Page:United States Statutes at Large Volume 78.djvu/1144

 1102

20 us^c'ia^*''"

^^2^0 USC 421-

PUBLIC LAW 88-665-OCT. 16, 1964

[78 STAT.

(^) Paragraph (2) of such subsection (b) of such section 205 is amended by striking out "and (D) " and inserting in lieu thereof the following:" (D) the institution may provide that periodic installments need not be paid during any period or periods, aggregating not in excess of three years, during which the borrower is in part-time attendance at an institution of higher education taking courses which are creditable toward a degree, and may also provide that any such period shall not be included in determining the ten-year period during which the repayment must be completed, but interest shall continue to accrue during any such period, and (E) ". (3) Subparagraph (3) of such subsection (b) of such section 205 is amended to read as follows: " (3) not to exceed 50 per centum of any such loan (plus interest) shall be canceled for service as a full-time teacher in a public or other nonprofit elementary or secondary school in a State, in an institution of higher education, or in an elementary or secondary school overseas of the Armed Forces of the United States, at the rate of 10 per centum of the amount of such loan plus interest thereon, which was unpaid on the first day of such service for each complete academic year of such service;". (4) Paragraph (4) of subsection (b) of such section 205 is amended by inserting immediately before the semicolon at the end thereof the following: "in all cases except where the date on which repayment is to begin is suspended by reason of clause (D) of paragraph (2) ". (c) The amendment made by subsection (a) shall apply for purposes of determining the amount of any loans under title II of the National Defense Education Act of 1958 for academic years beginning after the date of enactment of this Act. The amendments made by paragraphs (2) and (4) of subsection (b) shall apply to any loan (under an agreement under title II of the National Defense Education Act of 1958) outstanding on the date of enactment of this Act only with the consent of the institution which made the loan. The amendment made by paragraph (3) of subsection (b) shall apply with respect to service performed during academic years beginning after the enactment of this Act, whether the loan was made before or after such enactment. DISTRIBUTION OF ASSETS FROM STUDENT LOAN FUNDS

77 sta^ 416. 20 u 426.

SEC. 206. Section 206 of the National Defense Education Act of 1958 .g f^jjjgj^(jg(j Ijy striking out "1969" wherever it appears therein and inserting in lieu thereof "1972". TITLE III—AMENDMENTS OF TITLE III EXTENSION OF TITLE

20 USC 44 1-

445

gj,(, 301 Title III of the National Defense Education Act of 1958 is amended by striking " TITLE III — F I N A N C I A L A S S I S T A N C E FOR STRENGTHENING SCIENCE, MATHEMATICS, AND MODERN FOREIGN L A N G U A G E INSTRUCTION " as it appears as the heading of that title, and inserting in lieu thereof: " TITLE III—FINANCIAL ASSISTANCE FOR STRENGTHENING INSTRUCTION I N S C I E N C E, M A THE M A T I C S, MODERN FOREIGN L A N G U A G E S, A N D OTHER C R I T I C A L SUBJECTS".

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