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ERIC Number: ED016804
Record Type: RIE
Publication Date: 1965-Oct-22
Pages: 13
Abstractor: N/A
Reference Count: 0
ISBN: N/A
ISSN: N/A
PUBLIC LAW 89-287, 89TH CONGRESS, HR 7743.
Congress of the U.S., Washington, DC. House.
THE PURPOSE OF THIS ACT, THE NATIONAL VOCATIONAL STUDENT LOAN INSURANCE ACT OF 1965, IS TO ENABLE THE COMMISSIONER OF EDUCATION TO (1) ENCOURAGE STATES AND NONPROFIT PRIVATE INSTITUTIONS AND ORGANIZATIONS TO ESTABLISH LOAN INSURANCE PROGRAMS FOR STUDENTS IN ELIGIBLE INSTITUTIONS, (2) PROVIDE A FEDERAL PROGRAM OF STUDENT LOAN INSURANCE FOR STUDENTS WHO DO NOT HAVE REASONABLE ACCESS TO A STATE OR PRIVATE NONPROFIT PROGRAM OF STUDENT LOAN INSURANCE, AND (3) PAY A PORTION OF THE INTEREST ON LOANS TO QUALIFIED STUDENTS WHO ARE INSURED UNDER THIS ACT OR UNDER A PROGRAM OF A STATE OR NONPROFIT PRIVATE INSTITUTION OR ORGANIZATION WHICH MEETS THE NECESSARY REQUIREMENTS. THE INSURED LOAN LIMIT IS $1,000 PER ACADEMIC YEAR AND IS NOT TO EXCEED $2,000 AT ANY TIME. THE INSURANCE LIABILITY SHALL BE 100 PERCENT OF THE UNPAID BALANCE OF THE PRINCIPAL AMOUNT OF THE LOAN. ELIGIBLE STUDENTS MUST HAVE BEEN ACCEPTED FOR ENROLLMENT OR BE IN GOOD STANDING AT A POST-SECONDARY BUSINESS, TRADE, TECHNICAL, OR OTHER VOCATIONAL SCHOOL, BE CARRYING AT LEAST ONE-HALF OF THE NORMAL FULL-TIME LOAD, AND HAVE PROVIDED THE LENDER WITH AN INSTITUTIONAL STATEMENT OF THE SCHEDULE OF EDUCATIONAL EXPENSES. THE LOAN IS TO BE REPAID WITH CERTAIN EXCEPTIONS, IN INSTALLMENTS OVER A PERIOD OF NOT LESS THAN 3 YEARS NOR MORE THAN 6 YEARS BEGINNING NOT EARLIER THAN 9 MONTHS NOR LATER THAN 1 YEAR AFTER THE STUDENT CEASES TO MEET THE ELIGIBILITY REQUIREMENTS. (EM)
Publication Type: N/A
Education Level: N/A
Audience: N/A
Language: N/A
Sponsor: N/A
Authoring Institution: Congress of the U.S., Washington, DC. House.
Identifiers: N/A