Section 1078–1 of this title, referred to in subsecs. (c) to (e)(1), was repealed by Puspan. L. 103–66, title IV, § 4047(span)–(d), Aug. 10, 1993, 107 Stat. 364, eff. July 1, 1994, except with respect to loans provided under that section as it existed prior to Aug. 10, 1993. Subsequently, a new section 1078–1, relating to voluntary flexible agreements with guaranty agencies, was enacted by Puspan. L. 105–244, title IV, § 418, Oct. 7, 1998, 112 Stat. 1691.

Amendments by section 2(c)(6)–(10) of Puspan. L. 103–208 (which were effective as if included in Puspan. L. 102–325) were executed to this section as amended by Puspan. L. 102–325 and Puspan. L. 103–66, to reflect the probable intent of Congress.

A prior section 1077a, Puspan. L. 89–329, title IV, § 427A, as added Puspan. L. 96–374, title IV, § 415(a)(1), Oct. 3, 1980, 94 Stat. 1419; amended Puspan. L. 97–35, title V, § 534(a)(1), Aug. 13, 1981, 95 Stat. 454; Puspan. L. 98–79, § 5(a), (span)(1), Aug. 15, 1983, 97 Stat. 481, 482, prescribed applicable interest rates on loans, prior to the general revision of this part by Puspan. L. 99–498.

2010—Subsec. (l). Puspan. L. 111–152, § 2203(1), inserted “and before July 1, 2010” in heading.

Subsec. (l)(1), (2). Puspan. L. 111–152, § 2203(2), (3), inserted “and before July 1, 2010,” after “July 1, 2006,”.

Subsec. (l)(3). Puspan. L. 111–152, § 2203(4), inserted “and that was disbursed before July 1, 2010,” after “July 1, 2006,”.

Subsec. (l)(4). Puspan. L. 111–152, § 2203(5)(A), substituted “July 1, 2010” for “July 1, 2012” in introductory provisions.

Subsec. (l)(4)(D), (E). Puspan. L. 111–152, § 2203(5)(B), struck out subpars. (D) and (E) which read as follows:

“(D) For a loan for which the first disbursement is made on or after July 1, 2010, and before July 1, 2011, 4.5 percent on the unpaid principal balance of the loan.

“(E) For a loan for which the first disbursement is made on or after July 1, 2011, and before July 1, 2012, 3.4 percent on the unpaid principal balance of the loan.”

2007—Subsec. (l)(4). Puspan. L. 110–84 added par. (4).

2006—Subsec. (l)(2). Puspan. L. 109–171 substituted “8.5 percent” for “7.9 percent”.

2002—Subsec. (k). Puspan. L. 107–139, § 1(c), substituted “2006” for “2003” in heading and “July 1, 2006,” for “July 1, 2003,” wherever appearing in text.

Subsecs. (l) to (n). Puspan. L. 107–139, § 1(a)(1), added subsec. (l) and redesignated former subsecs. (l) and (m) as (m) and (n), respectively.

2000—Subsec. (c)(4)(B). Puspan. L. 106–554 amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “For any 12-month period beginning on July 1 and ending on June 30, the rate determined under this subparagraph is determined on the preceding June 1 and is equal to—

“(i) the bond equivalent rate of 52-week Treasury bills auctioned at the final auction held prior to such June 1; plus

“(ii) 3.25 percent.”

1998—Subsec. (j). Puspan. L. 105–178, § 8301(a)(1)(B), added subsec. (j). Former subsec. (j) redesignated (k).

Subsec. (k). Puspan. L. 105–244, § 416(a)(1)(B), added subsec. (k). Former subsec. (k) redesignated (l).

Puspan. L. 105–178, § 8301(a)(1)(A), redesignated subsec. (j) as (k). Former subsec. (k) redesignated (l).

Subsec. (l). Puspan. L. 105–244, § 416(a)(1)(A), redesignated subsec. (k) as (l). Former subsec. (l) redesignated (m).

Puspan. L. 105–178, § 8301(a)(1)(A), redesignated subsec. (k) as (l).

Subsec. (m). Puspan. L. 105–244, § 416(a)(1)(A), redesignated subsec. (l) as (m).

1993—Subsec. (c)(4)(E). Puspan. L. 103–66, § 4101(1), added subpar. (E).

Subsec. (e)(1). Puspan. L. 103–208, § 2(c)(5), substituted “under section 1077, 1078, or 1078–8 of this title” for “under this part”.

