Page:United States Statutes at Large Volume 86.djvu/320

 278

PUBLIC LAW 92-318-JUNE 23, 1972

[86 STAT.

purposes of this paragraph and for that year lias been determined by the Commissioner (pursuant to regulations and after consultation with the State educational agency of the State in which the school is located) to be a school in which the enrollment of children described in clause (A), (B), o r (C) of section 103(a)(2) of title I si^stat^'ray^^' ^^ '^^^ Elementary and Secondary Education Act of 1965 (using 20 USC 241 c. '^ low-income factor of $3,000) exceeds 30 per centum of the total enrollment of that school and such determination shall not be made with respect to more than 50 per centum of the total number of schools in the State receiving assistance under such title I; " (B) as a full-time staif member in a preschool program carried on under section 222(a)(1) of the Economic Opportunity 8j Stat. 698; \ c t of 1964 which is operated for a period which is comparable 42 USC 2809. to a full school year in the locality: Provided, That the salary of such staff member is not more than the salary of a comparable employee of the local educational agency, or ''(C) as a full-time teacher of handicapped children in rt public or other nonprofit elementary or secondary school system; or " (D) as a member of the Armed Forces of the United States, for service that qualifies for special pay under section 310 of 77 Stat. 216; title 37, L^uited States C^ode, as an area of hostilities. "Handicapped t'or the purposes of this paragraph, the term 'handicapped children' children." meaus children who are mentally retarded, hard of hearing, deaf, speech-impaired, visually handicapped, seriously emotionally disturbed, or other health-impaired children who by reason thereof require special education. Loan per cen"(3)(A) The per ceutum of a loan which shall be canceled under paragraph (1) of this subsection is— •'(i) in the case of service described in clause (A), or (C), of paragraph (2), at the rate of 15 per centum for the first or second year of such service, 20 per centum foi- the third or fourth year of such service, and 30 per centum for the fifth year of such service; "(ii) in the case of service described in clause (B) of paragraph (2) at the rate of 15 per centum for each year of such service; "(iii) ill the case of service described in clause (D) of paragraph (2), not to exceed a total of 50 per centum of such loan at the rate of 12i/^ per centum for each year of qualifying service. '• (B) If a portion of a loan is canceled under this subsection for any year, the entire amount of interest on such loan which accrues for such year shall be canceled. " (C) Nothing in this subsection shall be construed to authorize refunding any repayment of a loan. "Year." "(4) For th© purposes of this subsection^ the term 'year' where applied to service as a teacher means academic year as defined by the Commissioner. " (b) The Commissioner shall pay to each institution for each fiscal year an amount equal to the aggregate of the amounts of loans from its student loan fund which are canceled pursuant to this section for Ante, p. 273. such year. Xone of the funds appropriated pursuant to section 461(b) shall be available for payments pursuant to this subsection, "DISTRIBUTION OF ASSETS FROM STUDENT LOAN FUNDS

"SEC. 466. (a) After June 30, 1980, and not later than December 31, 1980, there shall be a capital distribution of the balance of the student loan fund established under this part by each institution of higher education as follows: "(1) The Commissioner shall first be paid an amount which bears the same ratio to the balance in such fund at the close of

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