Page:United States Statutes at Large Volume 82.djvu/1068

 1026 75 Stat. 612. 22 USC 2501 note. 81 Stat. 722. 42 USC 29912994d.

20 USC 1078.

20 USC 1077.

Effective date.

PUBLIC LAW 90- 575-OCT. 16, 1968

[82

STAT.

the United States, (3) not in excess of three years during which the borrower is in service as a volunteer under the Peace Corps Act, or (4) not in excess of three years during which the borrower is in service as a full-time volunteer under title VIII of the Economic Opportunity Act of 1964. I n the case of any such State or nonprofit private program containing such a provision any such period shall be excluded in determining the period specified in subsection (b)(1)(C) (ii), or the maximum period for repayment specified in subsection (b)(1)(D). " (2)(A) Section 428(b)(1)(C) (ii) of the Higher Education Act of 1965 is amended by inserting after " ( i i) " the following: "except as provided in subsection (e) of this section,". (B) Section 4 2 8 (b)(1)(D) of such Act is amended by inserting after "subject to subparagraph (C) " the following: "of this paragraph and except as provided by subsection (e) of this section". (b) The first sentence of section 428(a)(2) of such Act is amended by inserting before "; but such portion" the following: ", or which accrues during a. period in which principal need not be paid (whether or not such principal is in fact paid) by reason of a provision described in subsection (e) of this section or in section 427(a)(2)(C) ". (c) Section 427(a)(2)(C) (iv) of such Act is amended by inserting "full-time" before "volunteer". (d) Deferment of repayment of principal, as provided in the amendments made by subsection (a) of this section, may be authorized (but not required) with respect to loans meeting the requirements of subparagraph (B) or (C) of section 428(a)(1) of the Higher Education Act of 1965 which are outstanding on the sixtieth day after the date of enactment of this Act, but only with respect to periods of attendance or service occurring on or after such sixtieth day. The amendments made by subsection (b) shall become effective on the sixtieth day after the date of enactment of this Act. PARTICIPATION BY P E N S I O N F U N D S AND FEDER^VL SAVINGS A N D LOAN ASSOCIATIONS

20 USC 1085.

12 USC 1464.

SEC. 118. (a) Section 4'35(g) of the Higher Education Act of 1965 (as so redesignated by section 116 of this Act) is amended by inserting before the period at the end thereof the following: ", or a pension fund approved by the Commissioner for this purpose". (b) The third paragraph of section 5(c) of the Home Owners' Loan Act of 1933 is amended by striking out "expenses of college or university education" and inserting in lieu thereof "expenses of college, university, or vocational education". ACCESS TO FEDERAL LOAN INSURANCE PROGILVM

20 USC 1073.

20 USC 1079.

20 USC 1072.

SEC. 119. (a) Section 423 of the Higher Education Act of 1965 is amended by striking out "The" after "SEC. 423." and inserting in lieu thereof " (a) Except as provided in subsection (b), the"; and by adding at the end thereof the following new subsection: "(b) The Commissioner may issue certificates of insurance under section 429 to a lender in a State— "(1) for insurance of a loan made to a student borrower who does not, by reason of his residence, have access to loan insurance under the loan insurance program of such State (or under any private nonprofit loan insurance program which has received an advance under section 422 for the benefit of students in such State), or " (2) for insurance of all of the loans made to student borrowers by a lender who satisfies the Commissioner that, by reason of the residence of such borrowers, he will not have access to any single

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