Page:United States Statutes at Large Volume 121.djvu/812

 PUBLIC LAW 110–84—SEPT. 27, 2007

121 STAT. 791

‘‘(E) For a loan for which the first disbursement is made on or after July 1, 2011, and before July 1, 2012, 3.4 percent on the unpaid principal balance of the loan.’’. (2) SPECIAL ALLOWANCE CROSS REFERENCE.—Section 438(b)(2)(I)(ii)(II) (20 U.S.C. 1087–1(b)(2)(I)(ii)(II)) is amended by striking ‘‘section 427A(l)(1)’’ and inserting ‘‘section 427A(l)(1) or (l)(4)’’. (b) DIRECT LOAN INTEREST RATES.—Section 455(b)(7) (20 U.S.C. 1087e(b)(7)) is amended by adding at the end the following new subparagraph: ‘‘(D) REDUCED RATES FOR UNDERGRADUATE FDSL.—Notwithstanding the preceding paragraphs of this subsection and subparagraph (A) of this paragraph, for Federal Direct Stafford Loans made to undergraduate students for which the first disbursement is made on or after July 1, 2006, and before July 1, 2012, the applicable rate of interest shall be as follows: ‘‘(i) For a loan for which the first disbursement is made on or after July 1, 2006, and before July 1, 2008, 6.8 percent on the unpaid principal balance of the loan. ‘‘(ii) For a loan for which the first disbursement is made on or after July 1, 2008, and before July 1, 2009, 6.0 percent on the unpaid principal balance of the loan. ‘‘(iii) For a loan for which the first disbursement is made on or after July 1, 2009, and before July 1, 2010, 5.6 percent on the unpaid principal balance of the loan. ‘‘(iv) For a loan for which the first disbursement is made on or after July 1, 2010, and before July 1, 2011, 4.5 percent on the unpaid principal balance of the loan. ‘‘(v) For a loan for which the first disbursement is made on or after July 1, 2011, and before July 1, 2012, 3.4 percent on the unpaid principal balance of the loan.’’. SEC. 202. STUDENT LOAN DEFERMENT FOR CERTAIN MEMBERS OF THE ARMED FORCES.

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(a) FEDERAL FAMILY EDUCATION LOANS.—Section 428(b)(1)(M)(iii) (20 U.S.C. 1078(b)(1)(M)(iii)) is amended— (1) in the matter preceding subclause (I), by striking ‘‘not in excess of 3 years’’; (2) in subclause (II), by striking ‘‘; or’’ and inserting a comma; and (3) by adding at the end the following: ‘‘and for the 180-day period following the demobilization date for the service described in subclause (I) or (II); or’’. LOANS.—Section 455(f)(2)(C) (20 U.S.C. (b) DIRECT 1087e(f)(2)(C)) is amended— (1) in the matter preceding clause (i), by striking ‘‘not in excess of 3 years’’; (2) in clause (ii), by striking ‘‘; or’’ and inserting a comma; and (3) by adding at the end the following:

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