34 CFR § 674.40 - Treatment of loan repayments where cancellation, loan repayments, and minimum monthly repayments apply.
---
identifier: "/us/cfr/t34/s674.40"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "34 CFR § 674.40 - Treatment of loan repayments where cancellation, loan repayments, and minimum monthly repayments apply."
title_number: 34
title_name: "Education"
section_number: "674.40"
section_name: "Treatment of loan repayments where cancellation, loan repayments, and minimum monthly repayments apply."
chapter_name: "OFFICE OF POSTSECONDARY EDUCATION, DEPARTMENT OF EDUCATION"
part_number: "674"
part_name: "FEDERAL PERKINS LOAN PROGRAM"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "20 U.S.C. 1070g, 1087aa-1087hh; Pub. L. 111-256, 124 Stat. 2643; unless otherwise noted."
cfr_part: "674"
---
# 674.40 Treatment of loan repayments where cancellation, loan repayments, and minimum monthly repayments apply.
(a) An institution may not exercise the minimum monthly repayment provisions on a note when the borrower has received a partial cancellation for the period covered by a postponement.
(b) If a borrower has received Defense, NDSL, and Perkins loans and only one can be cancelled, the amount due on the uncancelled loan is the amount established in § 674.31(b) (2), loan repayment terms; § 674.33(b), minimum repayment rates; or § 674.33(c), extension of repayment period.
(Authority: 20 U.S.C. 425 and 1087dd, 1087ee)
[52 FR 45754, Dec. 1, 1987. Redesignated at 59 FR 61410, Nov. 30, 1994]