§ 1075. Limitations on individual federally insured loans and on Federal loan insurance

Footnotes

1. 1 See References in Text note below.
2. 2 So in original. There is no opening parenthesis.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1986

   Higher Education Act of 1965

   Pub. L. 89–329 title IV § 425 · 79 Stat. 1219

   Enacted · 20 U.S.C. § 1075

   Pub. L. 89–329, title IV, § 425, as added Pub. L. 99–498, title IV, § 402(a), Oct. 17, 1986, 100 Stat. 1359

   Source evidence

   Code source credit
   Pub. L. 89–329, title IV, § 425, as added Pub. L. 99–498, title IV, § 402(a), Oct. 17, 1986, 100 Stat. 1359

   Enacted provision · exact public law section
   Sec. 425. limitations on individual federally insured loans and on federal loan insurance (a) (1) The total of the loans made to a student in any academic year or its equivalent (as determined under regulations of the Commissioner) which may be covered by Federal loan insurance under this part may not exceed $1,500 in the case of a graduate or professional student (as defined in regulations of the Commissioner), or $1,000 in the ease of any other student. The aggregate insured unpaid principal amount of all such insured loans made to any student shall not at any time exceed $7,500 in the case of any graduate or professional student (as defined in regulations of the Commissioner, and including any such insured loans made to such person before he became a graduate or professional student), or $5,000 m the case of any other student. The annual insurable limit per student shall not be deemed to be exceeded by a line of credit under winch actual payments by the lender to the borrower will not be made in any year in excess of the annual limit. (2) If in any academic year or its equivalent a student receives a loan which is insured by the Commissioner under this part, no loan to that student in that year may be made or insured by the Commissioner Ante, p. 1037. under the National Vocational Student Loan Insurance Act of 1965; and if in any academic year or its equivalent a student receives a loan which is made or insured by the Commissioner under the National Vocational Student Loan Insurance Act of 1965, no loan to that student in that year may be insured by the Commissioner under this part. (b) The insurance liability on any loan inspired by the Commissioner under this part shall be 100 per centum of the unpaid balance of the principal amount of the loan. Such insurance liability shall not include liability for interest whether or not that interest has been added to the principal amount of the loan.

2. 1987

   Higher Education Technical Amendments Act of 1987

   Pub. L. 100–50 § 10(a)(1) · 101 Stat. 335

   Inserted · 20 U.S.C. § 1075(a)(2)(A)(i)

   Pub. L. 100–50, § 10(a)(1), inserted “, excluding loans made under section 1078–1 or 1078–2 of this title” after “undergraduate education”

   Source evidence

   Code amendment note
   Subsec. (a)(2)(A)(i). Pub. L. 100–50, § 10(a)(1), inserted “, excluding loans made under section 1078–1 or 1078–2 of this title” after “undergraduate education”.

   Enacted provision · exact public law section
   (1) in clause (i), by inserting “, excluding loans made under section 428A or 428B” after “undergraduate education”; and

3. 1987

   Higher Education Technical Amendments Act of 1987

   Pub. L. 100–50 § 10(a)(2) · 101 Stat. 335

   Inserted · 20 U.S.C. § 1075(a)(2)(A)(ii)

   Pub. L. 100–50, § 10(a)(2), inserted “, excluding loans made under section 1078–1 or 1078–2 of this title” after “graduate or professional student)”

   Source evidence

   Code amendment note
   Subsec. (a)(2)(A)(ii). Pub. L. 100–50, § 10(a)(2), inserted “, excluding loans made under section 1078–1 or 1078–2 of this title” after “graduate or professional student)”.

   Enacted provision · exact public law section
   (2) in clause (ii) by inserting “, excluding loans made under section 428A or 428B” after “graduate or professional student)”.

4. 1992

   Higher Education Amendments of 1992

   Pub. L. 102–325 § 413(1) · 106 Stat. 448

   1. Added · 20 U.S.C. § 1075(a)(1)(A)

      Pub. L. 102–325, § 413(1), added cls. (i) to (iv)

   2. Struck · 20 U.S.C. § 1075(a)(1)(A)

      Pub. L. 102–325, § 413(1), struck out former cls. (i) to (iii) which read as follows:

   Source evidence

   Code amendment note
   Subsec. (a)(1)(A). Pub. L. 102–325, § 413(1), added cls. (i) to (iv) and struck out former cls. (i) to (iii) which read as follows:

   “(i) $2,625, in the case of a student who has not successfully completed the first and second year of a program of undergraduate education; “(ii) $4,000, in the case of a student who has successfully completed such first and second year but who has not successfully completed the remainder of a program of undergraduate education; or “(iii) $7,500, in the case of a graduate or professional student (as defined in regulations of the Secretary).”

