Except as otherwise provided in §
121.67 (relating to repayment), a
note shall be declared in default at the following times:
(1) One hundred and eighty days, or as
otherwise established by the Agency to comply with Federal statutes or
regulations, after the date on which a monthly payment was scheduled to be made
by a student borrower under a repayment schedule, if the borrower fails to make
the monthly payment within 180 days of its due date, or as otherwise
established by the Agency to comply with Federal statutes or
regulations.
(2) Two hundred forty
days, or as otherwise established by the Agency to comply with Federal statutes
or regulations, after the date on which a quarterly payment of nonsubsidized
interest was scheduled to be made by a student borrower under a quarterly
interest repayment schedule, if the borrower fails to make the quarterly
payment within 240 days of its due date, or as otherwise established by the
Agency to comply with Federal statutes or regulations.
Notes
The
provisions of this § 121.70 adopted February 27, 1969; amended May 21,
1976, effective 5/22/1976, 6
Pa.B. 1134; amended May 5, 1982, effective 5/6/1982, 12 Pa.B. 869; amended January 16,
1987, effective 1/17/1987, 17
Pa.B. 249; amended July 12, 1996, effective 7/13/1996, 26 Pa.B.
3321.
The provisions of this § 121.70 amended under
section 4 of the act of August 7, 1963 (P. L. 549, No. 290) (24 P. S. §
5104); section 1 of the act of January 25,
1966 (P. L. 1546, No. 541) (24 P. S. §
5151); the act of July 18, 1974 (P. L. 483,
No. 174) (24 P. S. §§
5181-5189); the act of July 1,
1988 (P. L. 1259, No. 155) (24 P. S. §§
5191-5197); and the act of June
26, 1992 (P. L. 322, No. 64) (24 P. S. §§
5198.1-5198.7).
