106 STAT. 514 PUBLIC LAW 102-325—JULY 23, 1992 (A) by striking "and" at the end of subparagraph (G); (B) by redesignating subparagraph (H) as subparagraph (I); and (C) by inserting after subparagraph (G) the following: "(H) provides that, no more than 6 months prior to the date on which the borrower's first pa3m(ient on a loan is due, the lender shall offer the borrower the option of repaying the loan in accordance with a graduated or income-sensitive repayment schedule established by the lender and in accordance with the regulations of the Secretary; and"; and (2) in subsection (c), by striking "MINIMUM REPAYMENT RATE. —The total of the payments" and inserting "SPECIAL REPAYMENT RULES. —Except as provided in subsection (a)(2)(H), the total of the payments". 20 USC 1077. (d) STUDY ABROAD.— Section 427(a)(3) of the Act is amended to read as follows: "(3) the funds borrowed by a student are disbursed to the institution by check or other means that is payable to and requires the endorsement or other certification by such student, except— "(A) that nothing in this title shall be interpreted— "(i) to allow the Secretsiry to require checks to be made copayable to the institution and the borrower; or "(ii) to prohibit the disbursement of loan proceeds by means other than by check; and "(B) in the case of any student who is studying outside the United States in a program of study abroad that is approved for credit by the home institution at which such student is enrolled, the funds shall, at the request of the borrower, be delivered directly to the student and the checks may be endorsed, and fund transfers authorized, pursuant to an authorized power-of-attomey; and", (e) MINIMUM PAYMENT FOR MARRIED COUPLES; MINIMUM PAY- MENT OF INTEREST.—Section 427(c) of the Act is further amended by striking ", except that in the case of a husband and wife" and all that follows through "whichever is less" and inserting "(but in no instance less than me amount of interest due and payable)". SEC. 415. APPLICABLE INTEREST RATES. (a) PLUS AND SLS LOAN INTEREST RATE. —Section 427A(c)(4) of the Act (20 U.S.C. 1077a(c)(4)) is amended by adding at the end the following new subparagraph: "(D) Notwithstanding subparagraph (A)— "(i) for any loan made pursuant to section 428A for which the first disbursement is made on or after October 1, 1992— "(I) subparagraph (B) shall be applied by substituting '3.1' for '3.25'; and "(II) the interest rate shall not exceed 11 percent; and "(ii) for any loan made pursuant to section 428B for which the first disbursement is made on or after October 1, 1992— "(I) subparagraph (B) shall be applied by substituting '3.1'for'3.25'; and
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