Beruflich Dokumente
Kultur Dokumente
Citations: (R)682.209
AsOfDate: 12/31/95
Repayment of a loan.
(D) If the lender first learns after the fact that the
borrower has entered the repayment period, no later than 75
days after the date the lender learns that the borrower has
entered the repayment period; or
(ii) The borrower falls 60 days behind the due date for
submission of a scheduled assignment, according to the
schedule required in Sec. 682.602. However, a school may
grant the borrower one restoration to in-school status if the
borrower fails to submit a lesson within this 60-day period after
the due date for submission of a particular assignment if, within
the 60-day period, the borrower declares, in writing, an intention
to continue in the program and an understanding that the
required lessons must be submitted on time; or
(iii) Not more than six months prior to the date that
the borrower's first payment is due, the lender shall offer a
choice of a standard, graduated, or income-sensitive repayment
schedule to a new borrower who receives a Stafford or SLS
loan first disbursed on or after July 1, 1993. For purposes of this
section, a "new borrower" is an individual who has no
outstanding principal or interest balance on an FFEL Program
loan as of July 1, 1993 or on the date he or she obtains a loan
on or after July 1, 1993. This term also includes a borrower who
obtains a Federal Consolidation Loan on or after July 1, 1993 if
the borrower has no other outstanding FFEL Program loan
when the Consolidation Loan is made. The lender shall also
offer a choice of repayment schedules to any individual whose
Consolidation loan application is received by the lender on or
after January 1, 1993. The Secretary encourages lenders to
offer the choice of repayment schedules to all other borrowers.
(E) The lender shall inform the borrower that the loan
must be repaid within the time limits specified under paragraph
(a)(7) of this section.
Note: (a), (b), (c), and (h) amended May 17, 1994, effective July
1, 1994. (c)(2) amended June 28, 1994, effective July 1, 1995.
(a)(6)(i), (a)(7)(ii), and (h)(4)(ii) amended and (a)(6)(iii) through
(ix) added June 29, 1994, effective July 1, 1995. OMB control
number republished June 12, 1995, effective July 1, 1995. (b)
amended December 1, 1995, effective July 1, 1996.