106 STAT. 518 PUBLIC LAW 102-325—JULY 23, 1992 "(iv) in the case of a graduate or professional student (as defined in regulations of the Secretary) at an eligible institution, $8,500;". 20 USC 1078. (2) AGGREGATE LIMITO.— Section 428(b)(1)(B) of the Act is amended by striking clauses (i) and (ii) and inserting the following: "(i) $23,000, in the case of any student who has not successfully completed a program of undergraduate education, excluding loans made under section 428A or428B;and "(ii) $65,500, in the case of any graduate or professional student (as defined by regulations of the Secretary), and (I) including any loans which are insured by the Secretary under this section, or by a guaranty agency, made to such student before the student became a graduate or professional student, but (II) excluding loans made under section 428A or 428B, except that the Secretary may increase the limit applicable to students who are pursuing programs which the Secretary determines are exceptionally expensive.", (c) REPAYMENT PERIOD CALCULATIONS; INCOME SENSITIVE REPAY- MENT.— (1) AMENDMENT.—Subparagraphs (D) and (E) of section 428(b)(1) of the Act are amended to read as follows: "(D) provides that (i) the student borrower shall be entitled to accelerate without penalty the whole or any part of an insured loan, (ii) the repayment period of any insured loan may not exceed 10 years, and (iii) the note, or other written evidence of any loan, may contain such reasonable provisions relating to repayment in the event of default by the borrower as may be authorized by regulations of the Secretary in effect at the time such note or written evidence was executed, and shall contain a notice that repayment may, following a default by the borrower, be subject to repayment in accordance with the regulations required by subsection (m) if the Secretary has published the finding required by paragraph (2) of such subsection; "(E) subject to subparagraphs (D) and (L), and except as provided by subparagraph (M), provides that— "(i) not more than 6 months prior to the date on which the borrower's first payment is due, the lender shall offer the borrower of a loan made, insured, or guaranteed under this section or section 428A, the option of repaying the loan in accordance with a graduated or income-sensitive repayment schedule established by the lender and in accordance with regulations of the Secretary; and "(ii) repayment of loans shall be in installments over a period of not less than 5 years (unless the student, during the 6 months immediately preceding the start of the repayment period, specifically requests that repayment be made over a shorter period) nor more than 10 years commencing at the beginning of the repayment period determined under paragraph (7) of this subsection;".
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