 
      CHAPTER 28--HIGHER EDUCATION RESOURCES AND STUDENT ASSISTANCE
 
                    SUBCHAPTER IV--STUDENT ASSISTANCE
 
                      Part D--Federal Perkins Loans
 
Sec. 1087gg. Collection of defaulted loans: Perkins Loan 
        Revolving Fund
        

(a) Authority of Secretary to collect referred, transferred, or assigned 
        loans

    With respect to any loan--
        (1) which was made under this part, and
        (2) which is referred, transferred, or assigned to the Secretary 
    by an institution with an agreement under section 1087cc(a) of this 
    title,

the Secretary is authorized to attempt to collect such loan by any means 
authorized by law for collecting claims of the United States (including 
referral to the Attorney General for litigation) and under such terms 
and conditions as the Secretary may prescribe, including reimbursement 
for expenses reasonably incurred in attempting such collection.

(b) Collection of referred, transferred, or assigned loans

    The Secretary shall continue to attempt to collect any loan 
referred, transferred, or assigned under paragraph (5)(A), (5)(B)(i), or 
(6) of section 1087cc(a) \1\ of this title until all appropriate 
collection efforts, as determined by the Secretary, have been expended.
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    \1\ See References in Text note below.
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(Pub. L. 89-329, title IV, Sec. 467, as added Pub. L. 99-498, title IV, 
Sec. 405(a), Oct. 17, 1986, 100 Stat. 1453; amended Pub. L. 102-325, 
title IV, Sec. 467, July 23, 1992, 106 Stat. 584; Pub. L. 105-244, title 
IV, Sec. 467(a), Oct. 7, 1998, 112 Stat. 1728.)

                       References in Text

    Section 1087cc(a) of this title, referred to in subsec. (b), was 
amended by Pub. L. 105-244, title IV, Sec. 463(a)(3), Oct. 7, 1998, 112 
Stat. 1724, which redesignated pars. (5), (6), and (7) as (4), (5), and 
(6), respectively.


                            Prior Provisions

    A prior section 1087gg, Pub. L. 89-329, title IV, Sec. 467, as added 
Pub. L. 96-49, Sec. 5(d)(3)(A), Aug. 13, 1979, 93 Stat. 352; amended 
Pub. L. 96-374, title IV, Sec. 445(c), title XIII, Sec. 1391(a)(1), Oct. 
3, 1980, 94 Stat. 1442, 1503; Pub. L. 99-272, title XVI, Sec. 16029, 
Apr. 7, 1986, 100 Stat. 354, related to collection of defaulted loans, 
prior to the general revision of this part by Pub. L. 99-498.


                               Amendments

    1998--Subsec. (c). Pub. L. 105-244 struck out heading and text of 
subsec. (c) which established the Perkins Loan Revolving Fund and 
provided for deposits into and payments from the Fund.
    1992--Pub. L. 102-325 amended section catchline generally, inserting 
``: Perkins Loan Revolving Fund'' after ``loans'' and added subsec. (c).


                    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.


                    Effective Date of 1992 Amendment

    Amendment by Pub. L. 102-325 to this section, relating to creation 
of Perkins Loan Revolving Fund, effective Sept. 15, 1997, see section 
468(4) of Pub. L. 102-325, set out as a note under section 1087dd of 
this title.


                           Transfer of Balance

    Pub. L. 105-244, title IV, Sec. 467(b), Oct. 7, 1998, 112 Stat. 
1728, provided that: ``Any funds in the Perkins Loan Revolving Fund on 
the date of enactment of this Act [Oct. 7, 1998] shall be transferred to 
and deposited in the Treasury.''

                  Section Referred to in Other Sections

    This section is referred to in section 1087cc of this title.
