National Student Loan Bank Act

Summary

National Student Loan Bank Act - Establishes a nonprofit corporation to be known as the National Student Loan Bank to extend loans to students at eligible institutions as defined under this Act. Sets forth limitations regarding the amounts which may be borrowed by students at the postsecondary and graduate level. Provides for the repayment of such loans over a maximum 30 year period at an interest rate which the Board of Directors of the Bank deems necessary to cover the cost of borrowing capital and of administration of the program. Authorizes the Bank to issue and have outstanding obligations at an aggregate amount of $3,000,000,000 during fiscal years 1978 and 1979. States that the aggregate outstanding amount for the succeeding fiscal years shall be determined by the bank with the approval of the Secretary of the Treasury. Authorizes the Secretary to guarantee obligations issued by the Bank under this Act. Sets forth the general powers of the bank. Provides for an annual audit of the financial transactions of the bank. Requires that a report of each such audit be made to the President and to the Congress by the Comptroller General no later than six months following the close of the fiscal year. Grants such bank tax-exempt status from Federal, State or local taxation with the exception of the real and tangible personal property of the bank and the obligations issued by it. Requires the bank to transmit to the President and the Congress an annual report of its operations and activities. Authorizes the Secretary of the Treasury to reimburse the bank for nonpayments due to deferments of principal and interest, defaults by the borrower, the death or disablement of the borrower, or insufficiencies of payments at the end of term. Authorizes appropriations in amounts as may be necessary for such purpose.

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1 official file

• Introduced in House

  summary · EN · 9 June 1976

  Open at official source

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