 
      CHAPTER 28--HIGHER EDUCATION RESOURCES AND STUDENT ASSISTANCE
 
                    SUBCHAPTER IV--STUDENT ASSISTANCE
 
              Part B--Federal Family Education Loan Program
 
Sec. 1074. Scope and duration of Federal loan insurance program


(a) Limitations on amounts of loans covered by Federal insurance

    The total principal amount of new loans made and installments paid 
pursuant to lines of credit (as defined in section 1085 of this title) 
to students covered by Federal loan insurance under this part shall not 
exceed $2,000,000,000 for the period from July 1, 1976, to September 30, 
1976, and for each of the succeeding fiscal years ending prior to 
October 1, 2004. Thereafter, Federal loan insurance pursuant to this 
part may be granted only for loans made (or for loan installments paid 
pursuant to lines of credit) to enable students, who have obtained prior 
loans insured under this part, to continue or complete their educational 
program; but no insurance may be granted for any loan made or 
installment paid after September 30, 2008.

(b) Apportionment of amounts

    The Secretary may, if he or she finds it necessary to do so in order 
to assure an equitable distribution of the benefits of this part, 
assign, within the maximum amounts specified in subsection (a) of this 
section, 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.

(Pub. L. 89-329, title IV, Sec. 424, as added Pub. L. 99-498, title IV, 
Sec. 402(a), Oct. 17, 1986, 100 Stat. 1358; amended Pub. L. 102-325, 
title IV, Sec. 411(b)(1), July 23, 1992, 106 Stat. 510; Pub. L. 105-33, 
title VI, Sec. 6104(1), Aug. 5, 1997, 111 Stat. 652; Pub. L. 105-244, 
title IV, Sec. 414, Oct. 7, 1998, 112 Stat. 1679.)


                            Prior Provisions

    A prior section 1074, Pub. L. 89-329, title IV, Sec. 424, Nov. 8, 
1965, 79 Stat. 1237; Pub. L. 90-460, Sec. 1(a)(1), Aug. 3, 1968, 82 
Stat. 634; Pub. L. 90-575, title I, Sec. 112(a), Oct. 16, 1968, 82 Stat. 
1020; Pub. L. 92-318, title I, Sec. 132(a), June 23, 1972, 86 Stat. 261; 
Pub. L. 94-328, Sec. 2(a), June 30, 1976, 90 Stat. 727; Pub. L. 94-482, 
title I, Sec. 127(a), Oct. 12, 1976, 90 Stat. 2103; Pub. L. 96-374, 
title IV, Sec. 411(a), title XIII, Sec. 1391(a)(1), Oct. 3, 1980, 94 
Stat. 1415, 1503; Pub. L. 99-272, title XVI, Sec. 16018(a)(1), Apr. 7, 
1986, 100 Stat. 348, related to new loans under Federal loan insurance 
program, prior to the general revision of this part by Pub. L. 99-498.


                               Amendments

    1998--Subsec. (a). Pub. L. 105-244 substituted ``October 1, 2004'' 
for ``October 1, 2002'' and ``September 30, 2008'' for ``September 30, 
2006''.
    1997--Subsec. (a). Pub. L. 105-33 substituted ``October 1, 2002'' 
for ``October 1, 1998'' and ``September 30, 2006'' for ``September 30, 
2002''.
    1992--Subsec. (a). Pub. L. 102-325 substituted ``October 1, 1998'' 
for ``October 1, 1992'' and ``September 30, 2002'' for ``September 30, 
1997''.


                    Effective Date of 1998 Amendment

    Amendment by Pub. L. 105-244 effective Oct. 1, 1998, except as 
otherwise provided in Pub. L. 105-244, see section 3 of Pub. L. 105-244, 
set out as a note under section 1001 of this title.

                  Section Referred to in Other Sections

    This section is referred to in sections 1078-3, 1079 of this title.
