Subsec. (b)(1)(A). Pub. L. 109–234, § 7015(a), hit away “and you may (i) the lender keeps a fantastic mortgage of these borrower which is selected by debtor for integration lower than which section, aside from this clause shall not incorporate regarding a debtor which have numerous proprietors regarding fund lower than so it part, otherwise (ii) new borrower certifies that borrower have tried features become unable to receive a combination loan having income-sensitive payment words about holders of your own the finance regarding that debtor (which are therefore selected to own combination)” after “loan lower than it point”.

Subsec. (b)(5). Bar. L. 109–234, § 7015(c), reenacted going without alter and substituted in text “In the event that a borrower is not able to get a beneficial consolidation financing out-of a lender that have a binding agreement less than subsection (a)(1), or perhaps is not able to see an integration loan which have earnings-painful and sensitive installment terms appropriate towards the borrower from such as a loan provider, the fresh new Assistant will offer any such borrower exactly who enforce for this, a national Head Consolidation financing. Such as for instance head combination mortgage” for “In the event the a debtor is not able to get a great integration financing regarding a lender having an agreement below subsection (a)(1) for payday loans Ohio the part, or is incapable of see a combination mortgage which have money-delicate cost words appropriate on the debtor away from such as a loan provider, the fresh new Assistant will give these borrower just who can be applied for this, a direct integration mortgage.

Such as for instance lead combination loan”

Pub. L. 109–171, § 8009(a)(2), and therefore directed replacement from “In the event that a loan provider having an agreement significantly less than subsection (a)(1) associated with section denies a combination loan application submitted to this new financial because of the a qualified debtor less than this section, or denies a credit card applicatoin submitted to the financial institution from the instance a good borrower having an integration loan which have money-delicate fees words, this new Assistant should bring such borrower just who can be applied for it, a national Direct Combination loan. ” to have basic phrase, are repealed of the Club. L. 109–234, § 7015(d). See Energetic Date regarding 2006 Amendment notice below.

2002-Subsec. (c)(1)(A). Pub. L. 107–139 revised subpar. (A) fundamentally. Prior to modification, subpar. (A) realize below: “Despite subparagraphs (B) and you can (C), when it comes to people loan generated less than this area for which the program are obtained from the a qualified lender on the otherwise after , the applicable interest are computed not as much as area 1077a(k)(4) regarding the identity.”

1998-Subsec. (a)(3). Pub. L. 105–244, § 420(a), amended going, extra subpars. (A) and you may (B), and you can strike aside former subpars. (A) and (B) and this outlined the definition of “eligible debtor”, delivered to termination off individual’s position as the a qualified borrower, and you will provided for depending money facing particular limitations to your aggregate indebtedness.

L. 105–244, § 420(c)(1), registered “besides so it clause should perhaps not incorporate in the case of a borrower having numerous owners away from fund less than it area,” immediately following “under that it point,”

Subsec. (a)(4)(C). Bar. L. 105–244, § 420(b), additional subpar. (C) and you may struck out previous subpar. (C) which understand the following: “made under region D regarding the subchapter, apart from funds made under eg part should be qualified student fund simply for combination funds where the application form is received from the an eligible bank inside period delivery towards the November 13, 1997 , and you may conclude with the Oct step one, 1998 ;”.

Subsec. (b)(4)(C)(ii). Pub. L. 105–244, § 420(c)(2), joined “during the these several months” immediately after “and become repaid” when you look at the basic provisions and you will hit away “, or for the otherwise just after Oct 1, 1998 ,” ahead of “one to consolidated” inside the subcl. (I) and “and you will ahead of Oct step 1, 1998 ,” before “besides” in subcl. (II).