(a) In General.— Education debt reduction payments under the Education Debt Reduction Program shall consist of payments to individuals selected to participate in the program of amounts to reimburse such individuals for payments by such individuals of principal and interest on loans described in section
7682(a)(2) of this title.
(b) Frequency of Payment.—
(1)The Secretary may make education debt reduction payments to any given participant in the Education Debt Reduction Program on a monthly or annual basis, as determined by the Secretary.
(2)The Secretary shall make such payments at the end of the period determined by the Secretary under paragraph (1).
(c) Performance Requirement.— The Secretary may make education debt reduction payments to a participant in the Education Debt Reduction Program for a period only if the Secretary determines that the individual maintained an acceptable level of performance in the position or positions served by the participant during the period.
(d) Maximum Annual Amount.—
(1)Subject to paragraph (2), the amount of education debt reduction payments made to a participant under the Education Debt Reduction Program may not exceed $60,000 over a total of five years of participation in the Program, of which not more than $12,000 of such payments may be made in each of the fourth and fifth years of participation in the Program.
(2)The total amount payable to a participant in such Program for any year may not exceed the amount of the principal and interest on loans referred to in subsection (a) that is paid by the individual during such year.
(A)The Secretary may waive the limitations under paragraphs (1) and (2) in the case of a participant described in subparagraph (B). In the case of such a waiver, the total amount of education debt repayments payable to that participant is the total amount of the principal and the interest on the participant’s loans referred to in subsection (a).
(B)A participant described in this subparagraph is a participant in the Program who the Secretary determines serves in a position for which there is a shortage of qualified employees by reason of either the location or the requirements of the position.
2002—Subsec. (d)(1). Pub. L. 107–135struck out “for a year” after “a participant” and substituted “exceed $44,000 over a total of five years of participation in the Program, of which not more than $10,000 of such payments may be made in each of the fourth and fifth years of participation in the Program” for “exceed—
“(A) $6,000 for the first year of the participant’s participation in the Program;
“(B) $8,000 for the second year of the participant’s participation in the Program; and
“(C) $10,000 for the third year of the participant’s participation in the Program”.
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
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Description of Change
Statutes at Large
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