Subsec. (b)(1)(A). Pub. L. 109–234, § 7015(a), struck aside “and you may (i) the lending company holds an outstanding mortgage of this debtor which is selected by the debtor to own integration under so it part, apart from it clause should maybe not implement when it comes to a borrower which have numerous proprietors off loans below that it part, otherwise (ii) new borrower certifies the debtor has sought for features become not able to get an integration mortgage which have money-sensitive payment conditions about owners of a great loans regarding that debtor (which can be very chose to possess combination)” immediately following “loan not as much as this part”.

Subsec. (b)(5). Pub. L. 109–234, § 7015(c), reenacted going without alter and you may substituted within the text “When the a borrower cannot receive a beneficial consolidation mortgage away from a loan provider having an agreement not as much as subsection (a)(1), or perhaps is incapable of get a combination financing that have money-sensitive cost words acceptable on borrower away from for example a loan provider, new Assistant will bring these borrower whom can be applied for it, a federal Direct Integration financing. Instance head consolidation loan” for “In the event that a borrower struggles to obtain an effective integration loan out-of a lender that have a binding agreement less than subsection (a)(1) from the part, or is struggling to see a consolidation loan with money-sensitive and painful installment conditions appropriate to your borrower away from including a loan provider, brand new Secretary will render such borrower whom can be applied because of it, a direct integration loan.

Such as for example lead consolidation financing”

Pub. L. 109–171, § 8009(a)(2), and that brought replacement out of “When the a lender with an agreement lower than subsection (a)(1) regarding the section rejects an integration loan application published to the latest financial by the a qualified borrower under that it point, or denies an application published to the financial institution by such as for instance a great borrower getting a combination loan having income-sensitive and painful https://tennesseepaydayloans.net/ installment terms and conditions, the new Assistant shall provide any such debtor whom applies because of it, a federal Lead Consolidation mortgage. ” to own first sentence, are repealed by Club. L. 109–234, § 7015(d). Discover Active Time out-of 2006 Amendment notice below.

2002-Subsec. (c)(1)(A). Bar. L. 107–139 revised subpar. (A) generally. In advance of amendment, subpar. (A) understand the following: “Regardless of subparagraphs (B) and you will (C), regarding people loan made significantly less than this point in which the application are obtained by an eligible lender on the or just after , the brand new relevant interest shall be computed around section 1077a(k)(4) of this identity.”

1998-Subsec. (a)(3). Club. L. 105–244, § 420(a), amended supposed, added subpars. (A) and you can (B), and you may struck away previous subpars. (A) and you can (B) and this defined the definition of “eligible borrower”, delivered to termination regarding individual’s status just like the an eligible debtor, and taken to counting fund against certain limits to the aggregate indebtedness.

L. 105–244, § 420(c)(1), entered “other than it clause will not apply when it comes to a debtor having multiple people out of financing less than so it region,” immediately after “significantly less than that it point,”

Subsec. (a)(4)(C). Bar. L. 105–244, § 420(b), added subpar. (C) and hit aside previous subpar. (C) which understand as follows: “generated under part D of the subchapter, apart from financing made significantly less than such as for example region are eligible scholar fund only for integration money whereby the program is actually obtained by a qualified financial in the period delivery towards November 13, 1997 , and ending into Oct step one, 1998 ;”.

Subsec. (b)(4)(C)(ii). Pub. L. 105–244, § 420(c)(2), registered “throughout the any such period” once “and become paid off” inside basic conditions and you may strike aside “, or on or just after Oct 1, 1998 ,” prior to “you to definitely consolidated” inside subcl. (I) and “and you can just before Oct 1, 1998 ,” in advance of “other than” from inside the subcl. (II).