Page:United States Statutes at Large Volume 82.djvu/1065

 82 STAT. ]

PUBLIC LAW 90-575-OCT. 16, 1968

1023

than a statute applicable principally to such State's student loan insurance program) which limits the rate or amount of interest payable on loans shall apply to a loan— "(1) which bears interest (exclusive of any premium for insurance) on the unpaid principal balance at a rate not in excess of 7 per centum per annum, and " (2) which is insured (A) by the United States under this part, or (B) by a State or nonprofit private institution or organization under a program covered by an agreement made pursuant to subsection (b) of this section." (4) The amendments made by this subsection shall not apply with Effective date. respect to loans made prior to the sixtieth day after the date of enactment of this Act. (b) Section 428(a)(2)(B) of such Act (as in effect prior to the ^Q^^'^' PP- " S, amendment made by subsection (a)) is amended by striking out "October 31, 1968" and inserting in lieu thereof "the fifty-ninth day after the date of enactment of the Higher Education Amendments of 1968". (c) The amendments made by section 2(a) of Public Law 90-460, ^"'^' P- Sapproved August 3, 1968, shall not be effective with respedt to (1) any loan made or contracted for prior to the date of enactment of such Public Law, or (2) any loan made, after the date of ena(Jtment of this Act, in whole or in part to consolidate or convert a loan made or contracted for prior to the date of enactment of such Public Law. MERGER OF N A T I O N A L VOCATIONAL S T U D E N T LOAN INSURANCE ACT OF 19 6 5 W I T H S T U D E N T LOAN INSURANCE PROGRAM OF H I G H E R EDUCATION ACT OF 1965

SEC. 116. (a) Section 435 of the Higher Education Act of 1965 is 79 Stat. 1247. amended-. ^ ^° "^^ • (1) by redesignating subsections (a), (b), (c), (d), (e), and (f) as (b), (d), (e), (f), (g), and (h), respectively; (2) by inserting before subsection (b) as so redesignated the following new subsection: " (a) The term 'eligible institution' means (1) an institution of "Eligible instihigher education, (2) a vocational school, or (3) with respect to stu-'"''°"' dents who are nationals of the United States, an institution outside the States which is comparable to an institution of higher education or to a vocational school and which has been approved by the Commissioner for purposes of this part."; (3) by striking out in subsection (b) (as so redesignated) "institution of "eligible institution" and inserting in lieu thereof "institution of ^^ig^er,education." higher education", by striking out in the second sentence of such subsection "any institution outside the States which is comparable to an institution described in the preceding sentence and which has been approved by the Commissioner for the purposes of this title, and also includes"; and (4) by inserting after subsection (b) (as so redesignated) the,^^^0°^"'°"^^ text of subsection (a) of section 17 of the National Vocational Student Loan Insurance Act of 1965 amended as follows: ^9 Stat. io48. (A) Strike out " (a) " and insert in lieu thereof " (c) ", '° '"'" (B) Strike out "eligible institution" and insert in lieu thereof "vocational school", and (C) Strike out "Act" in clause (4)(C) and insert in lieu thereof "part". (b)(1) Section 425(a) of such Act is amended by striking out " (1) " ^9 sta^ uas. after "SEC. 425. (a) " and by striking out paragraph (2). ^ ^ ' ^' (2) Section 427(a)(2)(C)(i) of such Act is amended by striking 20 USC 1077. out "institution of higher education or at a comparable institution out-

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