§ 3078 - Interest payment program

CHAPTER 43— NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION COMMISSIONED OFFICER CORPS › SUBCHAPTER V— RIGHTS AND BENEFITS

(a) The Secretary may pay the interest and any special allowances that accrue on one or more student loans of an eligible officer, in accordance with this section.

(b) An officer is eligible for the benefit described in subsection (a) while the officer—

(b)(1) is serving on active duty;

(b)(2) has not completed more than three years of service on active duty;

(b)(3) is the debtor on one or more unpaid loans described in subsection (c); and

(b)(4) is not in default on any such loan.

(c) The authority to make payments under subsection (a) may be exercised with respect to the following loans:

(c)(1) A loan made, insured, or guaranteed under part B of title IV of the Higher Education Act of 1965 (20 U.S.C. 1071 et seq.).

(c)(2) A loan made under part D of such title (20 U.S.C. 1087a et seq.).

(c)(3) A loan made under part E of such title (20 U.S.C. 1087aa et seq.).

(d) Interest and any special allowance may be paid on behalf of an officer under this section for any of the 36 consecutive months during which the officer is eligible under subsection (b).

(e)(1) The Secretary shall consult with the Secretary of Education regarding the administration of this section.

(e)(2) The Secretary is authorized to reimburse the Secretary of Education—

(e)(2)(A) for the funds necessary to pay interest and special allowances on student loans under this section (in accordance with sections 428(o), 455(l), and 464(j) of the Higher Education Act of 1965 (20 U.S.C. 1078(o), 1087e(l), and 1087dd(j)); [Fn: So in original. The semicolon probably should be preceded by a third closing parenthesis.] and

(e)(2)(B) for any reasonable administrative costs incurred by the Secretary of Education in coordinating the program under this section with the administration of the student loan programs under parts B, D, and E of title IV of the Higher Education Act of 1965 (20 U.S.C. 1071 et seq., 1087a et seq., 1087aa et seq.).

(f) In this section, the term ‘special allowance’ means a special allowance that is payable under section 438 of the Higher Education Act of 1965 (20 U.S.C. 1087–1).

Notes

Editorial Notes

References in Text

The Higher Education Act of 1965, referred to in subsecs. (c) and (e)(2)(B), is Pub. L. 89–329, Nov. 8, 1965, 79 Stat. 1219. Parts B, D, and E of title IV of the Act are classified generally to parts B (§ 1071 et seq.), D (§ 1087a et seq.), and E (§ 1087aa et seq.), respectively, of subchapter IV of chapter 28 of Title 20, Education. For complete classification of this Act to the Code, see section 1 of Pub. L. 89–329, set out as a Short Title note under section 1001 of Title 20 and Tables.