Page:United States Statutes at Large Volume 107 Part 3.djvu/522

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107 STAT. 2460 PUBLIC LAW 103-208—DEC. 20, 1993 20 USC 1070d-34. 20 USC 1070d-37. Loans. 20 USC 1072. 20 USC 1075. of not less than 1 or more than 4 years during the first 4 years of study"; and (B) by adding at the end the following: 'The State educational agency administering the program in a State shall have discretion to determine the period of the award (within the limits specified in the preceding sentence), except that— "(1) if the amount appropriated for this subpart for any fiscal year exceeds the amount appropriated for this subpart for fiscal year 1993, the Secretary shall identify to each State educational agency the number of scholarships available to that State under section 419D(b) that are attributable to such excess; "(2) the State educational agency shall award not less than that number of scholarships for a period of 4 years."; and (29) in section 419D, by adding at the end the following new subsection: "(d) CONSOLIDATION BY INSULAR AREAS PROHIBITED.—Notwithstanding section 501 of Public Law 95-1134 (48 U.S.C. 1469a), funds eJlocated under this part to an Insular Area described in that section shall be deemed to be direct payments to classes of individuals, and the Insular Area may not consolidate such funds with other funds received by the Insular Area from any department or agency of the United States Government."; and (30) in section 419(jr(b), by striking "the District of Columbia, the Commonwealth of Puerto Rico," and inserting "the Federated States of Micronesia, the Republic of the Marshall Islands,". (c) AMENDMENTS TO PART B OF TITLE IV OF THE ACT.— Part B of title IV of the Act (20 U.S.C. 1071 et seq.) is amended— (1) in section 422(c)(7), by striking the semicolon at the end of subparagraph (B) gmd inserting a period; (2) in section 425(a)(1)(A)— (A) by striking clauses (ii) and (iii) and inserting the following: "(ii) in the case of a student at an eligible institution who has successfully completed such first year but has not successfully completed the remainder of a program of undergraduate education— "(I) $3,500; or "(II) if such student is enrolled in a program of undergraduate education, the remainder of which is ,, less than one academic year, the maximum annual loan amount that such student may receive may not exceed the amount that bears the same ratio to the . , •, amount specified in subclause (I) as such remainder measured in semester, trimester, quarter, or clock hours bears to one academic year; "(iii) in the case of a student at an eligible institution who has successfully completed the first and second years of a program of undergraduate education but has not successfully completed the remainder of such program— "(I) $5,500; or "(II) if such student is enrolled in a program of undergraduate education, the remainder of which is less than one academic year, the maximum annual loan amoiuit that such student may receive may not