20 U.S.C. § 1071: Statement of purpose; nondiscrimination; and appropriations authorized

to encourage States and nonprofit private institutions and organizations to establish adequate loan insurance programs for students in eligible institutions (as defined in section 1085 of this title ), to provide a Federal program of student loan insurance for students or lenders who do not have reasonable access to a State or private nonprofit program of student loan insurance covered by an agreement under section 1078(b) of this title , to pay a portion of the interest on loans to qualified students which are insured under this part, and to guarantee a portion of each loan insured under a program of a State or of a nonprofit private institution or organization which meets the requirements of section 1078(a)(1)(B) of this title . No agency, organization, institution, bank, credit union, corporation, or other lender who regularly extends, renews, or continues credit or provides insurance under this part shall exclude from receipt or deny the benefits of, or discriminate against any borrower or applicant in obtaining, such credit or insurance on the basis of race, national origin, religion, sex, marital status, age, or handicapped status. there are authorized to be appropriated to the student loan insurance fund (established by section 1081 of this title ) (A) the sum of $1,000,000, and (B) such further sums, if any, as may become necessary for the adequacy of the student loan insurance fund, there are authorized to be appropriated, for payments under section 1078 of this title with respect to interest on student loans and for payments under section 1087 of this title , such sums for the fiscal year ending June 30, 1966 , and succeeding fiscal years, as may be required therefor, there is authorized to be appropriated the sum of $17,500,000 for making advances pursuant to section 1072 of this title for the reserve funds of State and nonprofit private student loan insurance programs, there are authorized to be appropriated (A) the sum of $12,500,000 for making advances after June 30, 1968 , pursuant to sections 1072(a) and (b) of this title, and (B) such sums as may be necessary for making advances pursuant to section 1072(c) of this title , for the reserve funds of State and nonprofit private student loan insurance programs, there are authorized to be appropriated such sums as may be necessary for the purpose of paying a loan processing and issuance fee in accordance with section 1078(f) of this title to guaranty agencies, and there is authorized to be appropriated, and there are appropriated, out of any money in the Treasury not otherwise appropriated, such sums as may be necessary for the purpose of carrying out section 1072(c)(7) of this title . The program established under this part shall be referred to as the “Robert T. Stafford Federal Student Loan Program”. Loans made pursuant to sections 1077 and 1078 of this title shall be known as “Federal Stafford Loans”. no new loans (including consolidation loans) may be made or insured under this part after June 30, 2010 ; and no funds are authorized to be appropriated, or may be expended, under this chapter or any other Act to make or insure loans under this part (including consolidation loans) for which the first disbursement is after June 30, 2010 , Except as otherwise provided, this Act and the amendments made by this Act [see Tables for classification] shall take effect July 1, 1988 . Any provision of this Act or any amendment made by this Act which authorizes appropriations for fiscal year 1988 shall take effect on the date of the enactment of this Act [ Apr. 28, 1988 ]. The provisions of section 2402, relating to the National Center for Vocational Research, shall take effect on April 10, 1988 . The amendments made by section 3403 [amending sections 1221e and 1221e–1 of this title] shall take effect for assessments made after September 30, 1989 , with respect to State data. Allotments to States made under chapters 1 and 2 of title I of the Elementary and Secondary Education Act of 1965 [formerly 20 U.S.C. 2701 et seq., 2911 et seq.] and under the Adult Education Act [formerly 20 U.S.C. 1201 et seq.] from amounts appropriated by the joint resolution entitled ‘Joint resolution