Page:United States Statutes at Large Volume 107 Part 1.djvu/388

 107 STAT. 362 PUBLIC LAW 103-66 —AUG. 10, 1993 "(B) A consolidation loan made before July 1, 1994, shall bear interest at an annual rate on the iinpaid principal balance of the loan that is equal to the greater of— "(i) the weighted average of the interest rates on the loans consolidated, rounded to the nearest whole percent; or "(ii) 9 percent. "(C) A consolidation loan made on or after July 1, 1994, shall bear interest at an annual rate on the unpaid principal balance of the loan that is equal to the weighted average of the interest rates on the loans consolidated, rounded upward to the nearest whole percent."; (B) in paragraph (2)— (i) in subparagraph (A)— (I) in the matter preceding clause (i), by striking "income sensitive repayment schedules. Such repayment terms" and inserting "income-sensitive repayment schedules, established by the lender in accordance with the regulations of the Secretary. Except as required by such income-sensitive repayment schedules, or by the terms of repayment pursuant to income contingent repay- ment offered by the Secretary under subsection (b)(5), such repayment terms"; (II) by redesignating clauses (i), (ii), (iii), (iv), and (v) as clauses (ii), (iii), (iv), (v), and (vi), respectively; and (III) by inserting before clause (ii) (as redesignated by subclause (II)) the following new clause: "(i) is less than $7,500, then such consolidation loan shall be repaid in not more than 10 years;"; (ii) by striking subparagraph (B); and (iii) by redesignating subparagraph (C) as subpararaph (B); and rC) in paragraph (3)(B), by inserting "except as required by the terms of repayment pursuant to income contingent repayment offered by the Secretary under subsection (b)(5)," before "the lender^, (b) COHORT DEFAULT RATE CONFORMING AMENDMENTS.— (1) AMENDMENTS TO DEFINITION.— Section 435(m)(l) of the Act (20 U.S.C. 1085) is amended— (A) in subparagraph (A), by inserting "(or on the portion of a loan made under section 428C that is used to repay any such loans)" immediately after "on such loans"; (B) in subparagraph (C), by inserting "(or on the portion of a loan made under section 428C that is used to repay any such loans)" immediately sifter "on such loans"; and (C) in subparagraph (D)— (i) by inserting "(or the portion of a loan made under section 428C that is used to repay a loan made under such section)" after "section 428A" the first place it appears; and (ii) by inserting "(or a loan made under section 428C a portion of which is used to repay a loan made under such section)" after "section 428A" the second place it appears. grf fC]

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