Page:United States Statutes at Large Volume 100 Part 2.djvu/368

 100 STAT. 1470

PUBLIC LAW 99-498—OCT. 17, 1986

$15,000, the conversion rate is equal to 6 percent multiplied by a fraction— "(i) the numerator of which is equal to $15,000 minus 7. such family's available income; and "(ii) the denominator of which is $15,000; and "(D) if such family's net worth minus such asset protection allowance is less than zero and such family's available income is less than zero, the conversion rate is 6 percent. "(d) ASSESSMENT SCHEDULE.—The adjusted available income (as determined under subsection (a)(1) and hereafter referred to as 'AAI') is assessed according to the following table (or a successor table prescribed by the Secretary under section 479): "Assessment From Adjusted Available Income (AAI) If AAIis-

Then the assessment is-

Less than $3,409 $3,409 to $7,500 $7,501 to $9,400 $9,401 to $11,300 $11,301 to $13,200 $13,201 to $15,100 $15,101 or more

-$750 22% of AAI $1,650 + 25% of AAI over $2,125 + 29% of AAI over $2,676 + 34% of AAI over $3,322 + 40% of AAI over $4,082 + 47% of AAI over

$7,500 $9,400 $11,300 $13,200 $15,100

REGULATIONS; UPDATED TABLES 20 USC 1087rr.

Regulations.

Federal Register, publication.

Federal Register, publication.

"SEC.

478.

(a)

AUTHORITY

To

PRESCRIBE

REGULATIONS

RE-

STRICTED.—(1) Notwithstanding any other provision of law, the Secretary shall not have the authority to prescribe regulations to carry out this part except— "(A) to prescribe updated tables in accordance with subsections (h) through (e) of this section; or "(B) to propose modifications in the need analysis methodology required by this part. "(2) Any regulation proposed by the Secretary that (A) updates tables in a manner that does not comply with subsections (b) through (e) of this section, or (B) that proposes modifications under paragraph (I)(B) of this subsection, shall not be effective unless approved by joint resolution of the Congress by May 1 following the date such regulations are published in the Federal Register in accordance with section 482. If the Congress fails to approve such regulations by such May 1, the Secretary shall publish in the F ^ e r a l Register in accordance with section 482 updated tables for the applicable award year that are prescribed in accordance with subsections (b) through (e) of this section. "(b) STANDARD MAINTENANCE ALLOWANCE.—For each academic year after academic year 1987-1988, the Secretary shall publish in the Federal Register a revised table of standard maintenance allowances for the purpose of sections 475(c)(4) and 477(b)(4). Such revised table shall be developed by increasing each of the dollar amounts contained in the table in each such section by a percenteige equal to the estimated percentage increase in the C!onsumer Price Index (as determined by the Secretary after consultation with the Advisory Committee on Student Financial Assistance) between December 1986 and the December next preceding the beginning of such academic year, and rounding the result to the nearest $10.

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