Page:United States Statutes at Large Volume 112 Part 2.djvu/813

 PUBLIC LAW 105-244—OCT. 7, 1998 112 STAT. 1697 financial assistance, including a loan which qualifies for interest subsidy payments under section 428; and "(2) provided the lender a statement— "(A) certifying the eligibility of the student to receive a loan under this section and the amount of the losin for which such student is eligible, in accordance with subsection (c); and "(B) setting forth a schedule for disbursement of the proceeds of the loan in installments, consistent with the requirements of section 428G.". (b) LOAN LIMITS.— Section 428H(d) is amended— 20 USC 1078-8. (1) in paragraph (2)— (A) in the matter preceding subparagraph (A)— (i) by inserting "(as defined in section 481(a)(2))" after "academic year"; and (ii) by striking "or in any period of 7 consecutive months, whichever is longer,"; (B) in subparagraph (A)— (i) in clause (i), by striking "length (as determined under section 481);" and inserting "length; and"; and (ii) by striking clauses (ii) and (iii) and inserting the following: "(ii) if such student is enrolled in a program of undergraduate education which is less than one academic year, the maximum annual loan amount that such student may receive may not exceed the amount that bears the same ratio to the amount specified in clause (i) as the length of such program measured in semester, trimester, quarter, or clock hours bears to one academic year;". (C) in subparagraph (C), by inserting "and" after the semicolon; and (D) by inserting before the matter following subparagraph (C) the following: "(D) in the case of a student enrolled in coursework specified in sections 484(b)(3)(B) and 484(b)(4)(B)— "(i) $4,000 for coursework necessary for enrollment in an undergraduate degree or certificate program, and, in the case of a student who has obtained a baccalaureate degree, $5,000 for coursework necessary for enrollment in a graduate or professional program; and "(ii) in the case of a student who has obtained a baccalaureate degree, $5,000 for coursework necessary for a professional credential or certification from a State required for employment as a teacher in an elementary or secondary school;"; and (2) in paragraph (3), by adding at the end the following: "Interest capitalized shall not be deemed to exceed such maximum aggregate amount.". (c) CAPITALIZATION OF INTEREST. — Paragraph (2) of section 428H(e) is amended to read as follows: "(2) CAPITALIZATION OF INTEREST.— (A) Interest on loans made under this section for which pa3mients of principal are not required during the in-school and grace periods or for which payments are deferred under sections 427(a)(2)(C) and

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