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42 U.S. Code § 292t

Individuals from disadvantaged backgrounds

42 U.S. Code § 292t. Individuals from disadvantaged backgrounds

(a) Fund agreements regarding certain amountsWith respect to amounts appropriated under subsection (f), each agreement entered into under section 292q of this title with a school shall provide (in addition to the provisions required in subsection (b) of such section) that—
(1) any Federal capital contribution made to the student loan fund of the school from such amounts, together with the school contribution appropriate under subsection (b)(2)(B) of such section to the amount of the Federal capital contribution, will be utilized only for the purpose of—
(A)
making loans to individuals from disadvantaged backgrounds; and
(B)
the costs of the collection of the loans and interest on the loans; and
(2)
collections of principal and interest on loans made pursuant to paragraph (1), and any other earnings of the student loan fund attributable to amounts that are in the fund pursuant to such paragraph, will be utilized only for the purpose described in such paragraph.
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