(2) Through to bill of one’s continues of a primary Consolidation Mortgage, the latest owner regarding a beneficial consolidated mortgage need timely implement the newest continues to totally release the latest borrower’s obligation to the consolidated mortgage.

(3) The principal harmony of a primary Integration Mortgage is equivalent to the whole quantity reduced into owners of your own consolidated finance.

The brand new Secretary decides brand new cost months less than § (i) in line with the an excellent balance to the the borrower’s funds which can be qualified to receive integration and also the balance toward almost every other education financing except since considering in the paragraphs (i)(3)(i), (ii), and you will (iii) from the part

(4) Whether your amount paid off because of the Secretary into proprietor off an excellent consolidated financing is higher than the quantity needed seriously to discharge that loan, the new holder of your consolidated mortgage need punctually refund the additional total brand new Assistant to be credited against the a great balance of your own Head Integration Loan.Continue reading→