Page:United States Statutes at Large Volume 106 Part 1.djvu/549

 PUBLIC LAW 102-325—JULY 23, 1992 106 STAT. 517 (3) LOANS THAT HAVE NOT BEEN CONSUMMATED.—Section 20 USC i078. 428(a) of the Act is amended by inserting after paragraph (6) the following new paragraph: "(7) LOANS THAT HAVE NOT BEEN CONSUMMATED. —Lenders may not charge interest or receive interest subsidies or special allowance payments for loans for which the disbursement checks have not been cashed or for which electronic funds transfers have not been completed.", (b) LOAN AMOUNTS. — (1) ANNUAL LIMITS. — Section 428(b)(1)(A) of the Act is amended— (A) by inserting "or in a program of study abroad approved for credit by the eligible home institution at which such student is enrolled" after "at an eligible institution"; and (B) by striking clauses (i) through (iii) and inserting the following: "(i) in the case of a student at an eligible institution who has not successftdly completed the first year of a program of undergraduate education— "(I) $2,625, if such student is enrolled in a program whose length is at least one academic year in length (as determined under section 481); "(II) $1,750, if such student is enrolled in a program whose length is less than one academic year, but at least % of such an academic year; and "(III) $875, if such student is enrolled in a program whose length is less than %, but at least Va, of such an academic year; "(ii) in the case of a student who has successfully completed such first year but has not successfully completed the remainder of a program of undergraduate study— "(I) $3,500, if such student is enrolled in a program whose length is at least one academic yesir in length (as determined under section 481); "(II) $2,325, if such student is enrolled in a program whose length is less than one academic year, but at least % of such academic year; and "(III) $1,175, if such student is enrolled in a program whose length is less than Va, but at least Va, of such academic year; "(iii) in the case of a student at an eligible institution who has successfully completed such first and second year but has not successfully completed the remainder of a program of undergraduate study— "(I) $5,500, if such student is enrolled in a pro- I gram whose length is at least one academic year ! in length (as determined under section 481); "(II) $3,675, if such student is enrolled in a program whose length is less than one academic year, but at least % of such an academic year; and "(III) $1,825, if such student is enrolled in a program whose length is less than %, but at least Va, of such an academic year; and

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