Page:United States Statutes at Large Volume 106 Part 1.djvu/551

 PUBLIC LAW 102-325—JULY 23, 1992 106 STAT. 519 (2) DEFINITION OF REPAYMENT PERIOD. —Section 428(b) of the Act is amended by adding at the end the following new para- 20 USC 1078. graph: "(7) REPAYMENT PERIOD. —(A) In the case of a loan made under section 427 or 428, the repayment period shall begin on the day immediately following the expiration of the 6-month period after the student ceases to cgirry at least one-half the normal full-time academic workload as determined by the institution, unless the borrower requests and is granted a repa5ment schedule that provides for repayment to commence at an earlier point in time, and shall exclude any period of authorized deferment or forbearance. "(B) In the case of a loan made under section 428A or 428H, the repayment period shall begin on the day the loan is disbursed, or, if the loan is disbursed in multiple installments, on the day of the last such disbursement, and shall exclude any period of authorized deferment or forbearance. "(C) In the case of a loan made xmder section 428B or 428C, the repayment period shall begin on the day the loan is disbursed, and shall exclude any period of authorized deferment or forbearance.". (d) MINIMUM PAYMENT FOR MARRIED COUPLES; MINIMUM PAY- MENT OF INTEREST. — Section 428(b)(l)(L)(i) of the Act is amended by striking ", except that, in the case of a husband and wife" and all that follows through "whichever is less" and inserting "(but in no instance less than the amount of interest due and payable)". (e) DEFERMENTS. — (1) AMENDMENT. —Section 428(b)(l)(M) of the Act is amended to read as follows: "(M) provides that periodic installments of principal need not be paid, but interest shall accrue and be paid by the Secretary, during any period— "(i) during which the borrower— "(I) is pursuing at least a heilf-time course of study as determined by an eligible institution; or "(II) is pursuing a course of study pursuant to a graduate fellowship program approved by the Secretary, or pursuant to a rehabilitation training program for disabled individuals approved by the Secretary, except that no borrower shall be eligible for a deferment under this clause, or loan made under this part (other than a loan made under 428B or 428C), while serving in a medical internship or residency program; "(ii) not in excess of 3 years during which the borrower is seeking and unable to find mil-time employ- ment; or "(iii) not in excess of 3 years for any reason which the lender determines, in accordance with regulations prescribed by the Secretary under section 435(o), has caused or will cause the borrower to have an economic hardship;". (2) DEFINITION OF ECONOMIC HARDSHIP. — Section 435 of the Act is amended by adding at the end the following new sub- 20 USC 1085. section: "(o) ECONOMIC HARDSHIP. —

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