Code of Federal Regulations (Last Updated: October 10, 2024) |
Title 34 - Education |
Subtitle B - Regulations of the Offices of the Department of Education |
Chapter VI - Office of Postsecondary Education, Department of Education |
Part 674 - Federal Perkins Loan Program |
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]