20 USC 1161l-3 - Education Disaster and Emergency Relief Loan Program

U.S Code last checked for updates: Nov 22, 2024

§ 1161l–3.

Education Disaster and Emergency Relief Loan Program

(a)

Program authorized

(b)

Use of assistance

(c)

Application requirements

To be considered for a loan under this section, an institution of higher education shall—

(1)

submit a financial statement and other appropriate data, documentation, or evidence requested by the Secretary that indicates that the institution incurred losses resulting from the impact of a major disaster or emergency declared by the President, and the monetary amount of such losses;

(2)

demonstrate that the institution had appropriate insurance policies prior to the major disaster or emergency and filed claims, as appropriate, related to the major disaster or emergency; and

(3)

demonstrate that the institution attempted to minimize the cost of any losses by pursuing collateral source compensation from the Federal Emergency Management Agency prior to seeking a loan under this section, except that an institution of higher education shall not be required to receive collateral source compensation from the Federal Emergency Management Agency prior to being eligible for a loan under this section.

(d)

Audit

(e)

Reduction in loan amounts

(f)

Establishment of loan program

Prior to disbursing any loans under this section, the Secretary shall prescribe regulations that establish the Education Disaster and Emergency Relief Loan Program, including—

(1)

terms for the loan program;

(2)

procedures for an application for a loan;

(3)

minimum requirements for the loan program and for receiving a loan, including—

(A)

online forms to be used in submitting a request for a loan;

(B)

information to be included in such forms; and

(C)

procedures to assist in filing and pursuing a loan; and

(4)

any other terms and conditions the Secretary may prescribe after taking into consideration the structure of other existing capital financing loan programs under this chapter.

(g)

Definitions

In this section:

(1)

Institution affected by a Gulf hurricane disaster

The term “institution affected by a Gulf hurricane disaster” means an institution of higher education that—

(A)

is located in an area affected by a Gulf hurricane disaster; and

(B)

is able to demonstrate that the institution—

(i)

incurred physical damage resulting from the impact of a Gulf hurricane disaster; and

(ii)

was not able to fully reopen in existing facilities or to fully reopen to the pre-hurricane levels for 30 days or more on or after August 29, 2005.

(2)

Area affected by a Gulf hurricane disaster; Gulf hurricane disaster

(3)

Emergency

(4)

Institutions of higher education

(5)

Major disaster

(h)

Effective date

(i)

Authorization of appropriations

(Pub. L. 89–329, title VIII, § 824, as added Pub. L. 110–315, title VIII, § 801, Aug. 14, 2008, 122 Stat. 3410; amended Pub. L. 111–39, title VIII, § 801(7), July 1, 2009, 123 Stat. 1956.)

cite as: 20 USC 1161l-3