Page:United States Statutes at Large Volume 88 Part 2.djvu/275

 88 STAT. ]

PUBLIC LAW 93-508-DEC. 3, 1974

1591

"(3) The Administrator shall submit to the Committees on Veter- Report i°^^°^ans' Affairs of the Senate and the House of Representatives, not later ^utees"'' than one year after the date of enactment of the Vietnam Era Veterans' Readjustment Assistance Act of 1974 and annually thereafter, a sep- Ante, p. 1578. arate report specifying the default experience and default rate at each educational institution along with a comparison of the collective default experience and default rate at all such institutions. 38 USC 1799. "§ 1799. Revolving fund; insurance " (a) There is hereby established in the Treasury of the United minist^rTuon EdStates a revolving fund to be known as the 'Veterans' Administration ucation Loan Education Loan Fund' (hereinafter in this section referred to as the Establishment 'Fund'). "(b) The Fund shall be available to the Administrator, without fiscal year limitation, for the making of loans under this subchapter. Transfer of "(c) There shall be deposited in the Fund (1) by transfer from funds. current and future appropriations for readjustment benefits such amounts as may be necessary to establish and supplement the Fund in order to meet the requirements of the Fund, and (2) all collections of fees and principal and interest (including overpayments declared under section 1798(e) of this title) on loans made under this '^"'^' ^- ^^^^• subchapter. " (d) The Administrator shall determine annually whether there Surplus funds, has developed in the Fund a surplus which, in his judgment, is more than necessary to meet the needs of the Fund, and such surplus, if any, shall be deemed to have been appropriated for readjustment benefits. "(e) A fee shall be collected from each veteran or person obtain- ^''^• ing a loan made under this subchapter for the purpose of insuring against defaults on loans made under this subchapter; and no loan shall be made under this subchapter until the fee payable with respect to such loan has been collected and remitted to the Administrator. The amount of the fee shall be established from time to time by the Administrator, but shall in no event exceed 3 per centum of the total Limitation. loan amount. The amount of the fee may be included in the loan to the veteran or person and paid from the proceeds thereof.". (b) The table of sections at the beginning of such chapter is amended by adding at the end thereof "SUBCHAPTER III—EDUCATION LOANS T ELIGIBLE VETERANS AND ELIGIBLE PERSONS O

"1798. Eligibility for loans; amount and conditions of loans; interest rate on loans. "1799. Revolving fund; insurance.". SEC. 302. (a) Subchapter IV of chapter 34 of title 38, United States Code, is amended by adding at the end thereof the following new section: "§1686. Education loans "Any eligible veteran shall be entitled to an education loan (if the program of education is pursued in a State) in such amount and on such terms and conditions as provided in sections 1798 and 1799 of this title.".

(b) The table of sections at the beginning of such chapter is amended by inserting "1686. Education loans."

below "1685. Veteran-student services.". SEC. 303. (a) Subchapter IV of chapter 35 of title 38, United States Code, is amended by adding at the end thereof the following new section:

as use lese.

Ante, p. 1589; upra.

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