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20 USC CHAPTER 27 - NATIONAL VOCATIONAL STUDENT LOAN

INSURANCE 01/06/03

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TITLE 20 - EDUCATION

CHAPTER 27 - NATIONAL VOCATIONAL STUDENT LOAN INSURANCE

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CHAPTER 27 - NATIONAL VOCATIONAL STUDENT LOAN INSURANCE

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20 USC Sec. 981 to 996 01/06/03

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TITLE 20 - EDUCATION

CHAPTER 27 - NATIONAL VOCATIONAL STUDENT LOAN INSURANCE

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Sec. 981 to 996. Repealed. Pub. L. 90-575, title I, Sec. 116(c)(1),

Oct. 16, 1968, 82 Stat. 1024

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Section 981, Pub. L. 89-287, Sec. 2, Oct. 22, 1965, 79 Stat.

1037; Pub. L. 90-460, Sec. 2(d)(3), Aug. 3, 1968, 82 Stat. 634, set

forth Congressional declaration of purpose for the chapter and

authorized appropriations to carry out such purpose.

Section 981 note, Pub. L. 89-287, Sec. 1, Oct. 22, 1965, 79 Stat.

1037, provided that Pub. L. 89-287, which enacted this chapter, be

cited as the National Vocational Loan Insurance Act of 1965.

Section 982, Pub. L. 89-287, Sec. 3, Oct. 22, 1965, 79 Stat.

1037, authorized Commissioner to make advances to State and

nonprofit private loan insurance programs.

Section 983, Pub. L. 89-287, Sec. 4, Oct. 22, 1965, 79 Stat.

1038, prohibited Commissioner from issuing certificates of

insurance to lenders in States having adequate non-Federal loan

insurance programs.

Section 984, Pub. L. 89-287, Sec. 5, Oct. 22, 1965, 79 Stat.

1038; Pub. L. 90-460, Sec. 1(b)(1), Aug. 3, 1968, 82 Stat. 634, set

forth scope and duration of loan insurance program of this chapter.

Section 985, Pub. L. 89-287, Sec. 6, Oct. 22, 1965, 79 Stat.

1039, limited annual and aggregate amounts available to individuals

as loans and covered by insurance under this chapter.

Section 986, Pub. L. 89-287, Sec. 7, Oct. 22, 1965, 79 Stat.

1039, provided for insurance coverage for loans made by eligible

lenders, regardless of source of such loaned funds.

Section 987, Pub. L. 89-287, Sec. 8, Oct. 22, 1965, 79 Stat.

1039; Pub. L. 90-460, Sec. 2(c)(1), Aug. 3, 1968, 82 Stat. 634, set

forth prerequisites of student eligibility and terms and conditions

of note executed by student.

Section 988, Pub. L. 89-287, Sec. 9, Oct. 22, 1965, 79 Stat.

1041; Pub. L. 90-460, Sec. 1(b)(2), 2(c)(2), (d), Aug. 3, 1968, 82

Stat. 634, provided for reduction of student interest costs by

Federal payments.

Section 989, Pub. L. 89-287, Sec. 10, Oct. 22, 1965, 79 Stat.

1043, Pub. L. 90-460, Sec. 1(b)(3), Aug. 3, 1968, 82 Stat. 634,

authorized Commissioner to make direct loans to students residing

in areas where loans insurable under this chapter are unavailable.

Section 990, Pub. L. 89-287, Sec. 11, Oct. 22, 1965, 79 Stat.

1043, provided for certificates of insurance to be issued to

eligible lenders.

Section 991, Pub. L. 89-287, Sec. 12, Oct. 22, 1965, 79 Stat.

1045, set forth procedure for collection in case of default, death,

or disability of student borrower.

Section 992, Pub. L. 89-287, Sec. 13, Oct. 22, 1965, 79 Stat.

1046, established Vocational Student Loan Insurance Fund.

Section 993, Pub. L. 89-287, Sec. 14, Oct. 22, 1965, 79 Stat.

1047, enumerated powers and duties of Commissioner with respect to

carrying out purposes of this chapter.

Section 994, Pub. L. 89-287, Sec. 15, Oct. 22, 1965, 79 Stat.

1048, established Advisory Council on Insured Loans to Vocational

Students in the Office of Education.

Section 995, Pub. L. 89-287, Sec. 16, Oct. 22, 1965, 79 Stat.

1048, authorized Federal credit unions to make insured loans to

student members.

Section 996, Pub. L. 89-287, Sec. 17, Oct. 22, 1965, 79 Stat.

1048, defined ''eligible institution'', ''eligible lender'', ''line

of credit'', ''State'', ''Secretary'', and ''Commissioner''.

EFFECTIVE DATE OF REPEAL

Repeal applicable to loans made on or after the 60th day after

Oct. 16, 1968, see section 116(e) of Pub. L. 90-575.

TRANSFER OF ASSETS AND LIABILITIES OF THE VOCATIONAL STUDENT LOAN

INSURANCE FUND

Section 116(c)(2) of Pub. L. 90-575 provided that: ''All assets

and liabilities of the vocational student loan insurance fund

established by section 13 of the National Vocational Student Loan

Insurance Act of 1965 (section 992 of this title), matured or

contingent, shall be transferred to, and become assets and

liabilities of, the student loan insurance fund established by

section 431 of the Higher Education Act of 1965 (section 1081 of

this title). Payments in connection with defaults of loans made on

or after the sixtieth day after the date of enactment of this Act

(Oct. 16, 1968) and insured by the Commissioner (under the

authority of subsection (e)(3) or (e)(4) of this section (set out

as a note under section 1083 of this title)) under the National

Vocational Student Loan Insurance Act of 1965 (sections 981 to 996

of this title) shall be paid out of the fund established by such

section 431.''

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