Page:United States Statutes at Large Volume 111 Part 2.djvu/442

 Ill STAT. 1522 PUBLIC LAW 105-78—NOV. 13, 1997 $50,000,000 shall remain available until expended and to be derived from the Highway Trust Fund: Provided, That $50,000,000 shall be paid from the Mass Transit Account of the Highway Trust Fund to the Federal Transit Administration's formula grants account: Provided further. That subsection (c) of section 337 of the Department of Transportation and Related Agencies Appropriations Act, 1998 is amended by inserting after "House and Senate Committees on Appropriations", the following: "and the Senate Committee on Commerce, Science, and Transportation". SEC. 608. Clauses (i)(I) and (iiXH) of section 403(a)(5)(A) of 42 USC 603. the Soci£j Security Act are amended by striking "during the fiscal year" in each place it appears and inserting "during the period permitted under subparagraph (C)(vii) of this paragraph for the expenditure of funds under the grant". EMERGENCY STUDENT LOAN CONSOLIDATION Emergency SEC. 609. (a) SHORT TITLE; REFERENCES. — This section may student Loan be cited as the "Emergency Student Loan Consolidation Act of oS? ° 1997". Except as otherwise expressly provided, whenever in this 20 USC 1001 section an amendment or repeal is expressed in terms of an amendnote. ment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Higher Education Act of 1965 (20 U.S.C. 1001 et seq.). (b) DEFINITION OF LOANS ELIGIBLE FOR CONSOLIDATION. —Section 428C(a)(4) (20 U.S.C. 1078-3(a)(4)) is amended— (1) by redesignating subparagraphs (C) and (D) as subparagraphs (D) and (E), respectively; and (2) by inserting after subparagraph (B) the following new subparagraph: "(C) made under part D of this title, except that loans made under such part shall be eligible student loans only for consolidation loans for which the application is received by an eligible lender during the period beginning on the date of enactment of the Emergency Student Loan Consolidation Act of 1997 and ending on October 1, 1998;". (c) TERMS OF CONSOLIDATION LOANS. —Section 428C(b)(4)(C)(ii) is amended— (1) in subclause (I), by inserting after "consolidation loan" the following: "for which the application is received by an eligible lender before the date of enactment of the Emergency Student Loan Consolidation Act of 1997, or on or after October 1, 1998,"; (2) by striking "or" at the end of subclause (I); (3) by inserting "or (H)" before the semicolon at the end of subclause (H); (4) by redesignating subclause (H) as subclause (HI); and (5) by inserting after subclause (I) the following new subclause: "(II) by the Secretary, in the case of a consolidation loan for which the application is received by an eligible lender on or after the date of enactment of the Emergency Student Loan Consolidation Act of 1997 and before October 1, 1998, except that the Secretary shall pay such interest only on that portion of the loan

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