{"identifier":"/us/usc/t20/s1087i","title_num":"20","num":"§ 1087i.","heading":"Authority to sell loans","status":null,"guid":"idd07a898a-4aa6-11eb-afbc-da62fdf49fd5","source_credit":"(Pub. L. 89–329, title IV, § 459, as added Pub. L. 105–244, title IV, § 455, Oct. 7, 1998, 112 Stat. 1718.)","seq_in_title":597,"parent_identifier":"/us/usc/t20/ch28/schIV/ptD","ancestors":[{"identifier":"/us/usc/t20","level":"title","num":"Title 20—","heading":"EDUCATION","status":null,"is_section":false},{"identifier":"/us/usc/t20/ch28","level":"chapter","num":"CHAPTER 28—","heading":"HIGHER EDUCATION RESOURCES AND STUDENT ASSISTANCE","status":null,"is_section":false},{"identifier":"/us/usc/t20/ch28/schIV","level":"subchapter","num":"SUBCHAPTER IV—","heading":"STUDENT ASSISTANCE","status":null,"is_section":false},{"identifier":"/us/usc/t20/ch28/schIV/ptD","level":"part","num":"Part D—","heading":"William D. Ford Federal Direct Loan Program","status":null,"is_section":false}],"xml":"<section xmlns=\"http://xml.house.gov/schemas/uslm/1.0\" xmlns:xsi=\"http://www.w3.org/2001/XMLSchema-instance\" xmlns:dc=\"http://purl.org/dc/elements/1.1/\" xmlns:dcterms=\"http://purl.org/dc/terms/\" style=\"-uslm-lc:I80\" id=\"id6c1429c3-d2f2-11e9-aa7d-f436298d01bb\" identifier=\"/us/usc/t20/s1087i\"><num value=\"1087i\">§ 1087i.</num><heading> Authority to sell loans</heading><content>\n<p style=\"-uslm-lc:I11\" class=\"indent0\">The Secretary, in consultation with the Secretary of the Treasury, is authorized to sell loans made under this part on such terms as the Secretary determines are in the best interest of the United States, except that any such sale shall not result in any cost to the Federal Government. Notwithstanding any other provision of law, the proceeds of any such sale may be used by the Secretary to offer reductions in the interest rate paid by a borrower of a loan made under this part as the Secretary determines appropriate to encourage on-time repayment in accordance with <ref href=\"/us/usc/t20/s1087e/b/7\">section 1087e(b)(7) of this title</ref>. Such reductions may be offered only if the Secretary determines the reductions are in the best financial interests of the Federal Government.</p>\n</content><sourceCredit id=\"id6c1450d4-d2f2-11e9-aa7d-f436298d01bb\">(<ref href=\"/us/pl/89/329/tIV/s459\">Pub. L. 89–329, title IV, § 459</ref>, as added <ref href=\"/us/pl/105/244/tIV/s455\">Pub. L. 105–244, title IV, § 455</ref>, <date date=\"1998-10-07\">Oct. 7, 1998</date>, <ref href=\"/us/stat/112/1718\">112 Stat. 1718</ref>.)</sourceCredit>\n<notes type=\"uscNote\" id=\"id6c1450d5-d2f2-11e9-aa7d-f436298d01bb\">\n<note style=\"-uslm-lc:I74\" topic=\"priorProvisions\" id=\"id6c1450d6-d2f2-11e9-aa7d-f436298d01bb\"><heading class=\"centered smallCaps\">Prior Provisions</heading><p style=\"-uslm-lc:I21\" class=\"indent0\">A prior section 1087i, <ref href=\"/us/pl/89/329/tIV/s459\">Pub. L. 89–329, title IV, § 459</ref>, as added <ref href=\"/us/pl/102/325/tIV/s451\">Pub. L. 102–325, title IV, § 451</ref>, <date date=\"1992-07-23\">July 23, 1992</date>, <ref href=\"/us/stat/106/575\">106 Stat. 575</ref>, which related to schedule of regulatory activities by Secretary under Federal direct loan demonstration program, was omitted in the general amendment of this part by <ref href=\"/us/pl/103/66\">Pub. L. 103–66</ref>.</p>\n</note>\n<note style=\"-uslm-lc:I74\" topic=\"effectiveDate\" id=\"id6c1450d7-d2f2-11e9-aa7d-f436298d01bb\"><heading class=\"centered smallCaps\">Effective Date</heading><p style=\"-uslm-lc:I21\" class=\"indent0\">Section effective <date date=\"1998-10-01\">Oct. 1, 1998</date>, except as otherwise provided in <ref href=\"/us/pl/105/244\">Pub. L. 105–244</ref>, see <ref href=\"/us/pl/105/244/s3\">section 3 of Pub. L. 105–244</ref>, set out as an Effective Date of 1998 Amendment note under <ref href=\"/us/usc/t20/s1001\">section 1001 of this title</ref>.</p>\n</note>\n</notes>\n</section>","provision":null,"duplicates":[],"release":{"label":"116-252","currency_date":"2020-12-22","congress":116,"law_num":252,"excluded_laws":[],"update_num":null,"seq":222,"is_partial":false,"caveat":null,"titles_affected":["18","20","31","34","40","42"],"ingested_titles":[]},"served_from":{"label":"116-252","currency_date":"2020-12-22","congress":116,"law_num":252,"excluded_laws":[],"update_num":null,"seq":222,"is_partial":false,"caveat":null,"titles_affected":["18","20","31","34","40","42"],"ingested_titles":[]},"content_first_seen":{"label":"116-56","currency_date":"2019-08-23","congress":116,"law_num":56,"excluded_laws":[],"update_num":null,"seq":182,"is_partial":false,"caveat":null,"titles_affected":["05","11","13","15","20","28","38","42"],"ingested_titles":[]},"is_exact":true,"note":null}