34 CFR 34.30 - Application of payments and accrual of interest.

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§ 34.30 Application of payments and accrual of interest.
We apply payments received through a garnishment in the following order—
(a) To costs incurred to collect the debt;
(b) To interest accrued on the debt at the rate established by—
(1) The terms of the obligation under which it arises; or
(2) Applicable law; and
(c) To outstanding principal of the debt.
(Authority: 31 U.S.C. 3720D)

Title 34 published on 2013-07-01

no entries appear in the Federal Register after this date.