Page:United States Statutes at Large Volume 106 Part 1.djvu/565

 PUBLIC LAW 102-325—JULY 23, 1992 106 STAT. 533 applicable limitations on aggregate indebtedness contained in sections 425(a)(2), 428(b)(l)rB), 428A(b)(2), and 464(a)(2). Nothing in this section shall be interpreted to authorize the Secretary to require lenders, holders, or guarantors of consolidated loans to receive, to maintain, or to make reports with respect to preexisting records relating to any eligible student loan (as defined under paragraph (4)) discharged by a borrower in receiving a consolidation loan.". (d) CONSOLIDATION OF LOANS OF MARRIED BORROWERS. —Section 428C(a)(3) of the Act is amended by adding at the end the following 20 USC 1078-3. new subparagraph: "(C)(i) A married couple, each of whom has eligible student loans, may be treated as if such couple were an individual borrowing under subparagraphs (A) and (B) if such couple agrees to be held jointly and severally Uable for the repayment of a consolidation loan, without regard to the amounts of the respective loan obligations that are to be consolidated, and wimout regard to any subsequent change that may occur in such couple's marital status. "(ii) Only one spouse in a married couple appl3mig for a consolidation loan under this subparagraph need meet any of the requirements of subsection (b) of this section, except that each spouse shall— "(I) individually make the initial certification that no other application is pending in accordance with subsection (b)(1)(A); and "(II) agree to notify the holder concerning any change of address in accordance with subsection (b)(4).". (e) INTEREST DURING DEFERRAL.—Section 428C(b)(4)(C) of the Act is amended to read as follows: "(C) provides that periodic instsJlments of principal need not be paid, but interest shall accrue and be paid by the Secretary, during any period for which the borrower would be eligible for a deferred under section 428(b)(l)(M), and that any such period shall not be included in determining the repayment period pursuant to subsection (c)(2) of this section;". (f) REPAYMENT SCHEDULES.— Section 428C(c)(2) of the Act is amended by— (1) in the first sentence, by striking "maV' and inserting "shall"; and (2) by striking the second sentence and inserting the following: "Such repayment terms shall require that if the sum of the consolidation loan and the amount outstanding on other student loans to the individual— "(i) is equal to or greater than $7,500 but less than $10,000, then such consohdation loan shall be repaid in not more than 12 years; "(ii) is equal to or greater than $10,000 but less than $20,000, then such consolidation loan shall be repaid in not more than 15 years; "(iii) is equal to or greater than $20,000 but less than $40,000, then such consolidation loan shall be repaid in not more than 20 years; "(iv) is equal to or greater than $40,000 but less than $60,000, then such consolidation loan shall be repaid in not more than 25 years; or

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