Page:United States Statutes at Large Volume 86.djvu/293

 86 STAT. ]

PUBLIC LAW 92-318-JUNE 23, 1972

make the payments prescribed in division (i), such excess shall be paid with respect to each entitlement under this subpart in proportion to the degree to which that entitlement is unsatisfied, after payments are made pursuant to division (i). " (iii) I n the event that, at the time when payments are to be made pursuant to this subparagraph (B), funds available therefor are insufficient to pay the amounts set forth in division (i), the Comrnissioner shall pay with respect to each entitlement an amount which bears the same ratio to the appropriate amount set forth in division (i) as the total amount of funds so available at such time for such payments bears to the amount necessary to pay the amounts indicated in division (i) in full. "(iv) No method of computing or manner of distribution of payments under this subpart shall be used which is not consistent with this subparagraph. " (v) I n no case shall a payment under this subparagraph be made if the amount of such payment after application of the provisions of this subparagraph is less than $50. " (C)(i) During any fiscal year in which the provisions of subparagraph (B) apply, a basic grant to any student shall not exceed .50 per centum of the difference between the expected family contribution for that student and the actual cost of attendance at the institution in which the student is enrolled, unless sums available for making payments under this subsection for any fiscal year equal more than 75 per centum of the total amount to which all students are entitled under this subpart for that fiscal year, in which case no basic grant shall exceed 60 per centum of such difference. "(ii) The limitation set forth in division (i) shall, when applicable, be in lieu of the limitation set forth in subparagraph (B)(i) of subsection (a)(2). "'(4) No payments may be made on the basis of entitlements established under this subpart during any fiscal year ending prior to July 1, 1975, in which— " (A) the appropriation for making grants under subpart 2 of this part does not at least equal $130,093,000; and " (B) the appropriation for work-study payments under section 441 of this title does not at least equal $237,400,000; and " (C) the appropriation for capital contributions to student loan funds under part p] of this title does not at Irast equal $286,000,000.

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Limitations.

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^°®'' P- 2^3-

"Subpart 2—Suppleniental Educational Opportunity Grants "PURPOSE; APPROPRIATIONS AUTHORIZED

"SEC. 413A. (a) I t is the purpose of this subpart to provide, through institutions of higher education, supplemental grants to assist in making available the benefits of postsecondar-y education to qualified students who, for lack of financial means, would be unable to obtain such benefits without such a grant. " (b)(1) For the purpose of enabling the Commissioner to make payments to institutions of higher education which have made agreements with the Commissioner in accordance with section 413C(b), for use by such institutions for payments to undergraduate students for the initial academic year of a supplemental grant awarded to them under this subpart, there are authorized to be appropriated $200,000,000 for the fiscal year ending June 30, 1973, and for each of the succeeding fiscal years ending prior to July 1, 1975. Funds appropriated pursuant to this paragraph shall be appropriated separate from any funds appropriated pursuant to paragraph (2).

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