Appendix E to Part 674 - Examples for Computing Maximum Penalty Charges (6 Months Unpaid Overdue Payments) on Direct Loans Made for Periods of Enrollment Before January 1, 1986  


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  • Appendix E to Part 674 - Examples for Computing Maximum Penalty Charges (6 Months Unpaid Overdue Payments) on Direct Loans Made for Periods of Enrollment Before January 1, 1986

    Monthly repayment schedule Installment due dates - Missed payments Separate monthly maximum penalty charges
    Jan. 2 Feb. 2 Mar. 2 Apr. 2 May 2 June 2
    1st Past due installment $1 $1
    2nd Past due installment $1 + $2 3
    3rd Past due installment $3 + $2 5
    4th Past due installment $5 + $2 7
    5th Past due installment $7 + $2 9
    6th Past due installment $9 + $2 11
    Cumulative maximum subtotals 1 4 9 16 25 36
    Bimonthly repayment schedule Installment due dates - Missed payments Separate bimonthly maximum penalty charges
    Jan. 2 Mar. 2 May 2
    1st Past due installment $3 $3
    2nd Past due installment $3 + $3 6
    3rd Past due installment $6 + $3 9
    Cumulative maximum subtotals 3 9 18
    Quarterly repayment schedule Installment due dates - Missed payments Separate quarterly maximum penalty charges
    Jan. 2 Apr. 2
    1st Past due installment $6 $6
    2nd Past due installment $6 + $6 12
    Cumulative maximum subtotals 6 18

    [46 FR 5241, Jan. 19, 1981]