Page:United States Statutes at Large Volume 107 Part 3.djvu/526

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107 STAT. 2464 PUBLIC LAW 103-208—DEC. 20, 1993 (A) by striking subparagraphs (V) and (W); and (B) by redesignating subparagraphs (X), (Y), and (Z) as subparagraphs (V), (W), and (X), respectively; 20 USC 1078. (18) in section 428(b)(2)(F)(i), by striking "each to provide a separate notice" and inserting "either jointly or separately to provide a notice"; (19) in section 428(b)(2)(F)(ii), by striking "transferor" and inserting "transferee"; (20) in section 428(b)(2)(F)(ii)(I), by striking "to another holder"; (21) in section 428(b)(2)(F)(ii)(II), by striking "such other" and inserting "the new"; (22) in section 428(b), by amending paragraph (7) to read as follows: "(7) REPAYMENT PERIOD.— (A) In the case of a loan made under section 427 or 428, the repa3nment period shall exclude any period of authorized deferment or forbearance and shall begin— "(i) the day after 6 months after the date the student ceases to carry at least one-half the normal full-time academic workload (as determined by the institution); or "(ii) on an earlier date if the borrower requests and is granted a repayment schedule that provides for repay- ment to commence at an earlier date. "(B) In the case of a loan made under section 428H, the repayment period shall exclude any period of authorized deferment or forbearance, and shall begin as described in clause (i) or (ii) of subparagraph (A), but interest shall begin to accrue or be paid by the borrower on the day the loan is disbursed. "(C) In the case of a loan made under section 428A, 428B, or 428C, the repayment period shall begin on the day the loan is disbursed, or, if the loan is disbursed in multiple installments, on the day of the last such disbursement, and shall exclude any period of authorized deferment or forbearance."; (23) in section 428(b), by adding at the end thereof the following new paragraph: "(8) MEANS OF DISBURSEMENT OF LOAN PROCEEDS.Nothing in this title shall be interpreted to prohibit the disbursement of loan proceeds by means other than by check or to allow the Secretary to require checks to be made co-payable to the institution and the borrower."; (24) in section 428(c)(1)(A), by striking the last sentence and inserting the following: "A guaranty agency shall file a claim for reimbursement with respect to losses under this subsection within 45 days after the guaranty agency? discharges its insurance obligation on the loan.; (25) in section 428(c)(2)(G), by striking "demonstrates" and inserting "certifies"; (26) in section 428(c)(3) by striking subparagraph (A) and inserting the following: "(A) shall contain provisions providing that— "(i) upon written request, a lender shall grant a borrower forbearance, renewable at 12-month intervals, on terms agreed to in writing by the parties to the loan with the approval of the insurer, and otherwise consistent with the regulations of the Secretary, if the borrower—