112 STAT. 1686 PUBLIC LAW 105-244—OCT. 7, 1998 described in this subparagraph for repa3ment of such loan, including principal and interest thereon. No plan may require a borrower to repay a loan in less than 5 years unless the borrower, during the 6 months immediately preceding the start of the repa3rment period, specifically requests that repayment be made over of a shorter period. The borrower may choose from— "(i) a standard repayment plan, with a fixed annual repayment amount paid over a fixed period of time, not to exceed 10 years; "(ii) a graduated repayment plan paid over a fixed period of time, not to exceed 10 years; "(iii) an income-sensitive repayment plan, with income-sensitive repa3rment amounts paid over a fixed period of time, not to exceed 10 years, except that the borrower's scheduled payments shall not be less than the amount of interest due; and "(iv) for new borrowers on or after the date of enactment of the Higher Education Amendments of 1998 who accumulate (after such date) outstanding loans under this part totaling more than $30,000, an extended repayment plan, with a fixed annual or graduated repayment amount paid over an extended period of time, not to exceed 25 years, except that the borrower shall repay annually a minimum amount determined in accordance with paragraph (l)(L)(i). " (B) LENDER SELECTION OF OPTION IF BORROWER DOES NOT SELECT.— I f a borrower of a loan made under this part does not select a repayment plan described in subparagraph (A), the lender shall provide the borrower with a repayment plan described in subparagraph (A)(i).. (c) GUARANTEE AGREEMENTS.— (1) REINSURANCE PAYMENTS.— (A) AMENDMENTS.— Section 428(c)(1) (20 U.S.C. 1078(c)(1)) is amended— (i) in subparagraph (A), by striking "98 percent" and inserting "95 percent"; (ii) in subparagraph (B)(i), by striking "88 percent" and inserting "85 percent"; (iii) in subparagraph (B)(ii), by striking "78 percent" and inserting "75 percent"; (iv) in subparagraph (E)— (I) in clause (i), by striking "98 percent" and inserting "95 percent"; (II) in clause (ii), by striking "88 percent" and inserting "85 percent"; and (III) in clause (iii), by striking "78 percent" and inserting "75 percent"; and (v) in subparagraph (F)— (I) in clause (i), by striking "98 percent" and inserting "95 percent"; (II) in clause (ii), by striking "88 percent" and inserting "85 percent"; and (III) in clause (iii), by striking "78 percent" and inserting "75 percent".
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