Page:United States Statutes at Large Volume 112 Part 2.djvu/817

 PUBLIC LAW 105-244 —OCT. 7, 1998 112 STAT. 1701 "(B) after the third consecutive year of such employ- ment, 20 percent of the total amount of all such loans; and "(C) after each of the fourth and fifth consecutive years of such employment, 30 percent of the total amount of all such loans. "(2) CONSTRUCTION. — Nothing in this section shall be construed to authorize the refunding of any repayment of a loan made under this part or part D. "(3) INTEREST. —I f a portion of a loan is repaid by the Secretary under this section for any year, the proportionate amount of interest on such loan which accrues for such year shall be repaid by the Secretary. "(4) SPECIAL RULE.— In the case where a student borrower who is not participating in loan repayment pursuant to this section returns to an institution of higher education after graduation from an institution of higher education for the purpose of obtaining a degree in early childhood education, the Secretary is authorized to sissume the obligation to repay the total amount of loans made under this part or part D incurred for a maximum of two academic years in returning to an institution of higher education for the purpose of obtaining a degree in early childhood education. Such loans shall only be repaid for borrowers who qualify for loan repayment pursuant to the provisions of this section, and shall be repaid in accordance with the provisions of paragraph (1). "(5) INELIGIBILITY OF NATIONAL SERVICE AWARD RECIPI- ENTS.— No student borrower may, for the same volunteer service, receive a benefit under both this section and subtitle D of title I of the National and Community Service Act of 1990 (42 U.S.C. 12601 et seq.). "(e) REPAYMENT TO ELIGIBLE LENDERS.— The Secretary shall pay to each eligible lender or holder for each fiscal year an amount equal to the aggregate amount of loans which are subject to repay- ment pursuant to this section for such year. " (f) APPLICATION FOR REPAYMENT. — " (1) IN GENERAL. —Each eligible individual desiring loan repayment under this section shall submit a complete and accurate application to the Secretary at such time, in such manner, and containing such information as the Secretary may require. " (2) CONDITIONS.—An eligible individual may apply for loan repayment under this section after completing each year of qualifying emplo3mtient. The borrower shall receive forbearance while engaged in qualifying employment unless the borrower is in deferment while so engaged. "(g) EVALUATION.— "(1) IN GENERAL. — The Secretary shall conduct, by grant or contract, an independent national evaluation of the impact of the demonstration program assisted under this section on the field of early childhood education. "(2) COMPETITIVE BASIS. —The grant or contract described in subsection (b) shall be awarded on a competitive basis. "(3) CONTENTS. —The evaluation described in this subsection shall—

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