   Enacted provision · exact public law section
   (1) in subsection (a)(I)(A) by striking clauses (i), (ii), and (iii) and inserting the following: “(i) in the case of a student at an eligible institution who has not successfully completed the first year of a program of undergraduate education— “(I) $2,625, if such student is enrolled in a program whose length is at least one academic year in length (as determined under section 481); “(II) $1,750, if such student is enrolled in a program whose length is less than one academic year, but at least % of such an academic year; and “(III) $875, if such student is enrolled in a program whose length is less than 2/3, but at least 1/3, of such an academic year; “(ii) in the case of a student who has successfully completed such first year but has not successfully completed the remainder of a program of undergraduate study— “(I) $3,500, if such student is enrolled in a program whose length is at least one academic year in length (as determined under section 481); “(II) $2,325, if such student is enrolled in a program whose length is less than one academic year, but at least % of such an academic year; and “(III) $1,175, if such student is enrolled in a program whose length is less than 2/3, but at least 1/3, of such an academic year; “(iii) in the case of a student at an eligible institution who has successfully completed such first and second year but has not successfully completed the remainder of a program of undergraduate study— “(I) $5,500, if such student is enrolled in a program whose length is at least one academic year in length (as determined under section 481); “(II) $3,675, if such student is enrolled in a program whose length is less than one academic year, but at least 2/3 of such an academic year; and “(III) $1,825, if such student is enrolled in a program whose length is less than 2/3, but at least of such an academic year; and “(iv) in the case of a graduate or professional student (as defined in regulations of the Secretary) at an eligible institution, $8,500;”.

5. 1992

   Higher Education Amendments of 1992

   Pub. L. 102–325 § 413(2) · 106 Stat. 448

   1. Added · 20 U.S.C. § 1075(a)(2)(A)

      Pub. L. 102–325, § 413(2), added cls. (i) and (ii) and concluding provision

   2. Struck · 20 U.S.C. § 1075(a)(2)(A)

      Pub. L. 102–325, § 413(2), struck out former cls. (i) and (ii) which read as follows:

   Source evidence

   Code amendment note
   Subsec. (a)(2)(A). Pub. L. 102–325, § 413(2), added cls. (i) and (ii) and concluding provision and struck out former cls. (i) and (ii) which read as follows:

   “(i) $17,250, in the case of any student who has not successfully completed a program of undergraduate education, excluding loans made under section 1078–1 or 1078–2 of this title; and “(ii) $54,750, in the case of any graduate or professional student (as defined by regulations of the Secretary and including any loans which are insured by the Secretary under this part, or by a guaranty agency, made to such person before he or she became a graduate or professional student), excluding loans made under section 1078–1 or 1078–2 of this title.”

   Enacted provision · exact public law section
   (2) in subsection (a)(2)(A), by striking clauses (i) and (ii) and inserting the following: “(i) $23,000, in the case of any student who has not successfully completed a program of undergraduate education, excluding loans made under section 428A or 428B; and “(ii) $65,500, in the case of any graduate or professional student (as defined by regulations of the Secretary) and (I) including any loans which are insured by the Secretary under this section, or by a guaranty agency, made to such student before the student became a graduate or professional student), but (II) excluding loans made under section 428A or 428B, except that the Secretary may increase the limit applicable to students who are pursuing programs which the Secretary determines are exceptionally expensive”.

