Page:United States Statutes at Large Volume 121.djvu/817

This page needs to be proofread.
[121 STAT. 796]
[121 STAT. 796]
PUBLIC LAW 110-000—MMMM. DD, 2007

121 STAT. 796

PUBLIC LAW 110–84—SEPT. 27, 2007 ‘‘(7) MAXIMUM REPAYMENT PERIOD.—In calculating the extended period of time for which an income contingent repayment plan under this subsection may be in effect for a borrower, the Secretary shall include all time periods during which a borrower of loans under part B, part D, or part E— ‘‘(A) is not in default on any loan that is included in the income contingent repayment plan; and ‘‘(B)(i) is in deferment due to an economic hardship described in section 435(o); ‘‘(ii) makes monthly payments under paragraph (1) or (6) of section 493C(b); ‘‘(iii) makes monthly payments of not less than the monthly amount calculated under section 428(b)(9)(A)(i) or subsection (d)(1)(A), based on a 10-year repayment period, when the borrower first made the election described in section 493C(b)(1); ‘‘(iv) makes payments of not less than the payments required under a standard repayment plan under section 428(b)(9)(A)(i) or subsection (d)(1)(A) with a repayment period of 10 years; or ‘‘(v) makes payments under an income contingent repayment plan under subsection (d)(1)(D).’’.



Clause (ii) of section 428(c)(6)(A) (20 U.S.C. 1078(c)(6)(A)(ii)) is amended to read as follows: ‘‘(ii) an amount equal to 24 percent of such payments for use in accordance with section 422B, except that— ‘‘(I) beginning October 1, 2003 and ending September 30, 2007, this clause shall be applied by substituting ‘23 percent’ for ‘24 percent’; and ‘‘(II) beginning October 1, 2007, this clause shall be applied by substituting ‘16 percent’ for ‘24 percent’.’’. SEC. 302. ELIMINATION OF EXCEPTIONAL PERFORMER STATUS FOR LENDERS.

dkrause on GSDDPC44 with PUBLAW

Applicability. 20 USC 1078 note.

VerDate Aug 31 2005

13:52 Jan 23, 2009

(a) ELIMINATION OF STATUS.—Part B of title IV (20 U.S.C. 1071 et seq.) is amended by striking section 428I (20 U.S.C. 1078– 9). (b) CONFORMING AMENDMENTS.—Part B of title IV is further amended— (1) in section 428(c)(1) (20 U.S.C. 1078(c)(1))— (A) by striking subparagraph (D); and (B) by redesignating subparagraphs (E) through (H) as subparagraphs (D) through (G), respectively; and (2) in section 438(b)(5) (20 U.S.C. 1087–1(b)(5)), by striking the matter following subparagraph (B). (c) EFFECTIVE DATE.—The amendments made by subsections (a) and (b) shall be effective on October 1, 2007, except that section 428I of the Higher Education Act of 1965 (as in effect on the day before the date of enactment of this Act) shall apply to eligible

Jkt 059194

PO 00001

Frm 00794

Fmt 6580

Sfmt 6581



PsN: 59194PT1