[Code of Federal Regulations]
[Title 34, Volume 3]
[Revised as of July 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 34CFR674.40]

[Page 594]
 
                           TITLE 34--EDUCATION
 
 CHAPTER VI--OFFICE OF POSTSECONDARY EDUCATION, DEPARTMENT OF EDUCATION
 
PART 674_FEDERAL PERKINS LOAN PROGRAM--Table of Contents
 
                        Subpart B_Terms of Loans
 
Sec. 674.40  Treatment of loan repayments where cancellation, loan 

repayments, and minimum monthly repayments apply.

    (a) An institution may not exercise the minimum monthly repayment 
provisions on a note when the borrower has received a partial 
cancellation for the period covered by a postponement.
    (b) If a borrower has received Defense, NDSL, and Perkins loans and 
only one can be cancelled, the amount due on the uncancelled loan is the 
amount established in Sec. 674.31(b) (2), loan repayment terms; Sec. 
674.33(b), minimum repayment rates; or Sec. 674.33(c), extension of 
repayment period.

(Authority: 20 U.S.C. 425 and 1087dd, 1087ee)

[52 FR 45754, Dec. 1, 1987. Redesignated at 59 FR 61410, Nov. 30, 1994]