6. 1993

   Higher Education Technical Amendments of 1993

   Pub. L. 103–208 § 2(c)(2)(A) · 107 Stat. 2457

   1. Added · 20 U.S.C. § 1075(a)(1)(A)(ii); 20 U.S.C. § 1075(a)(1)(A)(iii)

      Pub. L. 103–208, § 2(c)(2)(A), added cls. (ii) and (iii)

   2. Struck · 20 U.S.C. § 1075(a)(1)(A)(ii); 20 U.S.C. § 1075(a)(1)(A)(iii)

      Pub. L. 103–208, § 2(c)(2)(A), struck out former cls. (ii) and (iii) which read as follows:

   Source evidence

   Code amendment note
   Subsec. (a)(1)(A)(ii), (iii). Pub. L. 103–208, § 2(c)(2)(A), added cls. (ii) and (iii) and struck out former cls. (ii) and (iii) which read as follows:

   “(ii) the case of a student who has successfully completed such first year but has not successfully completed the remainder of a program of undergraduate study— “(I) $3,500, if such student is enrolled in a program whose length is at least one academic year in length (as determined under section 1088 of this title); “(II) $2,325, if such student is enrolled in a program whose length is less than one academic year, but at least ⅔ of such an academic year; and “(III) $1,175, if such student is enrolled in a program whose length is less than ⅔, but at least ⅓, of such an academic year; “(iii) in the case of a student at an eligible institution who has successfully completed such first and second year but has not successfully completed the remainder of a program of undergraduate study— “(I) $5,500, if such student is enrolled in a program whose length is at least one academic year in length (as determined under section 1088 of this title); “(II) $3,675, if such student is enrolled in a program whose length is less than one academic year, but at least ⅔ of such an academic year; and “(III) $1,825, if such student is enrolled in a program whose length is less than ⅔, but at least ⅓, of such an academic year; and”.

   Enacted provision · exact public law section
   (A) by striking clauses (ii) and (iii) and inserting the following: “(ii) in the case of a student at an eligible institution who has successfully completed such first year but has not successfully completed the remainder of a program of undergraduate education— “(I) $3,500; or “(II) if such student is enrolled in a program of undergraduate education, the remainder of which is less than one academic year, the maximum annual loan amount that such student may receive may not exceed the amount that bears the same ratio to the amount specified in subclause (I) as such remainder measured in semester, trimester, quarter, or clock hours bears to one academic year; “(iii) in the case of a student at an eligible institution who has successfully completed the first and second years of a program of undergraduate education but has not successfully completed the remainder of such program— “(I) $5,500; or “(II) if such student is enrolled in a program of undergraduate education, the remainder of which is less than one academic year, the maximum annual loan amount that such student may receive may not exceed the amount that bears the same ratio to the amount specified in subclause (I) as such remainder measured in semester, trimester, quarter, or clock hours bears to one academic year;” and

7. 1993

   Higher Education Technical Amendments of 1993

   Pub. L. 103–208 § 2(c)(2)(B) · 107 Stat. 2457

   Substituted · 20 U.S.C. § 1075(a)(1)(A)(iv)

   Pub. L. 103–208, § 2(c)(2)(B), substituted a period for semicolon at end

   Source evidence

   Code amendment note
   Subsec. (a)(1)(A)(iv). Pub. L. 103–208, § 2(c)(2)(B), substituted a period for semicolon at end.

   Enacted provision · exact public law section
   (B) by striking the semicolon at the end of clause (iv) and inserting a period;

8. 1993

   Higher Education Technical Amendments of 1993

   Pub. L. 103–208 § 2(c)(3) · 107 Stat. 2457

   Added · 20 U.S.C. § 1075(a)(1)(C)

   Pub. L. 103–208, § 2(c)(3), added subpar. (C)

   Source evidence

   Code amendment note
   Subsec. (a)(1)(C). Pub. L. 103–208, § 2(c)(3), added subpar. (C).

   Enacted provision · exact public law section
   (3) in section 425(a)(1), by inserting at the end thereof 20 USC 1075. the following: “(C) For the purpose of subparagraph (A), the number of years that a student has completed in a program of undergraduate education shall include any prior enrollment in an eligible program of undergraduate education for which the student was awarded an associate or baccalaureate degree, if such degree is required by the institution for admission to the program in which the student is enrolled.”;

9. 1998

   Higher Education Amendments of 1998

   Pub. L. 105–244 § 415(1)(A) · 112 Stat. 1581

   Inserted · 20 U.S.C. § 1075(a)(1)(A)(i)(I)

   Pub. L. 105–244, § 415(1)(A), inserted “and” after semicolon

   Source evidence

   Code amendment note
   Subsec. (a)(1)(A)(i)(I). Pub. L. 105–244, § 415(1)(A), inserted “and” after semicolon.

