A borrower who has 1 or more loans in 2 or more of the categories described in paragraph (2), and who has not yet entered repayment on 1 or more of those loans in any of the categories, may consolidate all of the loans of the borrower that are described in paragraph (2) into a Federal Direct Consolidation Loan during the period described in paragraph (3).
(2) Categories of loans that may be consolidated
The categories of loans that may be consolidated under paragraph (1) are—
(A)loans made under this part;
(B)loans purchased by the Secretary pursuant to section
1087i–1 of this title; and
(C)loans made under part B that are held by an eligible lender, as such term is defined in section
1085(d) of this title.
(3) Time period in which loans may be consolidated
The Secretary may make a Federal Direct Consolidation Loan under this section to a borrower whose application for such Federal Direct Consolidation Loan is received on or after July 1, 2010, and before July 1, 2011.
(b) Terms of loans
A Federal Direct Consolidation Loan made under this section shall have the same terms and conditions as a Federal Direct Consolidation Loan made under section
1087e(g) of this title, except that—
(1)in determining the applicable rate of interest on the Federal Direct Consolidation Loan made under this section (other than on a Federal Direct Consolidation Loan described in paragraph (2)), section
1077a(l)(3) of this title shall be applied without rounding the weighted average of the interest rate on the loans consolidated to the nearest higher one-eighth of 1 percent as described in subparagraph (A) of section
1077a(l)(3) of this title; and
(2)if a Federal Direct Consolidation Loan made under this section that repays a loan which is subject to an interest rate determined under section
1077a(g)(2), (j)(2), or (k)(2) of this title, then the interest rate for such Federal Direct Consolidation Loan shall be calculated—
(A)by using the applicable rate of interest described in section
1077a(g)(2), (j)(2), or (k)(2) of this title, respectively; and
(B)in accordance with section
1077a(l)(3) of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.