Veterans' Higher Education Loan Act

Veterans' Higer Education Loan Act - States that the purpose of this Act is to establish a program of insured and direct education loans for eligible veterans enrolled in and pursuing courses in an institution of higher learning for which credit is granted toward a standard college degree. Provides that the total of the loans made to an eligible veteran in any academic year may not exceed $1,500, and that the aggregate insured unpaid principal amount of all such insured loans made to any veteran shall not at any time exceed $6,000. Sets forth the standards applicable to each veteran applying for such loans.

Provides for the repayment of the principal amount of the loan in installments over a period of not less than five years, nor more than ten years beginning not earlier than nine months, nor later than one year, after the date on which the veteran ceases to carry at an approved institution at least one-half of the full-time course.

States that each veteran who has received a loan which is insured by the Administrator under this Act shall be entitled to have paid on his behalf and for his account to the holder of the loan, over the period on the loan, a portion of the interest on the loan.