Page:United States Statutes at Large Volume 107 Part 3.djvu/523

 PUBLIC LAW 103-208—DEC. 20, 1993 107 STAT. 2461 exceed the amount that bears the same ratio to the amount specified in subclause (I) as such remainder measured in semester, trimester, quarter, or clock hours bears to one academic year;" and (B) by striking the semicolon at the end of clause (iv) and inserting a period; (3) in section 425(a)(l), by inserting at the end thereof 20 USC 1075. the following: "(C) For the purpose of subparagraph (A), the number of years that a student has completed in a program of undergraduate education shall include any prior enrollment in an eligible program of undergraduate education for which the student was awarded an associate or baccalaureate degree, if such degree is required by the institution for admission to the program in which the student is enrolled."; (4) in the matter following subclause (II) of section 427(a)(2)(C)(i), by inserting "section" before "428B or 428C"; 20 USC 1077. (5) in section 427A(e)(l), by striking "under this part," 20 USC i077a. and inserting "under section 427, 428, or 428H of this part,"; (6) in section 427A(i)(l), by amending subparagraph (B) to read as follows: "(B)(i) during any period in which a student is eligible to have interest payments paid on his or her behalf by the Government pursuant to section 428(a), by crediting the excess interest to the Government; or "(ii) during any other period, by crediting such excess interest to the reduction of principal to the extent provided in paragraph (5) of this subsection."; (7) in section 427A(i)(2)(B>- (A) by striking "outstanding principal balance" and inserting "average daily principal balance; and (B) by striking "at the end of and inserting "during"; (8) in section 427A(i)(4)(B)— (A) by striking "outstanding principal balance" and inserting "average daily principal oalance; and (B) by striking "at the end oF and inserting "during"; (9) in section 427A(i)(5)— (A) in the first sentence— (i) by striking "paragraph (2)" and inserting "paragraphs (2) and (4)"; and (ii) by striking "principle" and inserting "principal"; and (B) in the second sentence by inserting before the period at the end the following: ", but the excess interest shall be calculated and credited to the Secretary"; (10) in section 427A(i), by adding at the end the following new paragraph: "(7) CONVERSION TO VARIABLE RATE. — (A) Subject to subparagraphs (C) and (D), a lender or holder shall convert the interest rate on a loan that is made pursuant to this part and is subject to the provisions of this subsection to a variable rate. Such conversion shall occur not later than January 1, 1995, and, commencing on the date of conversion, the applicable interest rate for each 12-month period beginning on July 1 and ending on June 30 shall be determined by the Secretary on the June 1 preceding each such 12-month period and be equal to the sum of (i) the bond equivalent rate of the 91-

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