Page:United States Statutes at Large Volume 90 Part 2.djvu/790

 90 STAT. 2258

20 USC 1071.

PUBLIC LAW 94-484—OCT. 12, 1976 for loans made (or for loan installments paid pursuant to lines of credit) to enable students, who have obtained prior loans insured under this subpart, to continue or complete their educational program; but no insurance may be granted for any loan made or installment paid after September 30, 1982. "(b) The Secretary may, if necessary to assure an equitable distribution of the benej&ts of this subpart, assign, within the maximum amounts specified in subsection (a). Federal loan insurance quotas applicable to eligible lenders, or to States or areas, and may from time to time reassign unused portions of these quotas. "(c) The Student Loan Marketing Association, established under part B of title IV of the Higher Education Act of 1965, is authorized to make advances on the security of, purchase, service, sell, or otherwise deal in, student loans which are insured by the Secretary under this subpart. "LIMrrATIONS ON INDIVIDUAL FEDERALLY INSURED LOANS AND ON FEDERAL LOAN INSURANCE

42 USC 294b.

"SEC. 729. (a) The total of the loans made to a student in any academic year or its equivalent (as determined by the Secretary) which may be covered by Federal loan insurance under this subpart may not exceed $10,000 in the case of a student enrolled in a school of medicine, osteopathy, dentistry, veterinary medicine, optometry, podiatry, or public health, and $7,500 in the case of a student enrolled in a school of pharmacy. The aggregate insured unpaid principal amount for all such insured loans made to any student shall not at any time exceed $50,000 in the case of a student enrolled in a school of medicine, osteopathy, dentistry, veterinary medicine, optometry, podiatry, or public health, and $37,500 in the case of a student enrolled in a school of pharmacy. The annual insurable limit per student shall not be exceeded by a line of credit under which actual payments by the lender to the borrower will not be made in any year in excess of the annual limit. "(b) The insurance liability on any loan insured by the Secretary under this subpart shall be 100 percent of the unpaid balance of the principal amount of the loan plus interest. The full faith and credit of the United States is pledged to the payment of all amounts which may be required to be paid under the provisions of section 733 or 738. " S O U R C E S o r FUNDS

42 USC 294c.

"SEC. 730. Loans made by eligible lenders in accordance with this subpart shall be insurable by the Secretary whether made from funds fully owned by the lender or from funds held by the lender in a trust or similar capacity and available for such loans. " E L I G I B I L I T Y OF S T U D E N T BORROWERS AND TERMS OF FEDERALLY INSURED

STUDENT LOANS

42 USC 294d.

"SEC. 731. (a) A loan by an eligible lender shall be insurable by the Secretary under the provisions of this subpart only if— "(1) made to a student who— "(A) has been accepted for enrollment at an eligible institution; " (B) is in good standing at an eligible institution as determined by the institution;

