PUBLIC LAW 94-4«2—OCT. 12, 1976 -i in the case of a loan which is repayable in monthly installments, or (B) one hundred and eighty days, in the case of a loan which is repayable in less frequent installments, notice of such default shall be given to the Commissioner in a report describing the total number of loans from such fund which are in such default, and made to the Commissioner at least semiannually;". (d) Section 464(b) of the Act is amended by striking ", upon notice to the Commissioner,". (e) Section 464(c)(1)(A) of the Act is amended by inserting immediately before the semicolon at the end thereof the following: ", except that such period may begin earlier than nine months after such date upon the request of the borrower". (f) Section 464(c)(1)(C) of the Act is amended to read as follows: "(C) may provide, at the option of the institution in accordance with regulations of the Commissioner, that during the repayment period of the loan, payments of principal and interest by the borrower with respect to all outstanding loans made to him from a student loan fund assisted under this part shall be at a rate equal to not less than $30 per month, except that the institution may, subject to such regulations, permit a borrower to pay less than $30 per month for a period of not more than one year where necessary to avoid hardship to the borrower, but without extending the ten-year maximum repayment period provided for in clause (A) of this paragraph;" (g)(1) Section 464(c)(1) of the Act is amended by redesignating clauses (F) and (G) as (G) and (H), respectively, and by inserting after clause (E) the following new clause: " (F) shall provide that the liability to repay the loan shall be canceled upon the death of the borrower, or if he becomes permanently and totally disabled as determined in accordance with regulations of the Commissioner;". (2) The amendments made by this subsection shall take effect on June 23, 1972. (h)(1) Section 466 of the Act is amended by striking out "June 30, 1980" wherever it appears and inserting in lieu thereof "September 30, 1984". (2) Section 466 of the Act is further amended by striking out "December 31, 1980" wherever it appears and inserting in lieu thereof "March 31, 1985". (3) Section 466(b) of the Act is amended by striking out "June 30, 1974" and inserting in lieu thereof "September 30, 1978". (4) Section 466(c) of the Act is amended by striking out "July 1, 1980" and inserting in lieu thereof "October 1, 1984". STUDENT CONSUMER
90 STAT. 2147
20 USC 1087dd.
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Effective date. 20 USC 1087dd note. 20 USC 1087ff.
INFORMATION
SEC. 131. (a) Section 493 of the Act is amended— 20 USC 1088b. (1) by striking out "3 per centum" in subsection (a) and inserting in lieu thereof "4 per centum"; (2) by inserting " (1) " following "1958," and by inserting before the period a comma and the following: "and (2) shall be used by such institution to carry out the provisions of section 493AofthisAct"; (3) by striking "$125,000" in subsection (b) and inserting in lieu thereof, "$325,000"; and (4) by adding at the end of said section, the following new subsection: "(c) Payment received by an institution under this section shall be used first to carry out the provisions of section 493A of this Act and Post, p. 2148.
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