Page:United States Statutes at Large Volume 82.djvu/1067

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[82 STAT. 1025]
[82 STAT. 1025]
PUBLIC LAW 90-000—MMMM. DD, 1968

82 STAT. ]

PUBLIC LAW 90-575-OCT. 16, 1968

1025

Commissioner has an agreement under section 428(b) of part B of title IV of the Higher Education Act of 1965 or section 9(b) of 20 USC 1078. the National Vocational Student Loan Insurance Act of 1965, or 20 USC 988. (ii) made by a State under section 428(a)(2)(B) of such part or ^"'^- P- 1022section 9(a)(2)(B) of such Act, or by the Commissioner under ^"'^^ P- ess. section 433 of such part. ^ i^"'^' P- 1024.] (2) Clause (i) (attendance at eligible institution) and clause (iv) ( VI S T A service) of section 427(a) {%) (C) of the Higher Education Act of 1965, shall apply to loans made by the Commissioner and, with 20 USC 1077. the consent of the lender, loans insured by the Commissioner, to students for study at vocational schools, which are outstanding on the sixtieth day after the enactment of this Act, but only with respect to periods of service or attendance occurring on or after such sixtieth day. (3) This section (and any amendment or repeal made thereby) shall not apply so as to require violation of any commitment for insurance made to an eligible lender, or of any line of credit granted to a student, prior to the sixtieth day after enactment of this Act, under the Higher Education Act of 1965 or the National Vocational Student Loan In- J^^^^^ ^°'°^ surance Act of 1965, or, except with the consent of the State or non- °2o use 981 profit private agency concerned, impair the obligation of any agree- n°t«ment made pursuant to section 428(b) of the Higher Education Act of 1965 or.section 9(b) of the National Vocational Student Loan Insurance Act of 1965. The Commissioner of Education shall undertake to obtain necessary modifications of agreements entered into by him pursuant to section 428(b) of the Higher Education Act of 1965 or section 9(b) of the National Vocational Student Loan Insurance Act of 1965 and in force upon the date of enactment of this Act so as to conform the provisions of.such agreements to the requirements of such section 428(b). If, however, such modifications cannot be obtained because a party to such an agreement is subject to a statute of a State that prevents such party from complying with the terms of such modification, the Commissioner shall not, before 120 da}^.s after the adjournment of such State's first regular legislative session which adjourns after January 1, 1969, exercise his authority to terminate, or to refuse to extend, such agreement. (4) A certificate of insurance or of comprehensive insurance coverage pursuant to section 11 of the National Vocational Student Loan Insurance Act of 1965 may be issued or made effective on or after the 20 USC 990. sixtieth day after the date of enactment of this Act with respect to loans made prior to such sixtieth day without regard to any amendment or repeal made by this section. A U T H O R I Z I N G D E F E R M E N T OF R E P A Y M ENT OF N O N - FEDERAL L Y I N S U R E D LOANS D U R I N G M I L I T A R Y, VISTA, OR PEACE CORPS SERVICE, OR A T T E N D A N C E AT ELIGIBLE INSTITUTION; FEDERAL P A Y M E N T OF I N T E R E S T A C C R U I N G D U R I N G S U C H A T T E N D A N C E OR SERVICE

SEC. 117. (a)(1) Section 428 of the Higher Education Act of 1965 (as amended by this Act) is amended by adding at the end of such section ^"f^, p. 1022. the following new subsection: "(e) The Commissioner shall encourage the inclusion, in any State student loan program or any State or nonprofit private student loan insurance program meeting the requirements of subsection (a)(1)(B) or (a)(1)(C), of provisions authorizing or requiring that in the case of student loans covered by such program periodic installments of principal need not be paid, but interest shall accrue and be paid, during any period (1) during which the borrower is pursuing a full-time course of study at an eligible institution, (2) not in excess of three years during which the borrower is a member of the Armed Forces of