)(7), inserted “, but a fee may be payable by the lender to the guaranty agency to cover the costs of increased or extended liability with respect to such loan” before period at end astoria federal savings and loan

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