Student Loan Consolidation and Technical Amend­ments Act of 1983

The Student Loan Consolidation and Technical Amendments Act of 1983 provides additional authority for consolidating student loans and makes technical changes in federal student financial assistance. The law extends existing consolidation authority until November 1, 1983, and requires eligible lenders to disclose certain information to borrowers about their loans. It also amends the Higher Education Act of 1965 to clarify the application of an 8% interest rate on some loans and restricts special allowances for holders of loans made or purchased with funds obtained from authorities issuing tax-exempt obligations.