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Code of Federal Regulations Title 34. Education § 34.34.30 Application of payments and accrual of interest

Current as of January 02, 2025 | Updated by Findlaw Staff

We apply payments received through a garnishment in the following order—

(a) To costs incurred to collect the debt;

(b) To interest accrued on the debt at the rate established by—

(1) The terms of the obligation under which it arises;  or

(2) Applicable law;  and

(c) To outstanding principal of the debt.

(Authority:  31 U.S.C. 3720D)

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Cite this article: FindLaw.com - Code of Federal Regulations Title 34. Education § 34.34.30 Application of payments and accrual of interest - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-34-education/cfr-sect-34-34-30/

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