Page:United States Statutes at Large Volume 112 Part 2.djvu/844

 112 STAT. 1728 PUBLIC LAW 105-244 —OCT. 7, 1998 of the unpaid principal balance due on the loan at the time the early repayment is made; and "(C) include such other incentive repayment options as the institution determines will carry out the objectives of this subsection. "(2) LIMITATION. —No incentive repayment option under an incentive repa3rment program authorized by this subsection may be paid for with Federal funds, including any Federal funds from the student loan fund, or with institutional funds from the student loan fund.". SEC. 465. CANCELLATION FOR PUBLIC SERVICE. Section 465 (20 U.S.C. 1087ee) is amended— (1) in subsection (a)— (A) in paragraph (2)(C), by striking "section 676(b)(9r and inserting "section 635(a)(10r; (B) in the last sentence of paragraph (2), by striking "section 602(a)(1)'' and inserting "section 602"; and (C) by adding at the end the following new paragraph: "(7) An individual with an outstanding loan obligation under this part who performs service of any type that is described in paragraph (2) as in effect on the date of enactment of this paragraph shall be eligible for cancellation under this section for such service notwithstanding any contrary provision of the promissory note under which the loan or loans were made, and notwithstanding any amendment (or effective date provision relating to any amendment) to this section made prior to the date of such service."; and Deadline. (2) in subsection (b), by adding at the end the following new sentence: "To the extent feasible, the Secretary shall pay the amounts for which any institution qualifies under this subsection not later than 3 months after the institution files an institutional application for campus-based funds.". SEC. 466. DISTRIBUTION OF ASSETS FROM STUDENT LOAN FUNDS. Section 466 (20 U.S.C. 1087fO is amended— (1) in subsection (a)— (A) in the matter preceding paragraph (1)— (i) by striking "1996" and inserting "2003"; and (ii) by striking "1997" and inserting "2004"; and (B) in paragraph (1), by striking "1996" and inserting " 2003"; (2) in subsection (b)— (A) by striking "2005" and inserting "2012"; and (B) by striking "1996" and inserting "2003"; and (3) in subsection (c), by striking "1997" and inserting "2004". SEC. 467. PERKINS LOAN REVOLVING FUND. (a) REPEAL.— Subsection (c) of section 467 (20 U.S.C. 1087gg(c)) is repealed. 20 USC i087gg (b) TRANSFER OF BALANCE. — Any funds in the Perkins Loan note. Revolving Fund on the date of enactment of this Act shall be transferred to and deposited in the Treasury.

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