[Code of Federal Regulations]
[Title 34, Volume 3]
[Revised as of July 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 34CFR535.53]

[Page 166]
 
                           TITLE 34--EDUCATION
 
CHAPTER V--OFFICE OF BILINGUAL EDUCATION AND MINORITY LANGUAGES AFFAIRS, 
                         DEPARTMENT OF EDUCATION
 
PART 535--BILINGUAL EDUCATION: GRADUATE FELLOWSHIP PROGRAM--Table of Contents
 
           Subpart F--What Conditions Must Be Met by Fellows?
 
Sec. 535.53  What is the rule regarding interest?

    (a) In accordance with 31 U.S.C. 3717, the Secretary charges a 
fellowship recipient interest on the unpaid balance that the fellowship 
recipient owes.
    (b) No interest is charged for the period of time--
    (1) That precedes the date on which the fellowship recipient is 
required to begin repayment; or
    (2) During which repayment has been deferred under Sec. 535.54.

(Authority: 20 U.S.C. 7475(b))