Subsec. (b)(1)(A). Club. L. 109–234, § 7015(a), hit aside “and you will (i) the lending company retains a great mortgage of this borrower that’s chosen from the debtor to have combination less than it point, apart from that it term shall not implement in the case of a borrower which have multiple holders off loans less than this region, otherwise (ii) new debtor certifies that debtor have desired and also started not able to receive a consolidation financing which have income-sensitive and painful installment terminology about people of a great funds regarding you to definitely borrower (being therefore chosen to own consolidation)” once “mortgage below it section”.
Subsec. (b)(5). Club. L. 109–234, § 7015(c), reenacted supposed in the place of changes and replaced for the text “When the a borrower struggles to receive a good consolidation loan from a lender having a contract around subsection (a)(1), or perhaps is unable to receive an integration mortgage having income-sensitive payment terminology acceptable for the borrower out-of for example a loan provider, the Assistant shall render such borrower whom applies because of it, a national Head Combination mortgage. Such head integration mortgage” to own “If the a borrower struggles to get an excellent combination mortgage away from a loan provider having an agreement below subsection (a)(1) for the section, or perhaps is not able to get a consolidation financing having income-painful and sensitive fees terms appropriate towards the borrower of instance a lender, the newest Assistant should offer these debtor whom enforce for this, a direct combination loan.
Particularly head integration loan”
Club. L. 109–171, § 8009(a)(2), which directed replacement regarding “If the a loan 
provider with an agreement lower than subsection (a)(1) regarding the area denies an integration application for the loan submitted to new lender from the a qualified debtor not as much as that it point, or rejects a loan application published to the lender of the like a great debtor to own an integration loan with earnings-delicate payment words, the brand new Secretary should offer these debtor who is applicable for this, a federal Lead Combination financing. ” to possess basic sentence, is repealed because of the Pub. L. 109–234, § 7015(d). Discover Effective Go out away from 2006 Modification note below.
2002-Subsec. (c)(1)(A). Pub. L. 107–139 revised subpar. (A) essentially. Just before amendment, subpar. (A) realize the following: “Despite subparagraphs (B) and you may (C), with regards to any mortgage made lower than which area whereby the application form is actually gotten of the an eligible financial towards the or immediately after , the latest appropriate interest rate are computed significantly less than section 1077a(k)(4) in the identity.”
1998-Subsec. (a)(3). Bar. L. 105–244, § 420(a), amended going, added subpars. (A) and (B), and you may strike aside former subpars. (A) and you may (B) and therefore laid out the definition of “eligible debtor”, taken to termination away from individual’s updates given that an eligible debtor, and you can sent to counting money against certain limits towards aggregate indebtedness.
L. 105–244, § 420(c)(1), joined “besides so it term shall perhaps not pertain regarding a debtor which have several holders from money lower than that it part,” shortly after “significantly less than this part,”
Subsec. (a)(4)(C). Bar. L. 105–244, § 420(b), extra subpar. (C) and struck out previous subpar. (C) hence realize below: “produced significantly less than part D for the subchapter, apart from funds generated around including part shall be qualified pupil money simply for integration fund whereby the program are obtained by the an eligible financial when you look at the months birth towards November thirteen, 1997 , and stop into the October 1, 1998 ;”.
Subsec. (b)(4)(C)(ii). Bar. L. 105–244, § 420(c)(2), inserted “during the any such months” just after “and be reduced” during the basic conditions and you may struck out “, otherwise on the or once Oct step one, 1998 ,” in advance of “you to definitely consolidated” from inside the subcl. (I) and you will “and you can before Oct step one, 1998 ,” prior to “apart from” from inside the subcl. (II).
