Page:United States Statutes at Large Volume 101 Part 1.djvu/374

 101 STAT. 344

20 USC 1078-1.

20 USC 1078. 20 USC 1078-2.

20 USC 1078-1 note. 20 USC 1001 note. 20 USC 1077a.

PUBLIC LAW 100-50—JUNE 3, 1987

section and who meets the conditions required for a deferral under clause (i) of either such section"; and

(C) in subsection (c)(2), by striking out "under sections 427(a)(2)(C)(i) and 428(b)(l)(M)(i)" and inserting "pursuant to paragraph (1) of this subsection", (p) LIMITATION ON SUPPLEMENTAL AND PLUS LOANS.—(1) Section 428A(b)(3) of the Act is amended by striking out the first sentence and inserting the following: "Any loan under this section may be counted as part of the expected family contribution in the determination of need under this title, but no loan may be made to any student under this section for any academic year in excess of (A) the student's estimated cost of attendance, minus (B) other financial aid as certified by the eligible institution under section 428(a)(2)(A).". (2) Section 428B(b)(3) of the Act is amended by striking out the first sentence and inserting the following: "Any loan under this section may be counted as part of the expected family contribution in the determination of need under this title, but no loan may be made to any parent under this section for any academic year in excess of (A) the student's estimated cost of attendance, minus (B) other financial aid as certified by the eligible institution under section 428(a)(2)(A).". (q) REPAYMENT OF SUPPLEMENTAL AND PLUS LOANS.—Sections 428A(c)(2)(A) and 428B(c)(2)(A) of the Act are each amended by inserting "monthly or" before "quarterly". (r) REFINANCING OF SUPPLEMENTAL AND PLUS LOANS.—(1) Sections 428A(d) and 428B(d) of the Act are each amended— (A) in paragraph (1)— (i) by inserting "at any time" after "An eligible lender may" in the first sentence; '^ (ii) by striking out "Unless the borrower complies with the requirements of paragraph (2)," in the second sentence and inserting "Unless the consolidated loan is obtained by a ' borrower who is electing to obtain variable interest under paragraph (2) or (3),"; and (iii) by inserting "(if required by them)" after "shall be reported" in the third sentence; ' (B) in paragraph (2)— (i) by inserting "under this section before July 1, 1987, or" before "under section 428B"; (ii) by striking out "to reissue a loan" and inserting "to reissue a loan or loans"; and ^ (iii) by striking out "reissuing such loan" and inserting "reissuing such loan or loans"; and (C) in paragraph (5)— (i) by striking out "January 1, 1987" and inserting "October 1, 1987"; and (ii) by inserting before the semicolon at the end of •i subparagraph (B) the following: "and of the practical consequences of such options in terms of interest rates and monthly and total payments for a set of loan examples". (2) An eligible lender who has refinanced a loan or loans under section 428A(d) or 428B(d) between the date of enactment of the Higher Education Amendments of 1986 and July 1, 1987, may, at the request of a borrower or with the written consent of the borrower, amend the note or other written evidence of loan as necessary to comply with the requirements of such sections and section 427A(cK4) as amended by this Act. Any borrower who is denied such a request

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