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Electronic Code of Federal Regulations

e-CFR Data is current as of March 30, 2015

Title 34Subtitle BChapter VIPart 674Subpart D → Appendix

Title 34: Education
Subpart D—Loan Cancellation

Appendix E to Part 674—Examples for Computing Maximum Penalty Charges (6 Months Unpaid Overdue Payments) on Direct Loans Made for Periods of Enrollment Before January 1, 1986

Monthly repayment scheduleInstallment due dates—Missed paymentsSeparate monthly maximum penalty charges
Jan. 2Feb. 2Mar. 2Apr. 2May 2June 2
1st Past due installment$1$1
2nd Past due installment$1+$23
3rd Past due installment$3+$25
4th Past due installment$5+$27
5th Past due installment$7+$29
6th Past due installment$9+$211
Cumulative maximum subtotals149162536
Bimonthly repayment scheduleInstallment due dates—Missed paymentsSeparate bimonthly maximum penalty charges
Jan. 2Mar. 2May 2
1st Past due installment$3$3
2nd Past due installment$3+$36
3rd Past due installment$6+$39
Cumulative maximum subtotals3918
Quarterly repayment scheduleInstallment due dates—Missed paymentsSeparate quarterly maximum penalty charges
Jan. 2Apr. 2
1st Past due installment$6$6
2nd Past due installment$6+$612
Cumulative maximum subtotals618

Note. In the above table of examples, the Cumulative Maximum Subtotal line contains the maximum penalty charges that can be assessed on an NDSL borrower for any given installment that was missed on its due date. For example, if three borrowers, all on different repayment schedules, owed and missed their first installment payment on January 2 and all three made their next payment on April 10, the maximum penalty charges that could be assessed each individual borrower would be as follows: $16 to the monthly repayment schedule borrower; $9 to the bimonthly repayment schedule borrower; and $18 to the quarterly repayment schedule borrower.

[46 FR 5241, Jan. 19, 1981]

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