(2) Up on bill of the proceeds away from a direct Consolidation Mortgage, the brand new manager out of a good consolidated financing need certainly to promptly pertain this new proceeds to totally launch new borrower’s obligations with the consolidated loan.
(3) The main harmony from an immediate Consolidation Loan is equal to the full total wide variety paid into the people of the consolidated finance.
The newest Assistant find the brand new cost several months significantly less than § (i) using the an excellent stability towards the the borrower’s financing that are qualified to receive integration and the stability to your other degree fund but just like the given in the sentences (i)(3)(i), (ii), and you will (iii) of this area
(4) In the event your number paid off by Secretary into the proprietor off a consolidated loan is higher than the amount had a need to launch financing, new holder of your consolidated loan need to punctually refund the excess amount to the fresh Secretary is paid against the an excellent balance of your own Lead Combination Financing.
(5) In the event your number reduced because of the Secretary for the proprietor out-of the new consolidated mortgage try insufficient to release financing, the fresh proprietor must alert brand new Assistant on paper of left number owed on financing. The latest Secretary promptly pays the rest count due.
(g) Interest. The speed to the a primary Paid Consolidation Loan or good Direct Unsubsidized Combination Financing ‘s the rate created in § (a)(10)(i). The interest rate to your an immediate Along with Combination Mortgage is the rates established in § (a)(10)(ii).
(h) Cost plans. (more…)