Page:United States Statutes at Large Volume 86.djvu/319

 86

STAT.]

PUBLIC LAW 92-318-JUNE 23, 1972

" (2)(A) No repayment of principal of, or interest on, any loan from a student loan fund assisted under this part shall be required during any period in which the borrower— " (i) is carrying at least one-half the normal full-time academic workload at an institution of higher education or at a comparable institution outside the United States which is approved for this purpose by the Commissioner; "(ii) is a member of the Armed Forces of the United States; "(iii) is in service as a volunteer under the Peace Corps Act; or "(iv) is in service as a volunteer under title VIII of the Economic Opportunity Act of 1964. The period during which repayment may be deferred by reason of clause (ii), (iii), or (iv) shall not exceed three years. " (B) Any period during which repayment is deferred under subparagraph (A) shall not be included in computing the ten-year maximum period provided for in clause (A) of paragraph (1). "(3) The Commissioner is authorized, when good cause is shown, to extend, in accordance with regulations, the ten-year maximum repayment period provided for in clause (A) of paragraph (1) with respect to individual loans. ••(4) The amount of any charge under clause (G) of paragraph (1) shall not exceed— " (A) in the case of a loan which is repayable in monthly installments, $1 for the first month or part of a month by which such installment or evidence is late and $2 for each such month or part of a month thereafter; and " (B) in the case of a loan which has a bimonthly oi* quaiterly repayment interval, $3 and $6, respectively, for each such interval or part thereof by which such installment or evidence is late. The institution may elect to add the amount of any such charge to the principal amount of the loan as of the fir'st day after the day on which such installment or evidence was due, or to make the amount of the ••harge payable to the institution not later than the due date of the next installment after receipt by the borrower of notice of the assessment of the charge. •'(d) An agreement under this part for payment of Federal capital contributions shall include provisions designed to make loans from the student loan fund established pursuant to such agreement reasonably available (to the extent of the available funds in such fund) to all eligible students in such institutions in need thereof. "(e) I n determining, for purposes of clause (1) of subsection (b) of this section, whether a student who is a veteran (as that term is tletined in section 101(2) of title 38, Ignited States Code) is in need, an institution shall not take into account the income and assets of his parents.

277 Repayment, deferral.

75 22 note. 81 42

Stat. 612. u s e 2501 Stat. 722. u s e 2991.

72 Stat. 1106.

" C A X C E L L A T I O X OF LOANS FOR CERTAIN PUBLIC SERVICE

"SEC. 465. (a)(1) The per centum specified in paragraph (3) of this .subsection of the total amount of any loan made after June 30, 1972. from a student loan fund assisted under this part shall be canceled for each complete year of service after such date by the borrower under circumstances described in paragraph (2). "(2) Loans shall be canceled under paragraph (1) for service— " (A) as a full-time teacher for service in an academic year in a public or other nonprofit private elementary or secondary school which is in the school district of a local educational agency which is eligible in such year for assistance pursuant to title I of the Elementary and Secondary Education Act of 1965, and which for the

20 USC 2 4 l a note.

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