Page:United States Statutes at Large Volume 107 Part 1.djvu/846

 107 STAT. 820 PUBLIC LAW 103-82—SEPT. 21, 1993 Armed Forces. 42 USC 12604. Loans. ''(1) one-half of an amount equal to the aggregate basic educational assistance allowance provided in section 3015(b)(l) of title 38, United States Code (as in effect on July 28, 1993), for the period referred to in section 3013(a)(l) of such title (as in effect on July 28, 1993), for a member of the Armed Forces who is entitled to such an allowance under section 3011 of such title and whose initial obligated period of active duty is 2 years; less "(2) one-half of the aggregate basic contribution required to be made by the member in section 3011(b) of such title (as in effect on July 28, 1993). provided in subsection (c), ai^ individiial described in section 146(a) who successfully completes a required term of part-time national service in an approved national service position shall receive a national service educational award having a value, for each of not more than 2 of such terms of service, equal to 50 percent of value of the national service educational award determined under subsection (a). "(c) AWARD FOR PARTIAL COMPLETION OF SERVICE.— If an individual serving in an approved national service position is released in accordance with section 139(c)(l)(A) from completing the full-time or part-time term of service agreedtoby the individual, the Corporation may provide the individual with that portion of the national service educational award approved for the mdividual that corresponds to the quantity of the term of service actually completed by the individual. SEC. 148. DISBURSEMENT OF NATIONAL SERVICE EDUCATIONAL AWARDS. "(a) IN GENERAL.— Amounts in the Trust shall be available— "(1) to repay student loans in accordance vfith subsection (b); "(2) to pav all or part of the cost of attendance at an institution of nigher education in accordance with subsection (0; "(3) to pay expenses incurred in participating in an approved school-to-work program in accordance Mdth subsection (a); and "(4) to pay interest expenses in accordance with regulations prescribed pursuant to suDsection (e). ^(b) USE OF EDUCATIONAL AWARD TO REPAY OUTSTANDING STU- DENT LOANS.— "(1) APPLICATION BY ELIGIBLE INDIVIDUALS. —An eligible individual under section 146 who desires to apply the national service educational award of the individual to the repayment of qualified student loans shall submit, in a manner prescribed by the Corporation, an application to the Corporation that— "(A) identifies, or permits the Corporation to identify readily, the holder or holders of such loans; "(B) indicates, or permits the Corporation to determine readily, the amounts of principal and interest outetanding on the locms; "(C) specifies, if the outetanding balance is greater than the amount disbursed under paragraph (2), which of the loans the individual prefers to be pcdd by the Corporation; and
 * (b) AMOUNT FOR PART-TIME NATIONAL SERVICE.— Except as

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