Page:United States Statutes at Large Volume 106 Part 1.djvu/562

 106 STAT. 530 PUBLIC LAW 102-325—JULY 23, 1992 "FEDERAL SUPPLEMENTAL LOANS FOR STUDENTS". 20 USC 1078-L (b) LOAN LIMITS. —Section 428A(b) of the Act is amended by striking paragraphs (1) and (2) and inserting the following: "(1) ANNUAL LIMIT. —Subject to paragraphs (2) and (3), the maximum amount a student may borrow in any academic year or its equivalent or in any period of 7 consecutive months, whichever is longer, is: "(A) In the case of a student at an eligible institution who has not successfully completed the first and second year of a program of undergraduate education— "(i) $4,000, if such student is enrolled in a program whose length is at least one academic year in length (as determined under section 481); "(ii) $2,500, 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) $1,500, if such student is enrolled in a program whose length is less than %, but at least Va, of such an academic year. "(B) 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) $5,000, if such student is enrolled in a program whose length is at least one academic year in length (as determined under section 481); "(ii) $3,325, if such student is enrolled in a program whose length is less than one academic year, but at least 2/3 of such an academic year; and "(iii) $1,675, if such student is enrolled in a program whose length is less than %, but at least Vs, of such an academic year. "(C) In the case of a graduate or professional student (as defined in regulations of the Secretary) at an eligible institution, $10,000. "(2) AGGREGATE LIMIT. —The aggregate insured principal amount of insured loans made to any student under this section, minus any interest capitalized under subsection (c), shall not exceed— "(A) $23,000, in the case of any student who has not successfully completed a program of undergraduate education; and "(B) $73,000, in the case of any graduate or professional student, as such terms are defined by regulations issued by the Secretary, including any loans which are insured by the Secretary under this section, or by a guaranty agency, made to such student before the student became, a graduate or professional student.". (c) COORDINATION OF STAFFORD AND SLS REPAYMENT. —Section 428A(c)(l) of the Act is amended by adding at the end the following new sentences: "In the case of a borrower under this section who is also a borrower under a program of student loan insurance covered by an agreement under sections 427 or 428(b), the lender shall notify the borrower of the option to defer the commencement of the repayment for six months after the student ceases to carry at an eligible institution at least one-half the norm^ fidl-time

