defaulted principal amount outstanding
Defined in 2 places of the United States Code.
The term “defaulted principal amount outstanding” means the total amount borrowed from the loan fund of a school that has reached the repayment stage (minus any principal amount repaid or canceled) on loans—
(i) repayable monthly and in default for at least 120 days; and
(ii) repayable less frequently than monthly and in default for at least 180 days;
Source
- 1994–present42 U.S.C. § 292QThe Public Health and Welfare · Agreements for operation of school loan funds · under this subpart
the term “defaulted principal amount outstanding” means the total amount borrowed from the loan fund of a school that has reached the repayment stage (minus any principal amount repaid or cancelled) on loans—
(i) repayable monthly and in default for at least 120 days; and
(ii) repayable less frequently than monthly and in default for at least 180 days;
Source
- 1994–present42 U.S.C. § 297AThe Public Health and Welfare · Student loan fund · under this part