34 C.F.R. § 34.30

Current through September 30, 2024

Section 34.30 - Application of payments and accrual of interest

We apply payments received through a garnishment in the following order-

(a) To costs incurred to collect the debt;

(b) To interest accrued on the debt at the rate established by-

(1) The terms of the obligation under which it arises; or

(2) Applicable law; and

(c) To outstanding principal of the debt.

34 C.F.R. §34.30

Authority: 31 U.S.C. 3720D