Page:United States Statutes at Large Volume 106 Part 1.djvu/613

 PUBLIC LAW 102-325—JULY 23, 1992 106 STAT. 581 (1) in paragraph (1), by striking 'this title and who meets the requirements of section 484" and inserting "this title, who meets the requirements of section 484, and who provides the institution with the student's drivers Ucense number, if any, at the time of application for the loan"; and (2) by amending paragraph (2) to read as follows: "(2) If the institution's capital contribution under section 462 is directly or indirectly based in part on the financial need demonstrated by students who are (A) attending the institution less than full time, or (B) independent students, and if the total financial need of all such less than fuU-time and independent students at the institution exceeds 5 percent of the total financial need of all students at such institution, then at least 5 percent of such loans shall be made available to such less than fiili-time and independent students.". (d) MINIMUM MONTHLY PAYMENTS. — Section 464(c)(1)(C) of the Act is amended by striking "$30" each place it appears and inserting 20 USC I087dd. "$40". (e) ELIMINATION OF DEFENSE OF INFANCY. — Section 464(c)(1)(E) of the Act is amended by striking "luiless the borrower is a minor and the note or other evidence of obligation executed by him would not, under appHcable law, create a binding obligation,". (f) DEFERMENTS. —Section 464(c)(2)(A) is amended to read as follows: "(2)(A) No repa5ment of principal of, or interest on, any loan from a student loan fund assisted under this part shall be required during any period— "(i) during which the borrower— "(I) is pursuing at least a half-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 vmder this part 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 full-time employment; "(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; or "(iv) during which the borrower is engaged in service described in section 465(a)(2); and provides that any such period shall not be included in determining the 10-year period described in subparagraph (B).". (g) REPAYMENT PERIOD.—Section 464(c) of the Act is further amended— (1) in paragraph (2), by striking subparagraphs (B) and (C) and inserting the following: "(B) No repayment or principal of, or interest on, any loan for any period described in subparagraph (A) shall begin until 6 months after the completion of such period.. (2) by redesignating paragraph (4) as paragraph (5); (3) by inserting after paragraph (3) the following new paragraph:

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