Page:United States Statutes at Large Volume 86.djvu/321

 86

STAT.

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PUBLIC LAW 92-318-JUNE 23, 1972

279

June:M). IDSO. as the total anioiiiit of the Federal capital contributions to such fund by the Commissioner under this part bears to the sum of such Federal contributions and the institution's capital contributions to such fund. "(2) The remainder of such balance shall be paid to the institution. •'(b) After December 81, 1980, each institution with which the (commissioner has made an agreement under this part, shall pay to the (Commissioner the same proportionate share of amounts received by the institution after June 30. 1974, in payment of principal and interest on student loans made from the student loan fund established pursuant to such agreement (which amount shall be determined after deduction of any costs of litigation incurred in collection of the principal or interest on loans from the fund and not already reimbursed from the fund or from such payments of principal or interest), as was determined for the Commissioner under subsection (a). ., ''(c) Upon a finding by the institution or- the Commissioner prior~ to July 1, 1980, that the liquid assets of a student loan fund established pursuant to an agreement under this pari exceed the amount r-equired for loans or otherwise in the foreseeable future, and upon notice to such institution or to the Commissioner, as the case may be, ther-e shall be, subject to such limitations as may be included in r-egulations of the Commissioner or in such agreement, a capital distribution from such fund. Such capital distribution shall be made as follows: " (1) The Commissioner shall first be paid an amount which l>ears the same ratio to the total to be distributed as the Federal capital contributions by the Commissioner to the student loan fund prior to such distribution bear to the sum of such Federal (•apital contributions and the capital contributions to the fund made by the institution. "(2) The remainder of the capital distribution shall be paid to, v >. the institution.", (c) I n the case of a loan made befor-e July 1, 1972, under title II of the National Defense Education Act of 1958 not to exceed 50 per 72 Stat. i583; centum of such loan (1) shall be canceled for- service by the borrower "20 u^c^42i. as a full-time teacher in a public or- other nonprofit elementary or secondary school in a State, in an institution of higher education, .,.,. or in an elementary or- secondary school overseas of the Armed Forces of the United States at the rate of 10 per centum of the total amount of such loan for each complete academic j^ear of such service, except that (A) such rate shall be 15 per centum for- each complete academic year of service as a full-time teacher in a public or other nonprofit elementary or secondary school which is in the school district of a local educational agency which is eligible in such year for assistance pirrsuant to title I of the Elementary and Secondary Education Act of 1965, as amended, and which for purposes of this paragraph and 79 Stat. 27; for that year has been determined by the Commissioner (pursuant to 80 Stat. 1 1 9 8. regulations and after consultation with the State educational agency n o20. u s e 241a te of the State in which the school is located) to be a school in which there is a high concentration of students from low-income families, except that (unless all of the schools so deter-mirred ar-e schools in which the enrollment of children described in clause (A), (B), or (C) of section i03(a)(2) of such title (using a low-income factor of $3,000) exceeds gi^stawsa^^s?. 50 per- centum of the total enrollment of the school) the Commissioner 20 USC 24ic. shall not make such determination with r-espect to more than 25 per centum of the total of the public and other nonpr-ofit elementar-y and secondar-y schools in any one State for any one year-, (B) such rate 82-081 0 - 7 3 - 2 1

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