Fair Access to Higher Education Act of 1979

[AI summary unavailable — showing source text] Fair Access to Higher Education Act of 1979 - Amends the Higher Education Act of 1965 to replace the fixed $2,500 per school year limitation with one based on increasing amounts per school year for: (1) individual undergraduate Federal loan insurance; (2) State and institution subsidy interest payments for such loans; and (3) undergraduate supplemental loan insurance guarantees. Increases from $7,500 to $11,500 (for undergraduate students), and from $15,000 to $18,000 (for graduate students) the maximum aggregate insured unpaid amounts for: (1) individual Federal loan insurance; (2) State and institution subsidy interest payments for such loans; and (3) supplemental loan insurance guarantees. Provides that an eligible lender (other than an eligible institution) may elect to have such federally-insured school loans collected by the Secretary of the Treasury. Provides that a borrower of such a loan may elect to have it repaid to the Secretary or Commissioner of Education on an income contingent method as defined by this Act. Stipulates that election of any such repayment or collection method must be made by the beginning of the repayment period. Requires the Commissioner of Education…