republic-os/legal/us/code/title-20/chapter-28/section-1066c.md

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LegalText	20 U.S.C. § 1066c	Limitations on Federal insurance for bonds issued by designated bonding authority	us	united_states_code	code_section	20	EDUCATION	28	HIGHER EDUCATION RESOURCES AND STUDENT ASSISTANCE	1066c	20 U.S.C. § 1066c	current	119-100	2026-06-26	official	https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc20@119-100.zip	/us/usc/t20/s1066c	data/legal/raw/us/code/title-20/usc20.xml	50016c35dd80f30e891edfb71aaa331737cac9541e6e9c05e7d064a6c605b225	6022872c5d6a3398d1728f82f8cefcb58db9f5ff548e2a636450be1e4a8bb052	cf2994006ca95fa24e7bdbdfdf9ace9fbfced069224c01142976f0b47613930a	2026-07-04	official	legal us-code

20 U.S.C. § 1066c - Limitations on Federal insurance for bonds issued by designated bonding authority

Text

(a) Limit on amount At no time shall the aggregate principal amount of outstanding bonds insured under this part together with any accrued unpaid interest thereon exceed $1,100,000,000, of which—

(1) not more than $733,333,333 shall be used for loans to eligible institutions that are private historically Black colleges and universities; and

(2) not more than $366,666,667 shall be used for loans to eligible institutions which are historically Black public colleges and universities.

For purposes of paragraphs (1) and (2), Lincoln University of Pennsylvania is an historically Black public institution. No institution of higher education that has received assistance under section 123 of this title shall be eligible to receive assistance under this part.

(b) Limitation on credit authority The authority of the Secretary to issue letters of credit and insurance under this part is effective only to the extent provided in advance by appropriations Acts.

(c) Religious activity prohibition No loan may be made under this part for any educational program, activity or service related to sectarian instruction or religious worship or provided by a school or department of divinity or to an institution in which a substantial portion of its functions is subsumed in a religious mission.

(d) Discrimination prohibition No loan may be made to an institution under this part if the institution discriminates on account of race, color, religion, national origin, sex (to the extent provided in title IX of the Education Amendments of 1972 [20 U.S.C. 1681 et seq.]), or disabling condition; except that the prohibition with respect to religion shall not apply to an institution which is controlled by or which is closely identified with the tenets of a particular religious organization if the application of this section would not be consistent with the religious tenets of such organization.

(Pub. L. 89–329, title III, § 344, formerly title VII, § 724, as added Pub. L. 102–325, title VII, § 704, July 23, 1992, 106 Stat. 745; renumbered title III, § 344, Pub. L. 105–244, title III, § 301(a)(3), (4), Oct. 7, 1998, 112 Stat. 1636; Pub. L. 110–315, title III, § 314(c), Aug. 14, 2008, 122 Stat. 3181.)

Notes

Editorial Notes

References in TextThe Education Amendments of 1972, referred to in subsec. (d), is Pub. L. 92–318, June 23, 1972, 86 Stat. 235. Title IX of the Act, known as the Patsy Takemoto Mink Equal Opportunity in Education Act, is classified principally to chapter 38 (§ 1681 et seq.) of this title. For complete classification of title IX to the Code, see Short Title note set out under section 1681 of this title and Tables.

Codification Section was formerly classified to section 1132c–3 of this title prior to renumbering by Pub. L. 105–244.

Prior ProvisionsA prior section 344 of Pub. L. 89–329 was classified to section 1069 of this title prior to the general amendment of this subchapter by Pub. L. 99–498.

Amendments2008—Subsec. (a). Pub. L. 110–315, § 314(c)(1), substituted “$1,100,000,000” for “$375,000,000” in introductory provisions. Subsec. (a)(1). Pub. L. 110–315, § 314(c)(2), substituted “$733,333,333” for “$250,000,000”. Subsec. (a)(2). Pub. L. 110–315, § 314(c)(3), substituted “$366,666,667” for “$125,000,000”.