Page:United States Statutes at Large Volume 107 Part 1.djvu/374

 107 STAT. 348 PUBLIC LAW 103-66—AUG. 10, 1993 "(ii) 2.1 percent, except that such rate shall not exceed 9 percent. \5) PUBLICATION. — The Secretary shall determine the applicable rates of interest under this subsection after consultation with the Secretary of the Treasury and shall publish such rate in the Federal Register as soon as practicable after the date of determination. "(c) LOAN FEE.— The Secretary shall charge the borrower of a loan made under this part an origination fee of 4.0 percent of the principal amount of loan. "(d) REPAYMENT PLANS. — " (1) DESIGN AND SELECTION.—Consistent with criteria established by Uie Secretary, the Secretary shall offer a borrower of a loan made under this part a variety of plans for repayment of such loan, including principal and interest on the loan. The borrower shall be entitled to accelerate, without penalty, repayment on the borrower's loans under this part. The borrower may choose— "(A) a standard repayment plan, with a fixed annual repa3rment amount paid over a fixed period of time, consistent with subsection (a)(1) of this section; "(B) an extended repayment plan, with a fixed annual repayment amount paid over an extended period of time, except that the borrower shall annually repay a minimum amount determined by the Secretary in accordance with section 428(b)(l)(L); "(C) a graduated repayment plan, with annual repay- ment amounts establishea at 2 or more graduated levels and paid over a fixed or extended period of time, except that the borrower's scheduled pa3anents shall not be less than 50 percent, nor more than 150 percent, of what the amortized payment on the amount owed would be if the loan were repaid under the standard repayment plan; and "(D) an income contingent repayment plan, with vary- ing annual repayment amounts based on the income of the borrower, paid over an extended period of time prescribed by the Secretary, not to exceed 25 years, except that the plan described in this subparagraph shall not be available to the borrower of a Federal Direct PLUS loan. "(2) SELECTION BY SECRETARY.— If a borrower of a loan, made under this part does not select a repayment plan described in paragraph (1), the Secretary may provide the borrower with a repayment plan described in subparagraph (A), (B), or (C) of paragraph (1). "(3) CHANGES IN SELECTIONS. —The borrower of a loan made under this part may change the borrower's selection of a repay- ment plan under paragraph (1), or the Secretary's selection of a plan for the borrower under paragraph (2), as the case may be, under such terms and conditions as may be established by the Secretary. "(4) ALTERNATIVE REPAYMENT PLANS. — The Secretary may provide, on a case by case basis, an alternative repayment plan to a borrower of a loan made under this part who demonstrates to the satisfaction of the Secretary that the terms and conditions of the repayment plans available under paragraph (1) are not adequate to accommodate the borrower's

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