In carrying out the provisions of this part, the Secretary is authorized—
(1) to consent to modification, with respect to rate of interest, time of payment of any installment of principal and interest or any portion thereof, or any other provision of any note evidencing a loan which has been made under this part;
(2) to enforce, pay, compromise, waive, or release any right, title, claim, lien, or demand, however acquired, including any equity or any right of redemption;
(3) to conduct litigation in accordance with the provisions of section 1082(a)(2) of this title; and
(4) to enter into a contract or other arrangement with State or nonprofit agencies and, on a competitive basis, with collection agencies for servicing and collection of loans under this part.
Prior Provisions
A prior section 1087hh, Pub. L. 89–329, title IV, §468, as added Pub. L. 96–374, title IV, §442(a), Oct. 3, 1980, 94 Stat. 1437, related to alternative source of funds, prior to the general revision of this part by Pub. L. 99–498.
A prior section 1087ii, Pub. L. 89–329, title IV, §469, as added Pub. L. 96–374, title IV, §442(a), Oct. 3, 1980, 94 Stat. 1439, related to recapture of current balance of student loan funds, prior to the general revision of this part by Pub. L. 99–498.
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