Subsec. (b)(1)(A). Bar. L. 109–234, § 7015(a), struck aside “and you can (i) the financial institution holds an excellent financing of these borrower that’s chose from the borrower getting integration under that it point, aside from so it condition should not incorporate in the case of a borrower having several people out-of money lower than so it region, otherwise (ii) the fresh new debtor certifies that debtor enjoys found and contains been not able to obtain a consolidation financing having earnings-painful and sensitive fees terminology throughout the proprietors of one’s the money from one borrower (which are therefore picked for integration)” once “loan significantly less than it point”.
Subsec. (b)(5). Club. L. 109–234, § 7015(c), reenacted heading in the place of change and you may substituted into the text “If the a debtor is not able to obtain a good consolidation loan regarding a lender that have a binding agreement significantly less than subsection (a)(1), or perhaps is struggling to obtain a combination loan which have income-painful and sensitive repayment words acceptable to the debtor away from for example a lender, new Assistant should bring these debtor who can be applied because of it, a federal Head Combination financing. Such as for instance lead combination financing” to possess “If the a debtor is not able to get an effective consolidation loan regarding a loan provider having a binding agreement lower than subsection (a)(1) for the part, or perhaps is incapable of receive an integration loan that have money-sensitive installment terms appropriate on borrower away from such as a lender, brand new Secretary shall render any such borrower exactly who enforce for it, an immediate integration loan.
Bar. L. 109–171, § 8009(a)(2), and therefore led replacing off “If a loan provider with an agreement significantly less than subsection (a)(1) associated with area rejects a combination loan application published to new financial of the a qualified borrower significantly less than it part, or denies a credit card applicatoin published to the lending company by like a great borrower for an integration mortgage which have income-delicate payment terminology, the fresh Assistant will bring such borrower whom enforce because of it, a federal Direct Integration mortgage. ” to possess very first sentence, try repealed of the Bar. L. 109–234, § 7015(d). Come across Effective Date find here regarding 2006 Amendment note less than.
2002-Subsec. (c)(1)(A). Bar. L. 107–139 amended subpar. (A) generally. Just before modification, subpar. (A) read below: “Notwithstanding subparagraphs (B) and (C), when it comes to one financing produced not as much as that it section which the applying try received from the a qualified bank to the otherwise immediately after , the fresh new appropriate interest is going to be computed significantly less than part 1077a(k)(4) of the title.”
1998-Subsec. (a)(3). Bar. L. 105–244, § 420(a), revised going, extra subpars. (A) and you will (B), and you may strike out former subpars. (A) and you will (B) and therefore outlined the word “eligible debtor”, sent to cancellation out-of individual’s updates while the a qualified debtor, and delivered to counting loans up against particular limitations for the aggregate indebtedness.
Subsec. (a)(4)(C). Bar. L. 105–244, § 420(b), added subpar. (C) and you may hit aside former subpar. (C) which read below: “produced less than area D of this subchapter, besides funds produced less than such as part is qualified pupil loans only for combination loans wherein the application form was obtained of the an eligible financial in the months beginning to the November 13, 1997 , and you may stop into the Oct step one, 1998 ;”.
Subsec. (b)(4)(C)(ii). Club. L. 105–244, § 420(c)(2), entered “through the such period” immediately after “and stay paid” in the basic specifications and you can struck away “, otherwise into the or shortly after Oct step one, 1998 ,” just before “one to consolidated” in subcl. (I) and “and you can prior to October step one, 1998 ,” prior to “apart from” in the subcl. (II).