106 STAT. 580 PUBLIC LAW 102-325—JULY 23, 1992 SEC. 464. AMOUNTS AND TERMS OF LOANS. 20 USC i087dd. (a) ANNUAL AND AGGREGATE LOAN LIMITS. —Section 464(a)(2) of the Act is amended to read as follows: "(2)(A) Except as provided in paragraph (4), the total of loans made to a student in any academic year or its equivalent by an institution of higher education from a loein fund established pursuant to an agreement xmder this part shall not exceed— "(i) for institutions that have an agreement with the Secretary to participate in the Expanded Lending Option under section 463(a)(2)(B)(i)— "(I) $4,000, in the case of a student who has not successfully completed a program of undergraduate education; or "(11) $6,000, in the case of a graduate or professional student (as defined in regulations issued by the Secretary), "(ii) for all other institutions— "(I) $3,000, in the case of a student who has not successfully completed a program of undergraduate education; or "(II) $5,000, in the case of a graduate or professional student (as defined in regulations issued by the Secretary). "(B) Except as provided in paragraph (4), the aggregate of the loans for all years made to a student by institutions of higher education from loan funds established pursuant to agreements under this part may not exceed— "(i) for institutions that have an agreement with the Secretary to participate in the Expanded Lending Option under section 463(a)(2)(B)(i)- "(I) $40,000 in the case of any graduate or professional student (as defined by regulations of the Secretary, and including any loans from such funds made to such person before he became a graduate or professional student); "(II) $20,000 in the case of a student who has successfully completed 2 years of a program of education leading to a bachelor's degree but who has not completed the work
necessary for such a degree (determined under regulations of the Secretary, and including any loans from such funds made to such person before he became such a student); and "(III) $8,000 in the case of any other student; or "(ii) for all other institutions— "(I) $15,000, in the case of any student who has not successfully completed a program of undergraduate education; or "(II) $30,000, in the case of any graduate or professional student (as defined by regulations issued by the Secretary) and including any loans from such funds made to such student before the student became a graduate or professiongJ student.". (b) STUDY ABROAD LIMITS. —Section 464(a) of the Act is amended by inserting after paragraph (3) the following new paragraph: "(4) In the case of a program of study abroad that is approved for credit by the home institution at which a student is enrolled and that has reasonable costs in excess of the home institution's budget, the annual and aggregate loan limits for the student may exceed the amounts described in paragraphs (2)(A) and (2)(B) by 20 percent.". (c) ELIGIBILITY.— Section 464(b) of the Act is amended—
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