legislation: 95-s-3403
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| 95-s-3403 | 95 | s | 3403 | National Student Loan Bank Act | Education | 1978-08-11 | 1978-08-11 | Referred to Senate Committee on Banking, Housing and Urban Affairs. | Senate | Sen. Bellmon, Henry L. [R-OK] | OK | R | B000351 | 0 | National Student Loan Bank Act - Establishes the National Student Loan Bank as a nonprofit corporation of the District of Columbia. States that it shall be the function of such Bank to extend loans not exceeding the cost of attendance to any student who has been accepted for enrollment in an eligible institution and is carrying at least one-half the normal full-time academic workload. Requires such loans to be evidenced by a written agreement, made without security and without endorsement, providing for repayment of such loans in accordance with provisions of this Act. Stipulates that repayment shall begin no later than one year after the borrower ceases to carry at an eligible institution at least one-half the normal full-time academic workload. States that delinquent accounts shall be treated in the same manner as delinquent Federal taxes. Directs the Bank to establish offices easily accessible to students in all parts of the country. Authorizes the Bank to issue and have outstanding obligations, guaranteed by the Secretary of the Treasury, having such maturities and rates of interest as determined by the bank with the approval of the Secretary. Authorizes the Secretary to establish and collect fees for guarantees. Authorizes the Secretary to establish a revolving fund to provide for the payment of any liabilities incurred as a result of such guarantees. Directs the Bank to require borrowers, as a condition of receiving a loan, to purchase certificates of participation in the Bank equal to a minimum of ten percent of the principal of the loan. Authorizes the use of funds obtained under this Act to finance the purchase of such certificates. Sets forth the general powers of the bank. Requires the General Accounting Office to audit the financial transacions of the Bank. Requires the Comptroller General to report annually to the Congress and the President concerning such audit. Exempts the Bank from all Federal, State, and local taxes. Authorizes all obligations issued by the Bank to be accepted as security for all fiduciary, trust, and public funds, the investment of which shall be under the authority of the United States. Requires the Bank to report annually to the President and Congress. Prohibits the making, insuring, or guaranteeing of student loans under specified programs of the Higher Education Act of 1965. Authorizes the Secretary of the Treasury to pay to the Bank such amounts as necessary to reimburse the Bank for nonpayments. Defines the terms used in this Act. | 2025-09-02T17:14:32Z |