(a)Limitations on amounts of loans covered by Federal insurance
The total principal amount of new loans made and installments paid pursuant to lines
of credit (as defined in section 1085 of this title) to students covered by Federal loan insurance under this part shall
not exceed $2,000,000,000 for the period from July 1, 1976, to September 30, 1976,
for each of the succeeding fiscal years ending prior to October 1, 2009, and for the
period from October 1, 2009, to June 30, 2010, for loans first disbursed on or before
June 30, 2010.
(b)Apportionment of amounts
The Secretary may, if he or she finds it necessary to do so in order to assure an
equitable distribution of the benefits of this part, assign, within the maximum amounts
specified in subsection (a), Federal loan insurance quotas applicable to eligible
lenders, or to States or areas, and may from time to time reassign unused portions
of these quotas.
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