PUBLIC LAW 102-325—JULY 23, 1992 106 STAT. 549 tions of monthly repayment amounts assimaing different levels of borrowing and interest accruals resulting from capitalization of interest while the borrower is in school. Such sample projections shall disclose the cost to the student of capitalizing— "(1) principal and interest; and "(2) interest only.". SEC. 427. DEFINITIONS FOR STUDENT LOAN INSURANCE PROGRAM. (a) ELIGIBLE INSTITUTION. —Section 435(a) of the Act (20 U.S.C. 1085) is amended— (1) by striking paragraphs (1) and (2) and inserting the following: "(1) IN GENERAL. — Except as provided in paragraph (2), the term 'eligible institution' means an institution of lugher education, as defined in section 481, except that, for the purposes of sections 427(a)(2)(C)(i) and 428(b)(l)(M)(i), an eligible institution includes any institution that is within this definition without regard to whether such institution is participating in any program under this title and includes any institution ineligible for participation in any progrsim under this part pursuant to paragraph (2) of this subsection."; (2) by redesignating paragraph (3) as paragraph (2); (3) in paragraph (2)(B) (as redesignated)— (A) in clause (i), by striking "and" at the end thereof; (B) in clause (ii), by striking "any succeeding fiscal year." and inserting "fiscal year 1993; and"; and (C) by inserting at the end the following new clause: "(iii) 25 percent for any succeeding fiscal year.". (b) REPEAL OP SEPARATE DEFINITION OF INSTITUTION OF HIGHER EDUCATION.— (1) AMENDMENT.—Subsection (b) of section 435 of the Act is repealed. (2) REFERENCE.— With respect to reference in any other provi- 20 USC 1085 sion of law to the definition of institution of higher education ^^ote. contained in section 435(b) of the Act, such provision shall be deemed to refer to section 481(a) of the Act. (c) REPEAL OF DEFINITION OF VOCATIONAL SCHOOL. —Subsection (c) of section 435 of the Act is repealed. (d) ELIGIBLE LENDER. — Section 435(d) of the Act is amended— (1) in paragraph (1)(A)— (A) in the matter preceding clause (i), by striking "a trust company,"; and (B) in clause (ii)— (i) by inserting at the end of subclause (I) the following: "or a bank which is subject to examination and supervision by an agency of the United States, makes student loans as a trustee piirsuant to an express trust, operated as a lender xmder this psirt prior to January 1, 1975, and which meets the requirements of this provision prior to the enactment of the Higher Education Amendments of 1992, or"; and (ii) by striking ", or (III)" and all that follows through "January 1, 1981;" and inserting a semicolon; and (2) in paragraph (2)— (A) in subparagraph (C), by striking "institutions; and" and inserting "institution;";
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