§ 981 to 996. — Repealed.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 20USC981]
TITLE 20--EDUCATION
CHAPTER 27--NATIONAL VOCATIONAL STUDENT LOAN INSURANCE
Secs. 981 to 996. Repealed. Pub. L. 90-575, title I,
Sec. 116(c)(1), Oct. 16, 1968, 82 Stat. 1024
Section 981, Pub. L. 89-287, Sec. 2, Oct. 22, 1965, 79 Stat. 1037;
Pub. L. 90-460, Sec. 2(d)(3), Aug. 3, 1968, 82 Stat. 634, set forth
Congressional declaration of purpose for the chapter and authorized
appropriations to carry out such purpose.
Section 981 note, Pub. L. 89-287, Sec. 1, Oct. 22, 1965, 79 Stat.
1037, provided that Pub. L. 89-287, which enacted this chapter, be cited
as the National Vocational Loan Insurance Act of 1965.
Section 982, Pub. L. 89-287, Sec. 3, Oct. 22, 1965, 79 Stat. 1037,
authorized Commissioner to make advances to State and nonprofit private
loan insurance programs.
Section 983, Pub. L. 89-287, Sec. 4, Oct. 22, 1965, 79 Stat. 1038,
prohibited Commissioner from issuing certificates of insurance to
lenders in States having adequate non-Federal loan insurance programs.
Section 984, Pub. L. 89-287, Sec. 5, Oct. 22, 1965, 79 Stat. 1038;
Pub. L. 90-460, Sec. 1(b)(1), Aug. 3, 1968, 82 Stat. 634, set forth
scope and duration of loan insurance program of this chapter.
Section 985, Pub. L. 89-287, Sec. 6, Oct. 22, 1965, 79 Stat. 1039,
limited annual and aggregate amounts available to individuals as loans
and covered by insurance under this chapter.
Section 986, Pub. L. 89-287, Sec. 7, Oct. 22, 1965, 79 Stat. 1039,
provided for insurance coverage for loans made by eligible lenders,
regardless of source of such loaned funds.
Section 987, Pub. L. 89-287, Sec. 8, Oct. 22, 1965, 79 Stat. 1039;
Pub. L. 90-460, Sec. 2(c)(1), Aug. 3, 1968, 82 Stat. 634, set forth
prerequisites of student eligibility and terms and conditions of note
executed by student.
Section 988, Pub. L. 89-287, Sec. 9, Oct. 22, 1965, 79 Stat. 1041;
Pub. L. 90-460, Secs. 1(b)(2), 2(c)(2), (d), Aug. 3, 1968, 82 Stat. 634,
provided for reduction of student interest costs by Federal payments.
Section 989, Pub. L. 89-287, Sec. 10, Oct. 22, 1965, 79 Stat. 1043,
Pub. L. 90-460, Sec. 1(b)(3), Aug. 3, 1968, 82 Stat. 634, authorized
Commissioner to make direct loans to students residing in areas where
loans insurable under this chapter are unavailable.
Section 990, Pub. L. 89-287, Sec. 11, Oct. 22, 1965, 79 Stat. 1043,
provided for certificates of insurance to be issued to eligible lenders.
Section 991, Pub. L. 89-287, Sec. 12, Oct. 22, 1965, 79 Stat. 1045,
set forth procedure for collection in case of default, death, or
disability of student borrower.
Section 992, Pub. L. 89-287, Sec. 13, Oct. 22, 1965, 79 Stat. 1046,
established Vocational Student Loan Insurance Fund.
Section 993, Pub. L. 89-287, Sec. 14, Oct. 22, 1965, 79 Stat. 1047,
enumerated powers and duties of Commissioner with respect to carrying
out purposes of this chapter.
Section 994, Pub. L. 89-287, Sec. 15, Oct. 22, 1965, 79 Stat. 1048,
established Advisory Council on Insured Loans to Vocational Students in
the Office of Education.
Section 995, Pub. L. 89-287, Sec. 16, Oct. 22, 1965, 79 Stat. 1048,
authorized Federal credit unions to make insured loans to student
members.
Section 996, Pub. L. 89-287, Sec. 17, Oct. 22, 1965, 79 Stat. 1048,
defined ``eligible institution'', ``eligible lender'', ``line of
credit'', ``State'', ``Secretary'', and ``Commissioner''.
Effective Date of Repeal
Repeal applicable to loans made on or after the 60th day after Oct.
16, 1968, see section 116(e) of Pub. L. 90-575.
Transfer of Assets and Liabilities of the Vocational Student Loan
Insurance Fund
Section 116(c)(2) of Pub. L. 90-575 provided that: ``All assets and
liabilities of the vocational student loan insurance fund established by
section 13 of the National Vocational Student Loan Insurance Act of 1965
[section 992 of this title], matured or contingent, shall be transferred
to, and become assets and liabilities of, the student loan insurance
fund established by section 431 of the Higher Education Act of 1965
[section 1081 of this title]. Payments in connection with defaults of
loans made on or after the sixtieth day after the date of enactment of
this Act [Oct. 16, 1968] and insured by the Commissioner (under the
authority of subsection (e)(3) or (e)(4) of this section [set out as a
note under section 1083 of this title]) under the National Vocational
Student Loan Insurance Act of 1965 [sections 981 to 996 of this title]
shall be paid out of the fund established by such section 431.''
