Federal Student Loan Act

[AI summary unavailable — showing source text] Federal Student Loan Act - Title I: Loans for College Students - Authorizes the Secretary of Education to enter into agreements with institutions of higher education for a program of student loans. Provides for payments to such institutions during fiscal years 1982 through 1987, for student loans to cover periods through fiscal year 1988. Sets forth the terms of such agreements, including maximum individual and average amounts of such loans per academic year ($3,000 individual and $2,250 average for undergraduates; $4,500 individual and $3,000 average for graduate students). Provides that payments to institutions be used for the establishment and maintenance of separate Federal student loan funds for graduate and undergraduate students at such institutions. Sets forth loan repayment terms. Requires a recipient to make yearly payments to the Secretary equal to five percent of personal net taxable income or ten percent of the total amount of the loan, for a period beginning with the second taxable year such recipient is no longer a bona fide student working toward a degree, until the total amount, without interest, is repaid. Sets an interest rate on any sums due and unpaid. Authoriz…