Current through Register Vol. 54, No. 45, November 9, 2024
Section 121.183 - Repayment(a) A loan is due for repayment within 60 days after the date upon which all holders of the loans consolidated have discharged the borrower's liability for these loans.(b) The borrower shall repay a Federal Consolidation Loan according to the repayment schedule provided by the lender. The repayment schedule shall provide for repayment in monthly installments and over a term as specified in Federal statutes and regulations.(c) Upon proper notice to the lender, repayment of principal may be deferred in accordance with, and during periods specified in, the Higher Education Act of 1965, the act of November 8, 1965 (Pub.L. No. 89-329, 79 Stat. 1219) and Federal regulations based on this act. The borrower is responsible for interest not paid by the Federal government that accrues during any period principal repayment is deferred. If the borrower has consolidated subsidized Federal Stafford Loans, the interest that accrues during a period of deferment will be paid by the Federal government.The provisions of this §121.183 adopted July 22, 1988, effective 7/23/1988, 18 Pa.B. 3208; amended October 4, 1991, effective 10/5/1991, 21 Pa.B. 4637; amended July 12, 1996, effective 7/13/1996, 26 Pa.B. 3321.The provisions of this §121.183 issued under section 4 of the act of August 7, 1963 (P. L. 549, No. 290) (24 P. S. § 5104); amended under section 4 of the act of August 7, 1963 (P. L. 549, No. 290) (24 P. S. § 5104); section 1 of the act of January 25, 1966 (P. L. 1546, No. 541) (24 P. S. § 5151); the act of July 18, 1974 (P. L. 483, No. 174) (24 P. S. §§ 5181-5189); the act of July 1, 1988 (P. L. 1259, No. 155) (24 P. S. §§ 5191-5197); and the act of June 26, 1992 (P. L. 322, No. 64) (24 P. S. §§ 5198.1-5198.7).
This section cited in 22 Pa. Code § 121.185 (relating to default).