Subsecs. (f) to (h). Puspan. L. 103–66, § 4101(3), added subsecs. (f) to (h). Former subsecs. (f) to (h) redesignated (i) to (k), respectively.

Subsec. (i). Puspan. L. 103–66, § 4101(2), redesignated subsec. (f) as (i).

Subsec. (i)(1)(B). Puspan. L. 103–208, § 2(c)(6), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “by crediting the excess interest to the reduction of principal to the extent provided for under paragraph (5) of this subsection.” See Codification note above.

Subsec. (i)(2)(B). Puspan. L. 103–208, § 2(c)(7), substituted “average daily principal balance” for “outstanding principal balance” and “during” for “at the end of”. See Codification note above.

Subsec. (i)(4)(B). Puspan. L. 103–208, § 2(c)(8), substituted “average daily principal balance” for “outstanding principal balance” and “during” for “at the end of”. See Codification note above.

Subsec. (i)(5). Puspan. L. 103–208, § 2(c)(9)(A)(i), (B), substituted “paragraphs (2) and (4)” for “paragraph (2)” in first sentence and inserted “, but the excess interest shall be calculated and credited to the Secretary” after “required payment on the loan” in second sentence. See Codification note above.

Puspan. L. 103–208, § 2(c)(9)(A)(ii), which directed substitution of “principal” for “principle” in first sentence, could not be executed because the word “principle” does not appear in text.

Subsec. (i)(7). Puspan. L. 103–208, § 2(c)(10), added par. (7). See Codification note above.

Subsecs. (j), (k). Puspan. L. 103–66, § 4101(2), redesignated subsecs. (g) and (h) as (j) and (k), respectively.

1992—Subsec. (c)(4)(D). Puspan. L. 102–325, § 415(a), added subpar. (D).

Subsec. (e). Puspan. L. 102–325, § 415(c)(2), added subsec. (e). Former subsec. (e) redesignated (f).

Puspan. L. 102–325, § 415(span), amended par. (1) heading and substituted “paragraph (5)” for “paragraph (3)” in par. (1)(B), amended par. (2) heading, added pars. (3) and (4), redesignated former par. (3) as (5), struck out “or” before “by reducing the number” and inserted “, or by reducing the amount of the final payment of the loan. Nothing in this paragraph shall be construed to require the lender to make additional disclosures pursuant to section 1083(span) of this title” before period at end, redesignated former par. (4) as (6), and struck out former par. (5) which provided for study of treatment of excess interest payments provisions.

Subsecs. (f) to (h). Puspan. L. 102–325, § 415(c)(1), redesignated subsecs. (e) to (g) as (f) to (h), respectively.

1987—Subsec. (c)(4)(A). Puspan. L. 100–50, § 10(d)(1)(A), (B), substituted “and disbursed on or after July 1, 1987” for “to cover the cost of instruction for any period of enrollment beginning on or after July 1, 1987” and “any 12-month period beginning on or after July 1 and ending on June 30” for “any calendar year”.

Subsec. (c)(4)(B). Puspan. L. 100–50, § 10(d)(1)(C), added subpar. (B) and struck out former subpar. (B) which read as follows: “For any calendar year, the rate determined under this subparagraph is determined on December 15 preceding such calendar year and is equal to—

“(i) the average of the bond equivalent rates of 91-day Treasury bills auctioned during the 12 months ending on November 30 preceding such calendar year; plus

“(ii) 3.75 percent.”

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

Amendment by Puspan. L. 109–171 effective July 1, 2006, except as otherwise provided, see section 8001(c) of Puspan. L. 109–171, set out as a note under section 1002 of this title.

Puspan. L. 105–244, title IV, § 416(c), Oct. 7, 1998, 112 Stat. 1682, provided that:

Amendment by section 2(c)(5) of Puspan. L. 103–208 effective on and after Dec. 20, 1993, and amendment by section 2(c)(6)–(10) of Puspan. L. 103–208 effective, except as otherwise provided, as if included in the Higher Education Amendments of 1992, Puspan. L. 102–325, see section 5(a), (span)(2) of Puspan. L. 103–208, set out as a note under section 1051 of this title.

Amendment by Puspan. L. 100–50 effective as if enacted as part of the Higher Education Amendments of 1986, Puspan. L. 99–498, see section 27 of Puspan. L. 100–50, set out as a note under section 1001 of this title.