§7683 Education Debt Reduction

2018—Subsec. (d)(1). Pub. L. 115–182 substituted “$200,000” for “$120,000” and “40,000” for “$24,000”. 2015—Subsec. (d). Pub. L. 114–58 inserted period at end. 2014—Subsec. (a). Pub. L. 113–175, § 408(1), added subsec. (a) and struck out former subsec. (a). Prior to amendment, text read as follows: “Education debt reduction payments under the Education Debt Reduction Program shall consist of payments to individuals selected to participate in the program of amounts to reimburse such individuals for payments by such individuals of principal and interest on loans described in section 7682(a)(2) of this title.” Subsecs. (b)(1), (c). Pub. L. 113–175, § 408(2), substituted “payments to or for” for “payments to”. Subsec. (d)(1). Pub. L. 113–175, § 408(3)(A), substituted “made to or for” for “made to”. Pub. L. 113–146, § 302(b)(1), (2)(B), substituted “The amount” for “Subject to paragraph (2), the amount”, “$120,000” for “$60,000”, and “$24,000 of such payments may be made in each year of participation in the Program” for “$12,000 of such payments may be made in each of the fourth and fifth years of participation in the Program”. Subsec. (d)(2). Pub. L. 113–146, § 302(b)(2)(A)(i), (ii), redesignated par. (3) as (2) and struck out former par. (2) which read as follows: “The total amount payable to a participant in such Program for any year may not exceed the amount of the principal and interest on loans referred to in subsection (a) that is paid by the individual during such year.” Subsec. (d)(2)(A). Pub. L. 113–175, § 408(3)(B), substituted “payable to or for that” for “payable to that”. Pub. L. 113–146, § 302(b)(2)(A)(iii), substituted “paragraph (1)” for “paragraphs (1) and (2)”. Subsec. (d)(3). Pub. L. 113–146, § 302(b)(2)(A)(ii), redesignated par. (3) as (2). 2010—Subsec. (d)(1). Pub. L. 111–163, § 301(c), substituted “$60,000” for “$44,000” and “$12,000” for “$10,000”. Subsec. (d)(3). Pub. L. 111–163, § 301(d), added par. (3). 2002—Subsec. (d)(1). Pub. L. 107–135 struck out “for a year” after “a participant” and substituted “exceed $44,000 over a total of five years of participation in the Program, of which not more than $10,000 of such payments may be made in each of the fourth and fifth years of participation in the Program” for “exceed— “(A) $6,000 for the first year of the participant’s participation in the Program; “(B) $8,000 for the second year of the participant’s participation in the Program; and “(C) $10,000 for the third year of the participant’s participation in the Program”.