Page:United States Statutes at Large Volume 121.djvu/815

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[121 STAT. 794]
[121 STAT. 794]
PUBLIC LAW 110-000—MMMM. DD, 2007

121 STAT. 794

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VerDate Aug 31 2005

13:52 Jan 23, 2009

PUBLIC LAW 110–84—SEPT. 27, 2007

repayment period, when the borrower first made the election described in this subsection; ‘‘(iii) has made payments of not less than the payments required under a standard repayment plan under section 428(b)(9)(A)(i) or 455(d)(1)(A) with a repayment period of 10 years; ‘‘(iv) has made payments under an income-contingent repayment plan under section 455(d)(1)(D); or ‘‘(v) has been in deferment due to an economic hardship described in section 435(o); ‘‘(8) a borrower who is repaying a loan made under part B or D pursuant to income-based repayment may elect, at any time, to terminate repayment pursuant to income-based repayment and repay such loan under the standard repayment plan; and ‘‘(9) the special allowance payment to a lender calculated under section 438(b)(2)(I), when calculated for a loan in repayment under this section, shall be calculated on the principal balance of the loan and on any accrued interest unpaid by the borrower in accordance with this section. ‘‘(c) ELIGIBILITY DETERMINATIONS.—The Secretary shall establish procedures for annually determining the borrower’s eligibility for income-based repayment, including verification of a borrower’s annual income and the annual amount due on the total amount of loans made, insured, or guaranteed under part B or D (other than an excepted PLUS loan or excepted consolidation loan), and such other procedures as are necessary to effectively implement income-based repayment under this section. The Secretary shall consider, but is not limited to, the procedures established in accordance with section 455(e)(1) or in connection with income sensitive repayment schedules under section 428(b)(9)(A)(iii) or 428C(b)(1)(E).’’. (b) CONFORMING AMENDMENTS.— (1) Section 428C (20 U.S.C. 1078–3) is amended— (A) in subsection (a)(3)(B)(i), by amending subclause (V) to read as follows: ‘‘(V) an individual may obtain a subsequent consolidation loan under section 455(g) only— ‘‘(aa) for the purposes of obtaining an income contingent repayment plan, and only if the loan has been submitted to the guaranty agency for default aversion; or ‘‘(bb) for the purposes of using the public service loan forgiveness program under section 455(m).’’; (B) in the first sentence of subsection (b)(5), by inserting ‘‘or chooses to obtain a consolidation loan for the purposes of using the public service loan forgiveness program offered under section 455(m),’’ after ‘‘from such a lender,’’; and (C) in the second sentence of such subsection, by inserting before the period the following: ‘‘, except that if a borrower intends to be eligible to use the public service loan forgiveness program under section 455(m), such loan shall be repaid using one of the repayment options described in section 455(m)(1)(A)’’.

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