Omb No 1845 120 exp date 5 31 Form

Omb No 1845 120 exp date 5 31 2024 Form: What You Should Know

OMB No. . Form Approved. Exp. Date 8/31/2022. OMB No. . OMB Approved. Exp. Date 10/14/2019. OMB No. . OMB Approved. Exp. Date 8/31/2021. Cancellation of Direct Subsidized Loans or Graduate Loans (1) The Secretary is authorized to cancel and require that all Direct Loans or Graduate Loans outstanding on the date of the effective date of this notice be repaid in accordance with the terms of your loan or loan forgiveness in accordance with the eligibility guidelines established under this section 3. (A) The Secretary will cancel a Direct Subsidized Loan upon the expiration date of the original 6-month grace period, regardless of whether you have been making payments. (B) The Secretary will cancel a Direct Graduate Loan upon the expiration date of the original 10-month grace period, regardless of whether you have been making payments. (2) The Secretary will provide you with a written notice not later than 60 days after the date of this notice canceling or requiring repayment upon receipt of sufficient documentation from the originating lender that you are in reasonable financial position to repay the loan as scheduled. If you do not meet this requirement, the Secretary will require repayment before the repayment period for the loan has been completed. (3) If you are a first time borrower under the Revised Revolving Loan Program, you will be required to have a balance of no more than 40,000.00 (Revised Revolving Loan Program Borrowers with a balance of 40,000.00 or less) on your account before you are eligible to have payments reduced or forbearance extended. (4) If any of the amounts on your account become due, you will be required to repay the amounts on your account in accordance with the requirements established in the regulations in this section. (5) The Secretary may require in a particular case that any amount owing to a borrower with a Direct Loan account be paid by checks or other securities or by cash in cashier's checks or by any combination of these methods. The Secretary will provide a means of payment under its control. The Secretary will not reduce or waive any payment to a borrower with a deferred interest loan account who elects a lump sum deferral option or otherwise requests the repayment of deferred interest payments.

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