Amendment of Section
Pub. L. 116–260, div. FF, title VII, §§ 701(b), 702(a)(2), Dec. 27, 2020, 134 Stat. 3137, 3138, provided that, effective July 1, 2023, except as otherwise expressly provided, and applicable with respect to award year 2023–2024 and each subsequent award year, as determined under this chapter, this section is amended by adding at the end the following:
(c) Maximum aid
The maximum dollar amount of financial assistance provided under this part to a student shall not exceed the cost of attendance for such student.
See 2020 Amendment note below.
A prior section 1087a, Pub. L. 89–329, title IV, § 451, as added Pub. L. 90–575, title I, § 141, Oct. 16, 1968, 82 Stat. 1031; amended Pub. L. 92–318, title I, § 136(a), (b)(1), June 23, 1972, 86 Stat. 272, authorized appropriations for cooperative education programs from the fiscal year ending June 30, 1969, through the fiscal year ending prior to July 1, 1975, prior to repeal by Pub. L. 94–482, title I, § 129(a), Oct. 12, 1976, 90 Stat. 2144, eff. 30 days after Oct. 12, 1976.
2020—Subsec. (c). Pub. L. 116–260 added subsec. (c).
2008—Subsec. (a). Pub. L. 110–227, in first sentence, inserted “(1)” before “to make loans” and “; and (2) for purchasing loans under section 1087i–1 of this title” before period at end and, in second sentence, substituted “Loans made under this part shall” for “Such loans shall”.
1994—Pub. L. 103–382 designated existing provisions as subsec. (a), added heading, and added subsec. (b).
1993—Pub. L. 103–66 amended section generally, substituting provisions relating to program authority for former provisions relating to program and payment authority.
1992—Pub. L. 102–325 amended section generally, substituting provisions relating to program and payment authority for Federal direct loan demonstration program for former provisions relating to statement of purpose of income contingent direct loan demonstration project.
Income Contingent Loan Distribution of Funds
Pub. L. 102–325, title IV, § 452, July 23, 1992, 106 Stat. 575, provided that:
“(a) In General.—
After September 30, 1992
, and not later than March 31, 1992
, the capital balance of the student loan fund established under part D of title IV of the Higher Education Act of 1965
[20 U.S.C. 1087a
et seq.] (as such Act was in effect on the date of enactment of this Act [July 23, 1992
]) shall be distributed by allowing institutions to transfer any remaining funds, including future collections and all other funds at the institution’s discretion, to such institution’s part E [20 U.S.C. 1087aa
et seq.] account, part C [20 U.S.C. 1087–51
et seq.] fund, or subpart 3 of part A [20 U.S.C. 1070b
et seq.] fund under the terms and conditions of the appropriate program.
“(b) Conversion of Existing Loans.—Institutions may, after July 1, 1992, convert all outstanding loans made under part D of title IV of the Higher Education Act of 1965 [20 U.S.C. 1087a et seq.] (as such Act was in effect on such date) to part E [20 U.S.C. 1087aa et seq.] loans, provided that such institution—
notify the borrower of such conversion;
obtain a signed part E promissory note from the borrower for the remaining amount outstanding; and
provide the borrower in writing with a description of all terms and conditions of the new loan.”