Page:United States Statutes at Large Volume 108 Part 5.djvu/478

 108 STAT. 3968 PUBLIC LAW 103-382—OCT. 20, 1994 income minus such burden is less than 220 percent of the greater of— "(i) the annual earnings of an individual earning the minimum wage under section 6 of the Fair Labor Standards Act of 1938; or "(ii) the income official poverty line (as defined by the Office of Management and Budget, and revised annually in accordance with section 673(2) of the Community Services Block Grant Act) applicable to a family of two; or"; and (4) in paragraph (2), by striking "(1)(B)" and inserting "(1)(C)". SEC. 358. FACnJTIES AUTHORITY OF THE STUDENT LOAN MARKET- ING ASSOCIATION. Section 439 of the Higher Education Act of 1965 (20 U.S.C. 1087-2) is amended— (1) in subparagraph (C) of subsection (d)(l)-| - (A) in the matter preceding clause (i), by inserting "(including related equipment, instrumentation, and furnishings)" after "materials"; (B) in clause (ii), by striking the semicolon and inserting ", dining halls, student unions, and facilities specifically designed to promote fitness and health for students, faculty, (C) in clause (iii), by striking "and" after the semicolon; (D) in the matter following clause (iv)— (i) by striking "15 percent" and inserting "30 percent"; and (ii) by striking "type" and inserting "t3rpes"; and (E) by striking clause (iv); and (2) in subsection (n), by striking "a report of its operations and activities during each year" and inserting "a report of the Association's operations and activities, including a report with respect to all facilities transactions, during each year". SEC. 358A. PROGRAM AUTHORITY. Section 451 of the Higher Education Act of 1965 (20 U.S.C. 20 USC 1087a. 2087a) is amended— (1) by inserting "(a) IN GENERAL. —" before "There"; and (2) by adding at the end the following new subsection: " (b) DESIGNATION.— "(1) PROGRAM. —The program established under this part shall be referred to as the 'William D. Ford Federal Direct Loan Program'. "(2) DIRECT LOANS.—Notwithstanding any other provision of this part, loans made to borrowers under this part that, except as otherwise specified in this part, have the same terms, conditions, and benefits as loans made to borrowers under section 428, shall be known as 'Federal Direct Stafford/Ford Loans'.". SEC. 359. DEFERMENT ELIGIBILITY. Subsection (f) of section 455 of the Higher Education Act of 1965 (20 U.S.C. 1087e(f)) is amended by adding at the end the following new paragraphs: "(3) DEFINITION OF BORROWER.— For the purpose of this subsection, the term "borrower" means an individual who is
 * and staff or for physical education courses; and";

