33 USC 3078 - Interest payment program

U.S Code last checked for updates: Nov 26, 2024

§ 3078.

Interest payment program

(a)

Authority

(b)

Eligible officers

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

(1)

is serving on active duty;

(2)

has not completed more than three years of service on active duty;

(3)

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

(4)

is not in default on any such loan.

(c)

Student loans

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

(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.).

(2)

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

(3)

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

(d)

Maximum benefit

(e)

Coordination with Secretary of Education

(1)

In general

(2)

Reimbursement authorized

The Secretary is authorized to reimburse the Secretary of Education—

(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)); 1

 So in original. The semicolon probably should be preceded by a third closing parenthesis.

and

(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)

Special allowance defined

(Pub. L. 107–372, title II, § 268, as added Pub. L. 116–259, title II, § 202(a), Dec. 23, 2020, 134 Stat. 1162.)

cite as: 33 USC 3078