Section 121.70. Default

Except as otherwise provided in § 121.67 (relating to repayment), a note shall be declared in default at the following times:

(1) One hundred and eighty days, or as otherwise established by the Agency to comply with Federal statutes or regulations, after the date on which a monthly payment was scheduled to be made by a student borrower under a repayment schedule, if the borrower fails to make the monthly payment within 180 days of its due date, or as otherwise established by the Agency to comply with Federal statutes or regulations.

(2) Two hundred forty days, or as otherwise established by the Agency to comply with Federal statutes or regulations, after the date on which a quarterly payment of nonsubsidized interest was scheduled to be made by a student borrower under a quarterly interest repayment schedule, if the borrower fails to make the quarterly payment within 240 days of its due date, or as otherwise established by the Agency to comply with Federal statutes or regulations.

The provisions of this § 121.70 adopted February 27, 1969; amended May 21, 1976, effective May 22, 1976, 6 Pa.B. 1134; amended May 5, 1982, effective May 6, 1982, 12 Pa.B. 869; amended January 16, 1987, effective January 17, 1987, 17 Pa.B. 249; amended July 12, 1996, effective July 13, 1996, 26 Pa.B. 3321. Immediately preceding text appears at serial pages (161836) to (161837).

Notation

Authority

The provisions of this § 121.70 amended under section 4 of the act of August 7, 1963 (P. L. 549, No. 290) (24 P. S. § 5104); section 1 of the act of January 25, 1966 (P. L. 1546, No. 541) (24 P. S. § 5151); the act of July 18, 1974 (P. L. 483, No. 174) (24 P. S. § § 5181—5189); the act of July 1, 1988 (P. L. 1259, No. 155) (24 P. S. § § 5191—5197); and the act of June 26, 1992 (P. L. 322, No. 64) (24 P. S. § § 5198.1—5198.7).