   Enacted provision · exact public law section
   (A) by inserting “and” after the semicolon at the end of subclause (I); and

10. 1998

    Higher Education Amendments of 1998

    Pub. L. 105–244 § 415(1)(B) · 112 Stat. 1581

    1. Added · 20 U.S.C. § 1075(a)(1)(A)(i)(II); 20 U.S.C. § 1075(a)(1)(A)(i)(III)

       Pub. L. 105–244, § 415(1)(B), added subcl. (II)

    2. Struck · 20 U.S.C. § 1075(a)(1)(A)(i)(II); 20 U.S.C. § 1075(a)(1)(A)(i)(III)

       Pub. L. 105–244, § 415(1)(B), struck out former subcls. (II) and (III) which read as follows:

    Source evidence

    Code amendment note
    Subsec. (a)(1)(A)(i)(II), (III). Pub. L. 105–244, § 415(1)(B), added subcl. (II) and struck out former subcls. (II) and (III) which read as follows:

    “(II) $1,750, if such student is enrolled in a program whose length is less than one academic year, but at least ⅔ of such an academic year; and “(III) $875, if such student is enrolled in a program whose length is less than ⅔, but at least ⅓, of such an academic year;”.

    Enacted provision · exact public law section
    (B) by striking subclauses (II) and (III) and inserting the following: “(II) if such student is enrolled in a program of undergraduate education which is less than one academic year, the maximum annual loan amount that such student may receive may not exceed the amount that bears the same ratio to the amount specified in subclause (I) as the length of such program measured in semester, trimester, quarter, or clock hours bears to one academic year;” and

11. 1998

    Higher Education Amendments of 1998

    Pub. L. 105–244 § 415(2) · 112 Stat. 1581

    Inserted · 20 U.S.C. § 1075(a)(1)(A)(iii)(II)

    Pub. L. 105–244, § 415(2), inserted “and” after semicolon at end

    Source evidence

    Code amendment note
    Subsec. (a)(1)(A)(iii)(II). Pub. L. 105–244, § 415(2), inserted “and” after semicolon at end.

    Enacted provision · exact public law section
    (2) by inserting “and” after the semicolon at the end of clause (iii).

12. 2006

    Higher Education Reconciliation Act of 2005

    Pub. L. 109–171 § 8005(a)(1) · 120 Stat. 4

    Substituted · 20 U.S.C. § 1075(a)(1)(A)(i)(I)

    Pub. L. 109–171, § 8005(a)(1), substituted “$3,500” for “$2,625”

    Source evidence

    Code amendment note
    Subsec. (a)(1)(A)(i)(I). Pub. L. 109–171, § 8005(a)(1), substituted “$3,500” for “$2,625”.

    Enacted provision · exact public law section
    (1) in clause (i)(I), by striking “$2,625” and inserting “$3,500”; and

    Effective date note
    Pub. L. 109–171, title VIII, § 8005(e), Feb. 8, 2006, 120 Stat. 159, provided that: “The amendments made by subsections (a), (b), and (d) [amending this section and sections 1078 and 1078–8 of this title] shall be effective July 1, 2007.”

13. 2006

    Higher Education Reconciliation Act of 2005

    Pub. L. 109–171 § 8005(a)(2) · 120 Stat. 4

    Substituted · 20 U.S.C. § 1075(a)(1)(A)(ii)(I)

    Pub. L. 109–171, § 8005(a)(2), substituted “$4,500” for “$3,500”

    Source evidence

    Code amendment note
    Subsec. (a)(1)(A)(ii)(I). Pub. L. 109–171, § 8005(a)(2), substituted “$4,500” for “$3,500”.

    Enacted provision · exact public law section
    (2) in clause (ii)(I), by striking “$3,500” and inserting “$4,500”.

    Effective date note
    Pub. L. 109–171, title VIII, § 8005(e), Feb. 8, 2006, 120 Stat. 159, provided that: “The amendments made by subsections (a), (b), and (d) [amending this section and sections 1078 and 1078–8 of this title] shall be effective July 1, 2007.”

17 of 17 references resolved to an enrolled provision