making further continuing appropriations for the fiscal year 1988, and for other purposes’, approved December 22, 1987 ( Public Law 100–202 ), shall be computed in accordance with the provisions of law applicable to allotments to States under chapters 1 and 2 of the Education Consolidation and Improvement Act of 1981 [formerly 20 U.S.C. 3801 et seq., 3811 et seq.] and under the Adult Education Act, respectively, as such Acts were in effect on the day before the date of the enactment of this Act [ Apr. 28, 1988 ]. Programs under subchapter D of chapter 2 of the Education Consolidation and Improvement Act of 1981 [formerly 20 U.S.C. 3851 et seq.], except that projects under section 583(c) [formerly 20 U.S.C. 3851(c) ] may not be reviewed by a program significance panel. National programs under the Adult Education Act [formerly 20 U.S.C. 1201 et seq.]. Programs under the Indian Education Act [ Pub. L. 92–318, title IV , see Tables for classification]. Programs under title II of the Education for Economic Security Act [formerly 20 U.S.C. 3961 et seq.]. The program under section 702 of the McKinney-Vento Homeless Assistance Act [formerly 42 U.S.C. 11421 ]. The provisions of part A of title II of this Act [§§ 2001 to 2034 of Pub. L. 100–297 , amending sections 236 et seq. and 631 et seq. of this title], excluding sections 2014(e) and 2018 [amending section 238 of this title and enacting provisions set out as a note under section 238 of this title ], shall apply only with respect to amounts appropriated for fiscal years beginning after September 30, 1988 . The amendments made by section 6001 [amending section 11421 of Title 42 , The Public Health and Welfare], relating to literacy training of homeless adults, shall take effect on October 1, 1988 . Any election under section 5209(b)(1) [ 25 U.S.C. 2508(b)(1) ] conveyed to the Secretary prior to August 1, 1988 , shall take effect for the fiscal year beginning on October 1, 1988 , and thereafter.” as otherwise provided in such part B; the changes in sections 427(a)(2)(C) and 428(b)(1)(M) of the Act [ 20 U.S.C. 1077(a)(2)(C) , 1078(b)(1)(M)] (other than clauses (viii), (ix), and (x) of each such section) shall apply only to loans to new borrowers that (A) are made to cover the cost of instruction for periods of enrollment beginning on or after July 1, 1987 ; or (B) are disbursed on or after July 1, 1987 ; the changes made in sections 425(a), 428(b)(1)(A), and 428(b)(1)(B) of the Act [ 20 U.S.C. 1075(a) , 1078(b)(1)(A), (B)] shall apply with respect only to loans disbursed on or after January 1, 1987 , or made to cover the costs of instruction for periods of enrollment beginning on or after January 1, 1987 ; the changes made in subsections (a), (b), and (d) of section 433 of the Act [ 20 U.S.C. 1083(a) , (b), (d)] shall apply with respect only to loans disbursed on or after January 1, 1987 , or made to cover the costs of instruction for periods of enrollment beginning on or after January 1, 1987 ; the changes in section 428(b)(1)(H) [ 20 U.S.C. 1078(b)(1)(H) ] shall apply with respect only to loans for which the borrower files an application on or after July 1, 1987 ; the changes in sections 435(d)(5) and 438(d) of the Act [ 20 U.S.C. 1085(d)(5) , 1087–1(d)] shall take effect 30 days after the date of enactment of this Act [ Oct. 17, 1986 ]; and the changes made in section 438(b) [ 20 U.S.C. 1087–1(b) ] shall take effect with respect to loans disbursed on or after 30 days after the date of enactment of this Act [ Oct. 17, 1986 ] or made to cover the costs of instruction for periods of enrollment beginning on or after 30 days after the date of enactment of this Act. The changes made in part B of title IV of the Act [ 20 U.S.C. 1071 et seq.] by the amendment made by subsection (a) of this section shall be effective in accordance with subsection (b) of this section without regard to whether such changes are reflected in the regulations prescribed by the Secretary of Education for the purpose of such part. For the purpose of this section, the term ‘new borrower’ means, with respect to any date, an individual who on that date has no outstanding balance of principal or interest owing on any loan made, insured, or guaranteed under part B of title IV of the Act [ 20 U.S.C. 1071 et seq.].”