Page:United States Statutes at Large Volume 101 Part 1.djvu/378

 101 STAT. 348 42 USC 2752.

42 USC 2753.

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42 USC 2756.

20 USC I087d.

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PUBLIC LAW 100-50—JUNE 3, 1987

SEC. 11. COLLEGE WORK-STUDY. (a) REALLOCATION.—Section 442(e)(2) of the Act is amended— ' (1) by inserting "not to exceed" immediately before "25 percent"; (2) by striking out "section 448" and inserting in lieu thereof "section 447"; and (3) by striking out "subsection (c)" and inserting in lieu thereof "section 447(c)". (b) WORK-STUDY AGREEMENTS.—Section 443(b) of the Act is amended— (1) in paragraph (2)(A), by striking out "clause (6)(B)" and inserting "paragraph (5)(B)"; and (2) in paragraph (5)(B), by striking out "clause (2)(A)" and inserting "paragraph (2)(A)". (c) PRIVATE SECTOR AGREEMENT.—(1) Section 443(c) of the Act is amended by striking out "In addition to the" and inserting in lieu thereof "As part of its agreement". (2) Section 443(c)(1) of the Act is amended by inserting "and subsection (b)(3)" before the semicolon. (d) JOB LOCATION AND DEVELOPMENT AGREEMENTS.—Section 446(b) of the Act is amended— (1) by striking out paragraph (3); and (2) by redesignating paragraphs (4) through (7) as paragraphs (3) through (6), respectively. SEC. 12. INCOME CONTINGENT LOAN DEMONSTRATION. Section 454(a)(4) of the Act is amended to read as follows: "(4)(A) The interest rate on loans under this part shall, at the discretion of the participating institution, be (i) computed in accordance with subparagraph (B) based on the interest rate computed for the calendar year in which the loan was made, and fixed over the life of the loan, or (ii) variable each calendar year based on the interest rate computed in accordance with subparagraph (B) for such calendar year. "(B) The interest rate applicable on such loans in accordance with subparagraph (A) shall be obtained by— "(i) computing the average of the bond equivalent rates of 91day Treasury bills auctioned for the 3-month period ending September 30 preceding such year; and "(ii) by adding 3 percent to the resulting percent.". SEC. 13. DIRECT STUDENT LOANS. (a) ALLOCATIONS IN PROPORTION TO FISCAL YEAR 1985 FEDERAL

20 USC I087bb.

CAPITAL CONTRIBUTION.—Section 462(a)(1) of the Act is amended by striking out subparagraph (A) and inserting the following: "(A) 100 percent of the amount of Federal capital contribution such institution received' under this part for fiscal year 1985, multiplied by". • (b) CORRECTION OF REFERENCE.—Section 462(d) of the Act is

amended by redesignating paragraph (3) the second time it appears as paragraph (4). (c) CORRECTION OF HEADING.—Section 462(e) of the Act is amended by striking out "; CASH ON HAND". (d) CORRECTION OF REFERENCE.—Section 462(f) of the Act is amend-

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