Page:United States Statutes at Large Volume 124.djvu/658

 124 STAT. 632 PUBLIC LAW 111–148—MAR. 23, 2010 a cost-of-attendance increase for the yearly loan rate and the aggregate loan;’’; and (B) in paragraph (3)(A), by inserting ‘‘an accredited’’ after ‘‘faculty member in’’; (3) in subsection (e), by striking ‘‘a school’’ and inserting ‘‘an accredited school’’; and (4) in subsection (f), by striking ‘‘2003 through 2007’’ and inserting ‘‘2010 through 2014’’. (b) ELIGIBLE INDIVIDUAL STUDENT LOAN REPAYMENT.—Title VIII of the Public Health Service Act is amended by inserting after section 846A (42 U.S.C. 297n–1) the following: ‘‘SEC. 847. ELIGIBLE INDIVIDUAL STUDENT LOAN REPAYMENT. ‘‘(a) IN GENERAL.—The Secretary, acting through the Adminis- trator of the Health Resources and Services Administration, may enter into an agreement with eligible individuals for the repayment of education loans, in accordance with this section, to increase the number of qualified nursing faculty. ‘‘(b) AGREEMENTS.—Each agreement entered into under this subsection shall require that the eligible individual shall serve as a full-time member of the faculty of an accredited school of nursing, for a total period, in the aggregate, of at least 4 years during the 6-year period beginning on the later of— ‘‘(1) the date on which the individual receives a master’s or doctorate nursing degree from an accredited school of nursing; or ‘‘(2) the date on which the individual enters into an agree- ment under this subsection. ‘‘(c) AGREEMENT PROVISIONS.—Agreements entered into pursu- ant to subsection (b) shall be entered into on such terms and conditions as the Secretary may determine, except that— ‘‘(1) not more than 10 months after the date on which the 6-year period described under subsection (b) begins, but in no case before the individual starts as a full-time member of the faculty of an accredited school of nursing the Secretary shall begin making payments, for and on behalf of that indi- vidual, on the outstanding principal of, and interest on, any loan of that individual obtained to pay for such degree; ‘‘(2) for an individual who has completed a master’s in nursing or equivalent degree in nursing— ‘‘(A) payments may not exceed $10,000 per calendar year; and ‘‘(B) total payments may not exceed $40,000 during the 2010 and 2011 fiscal years (after fiscal year 2011, such amounts shall be adjusted to provide for a cost-of- attendance increase for the yearly loan rate and the aggre- gate loan); and ‘‘(3) for an individual who has completed a doctorate or equivalent degree in nursing— ‘‘(A) payments may not exceed $20,000 per calendar year; and ‘‘(B) total payments may not exceed $80,000 during the 2010 and 2011 fiscal years (adjusted for subsequent fiscal years as provided for in the same manner as in paragraph (2)(B)). ‘‘(d) BREACH OF AGREEMENT.— Deadline. 42 USC 297o.