91 STAT. 216
PUBLIC LAW 95-43—JUNE 15, 1977
a u j JcJ '
(jij) by inserting immediately before the period at the •:•'end thereof and have not been reimbursed under subsection (f) "; and (C) in subparagraph (B)(i), by striking out "costs of collection of the loan' " and inserting in lieu thereof "costs of collection of loans' ". (26) Section 428(c)(7)(A) (ii) of such Act is amended by striking out "guarantee agreement under this subsection" and by inserting in lieu thereof "guarantee agreement under subsection (b) of this section". (27) Section 4 2 8 (f)(1) is amended— (1) by striking out " E a c h " in subparagraph (B) and inserting , in lieu thereof "Except as provided in subparagraph (C), each"; and (2) by inserting after such subparagraph (B) the following: " (C) For any State which is eligible to receive a reserve fund advance under section 422(c)(5)(B), the spending minimum required by subparagraph (B) with respect to purposes described in clauses (ii) and (iii) of subparagraph (A) shall, for the first year of such eligibility, not be applicable and shall, for the second and t h i r d years of such eligibility, be an amount equal to 20 per centum of the payments received under this paragraph.". (28) Paragraph (2) of section 428(f) of such Act is amended by striking out " (2)(A) " and inserting in lieu thereof " (2) ", and by striking out subparagraph (B). (29) Section 428(f)(3)(A) of such Act is amended by striking out the period at the end thereof and inserting in lieu thereof a comma. (30) Paragraph s (1)(A) and (2)(A) of section 428A(a) of such Act are each amended by inserting "who is carrying at an eligible institution at least one-half the normal full-time academic workload (as determined under regulations of the Commissioner)" after "to any individual student" and by inserting " not " immediately before "successfully completed". (31) Paragraph s (1) and (2) of section 428A(a) of such Act are each amended by striking out clause (C) and by inserting in lieu thereof, in each such paragraph, the following: " (C) with respect to lenders which are eligible institutions, provides for the insurance of loans by only such institutions as are located within the geographic area served by such State or nonprofit private institution or organization;". (32) Section 428A(b)(5) of such Act is amended by inserting, within the parentheses, "consistent with section 428(c)(6) " after "regulations prescribed by the Commissioner". (33) Section 430(a) of such Act is amended by striking out "interest accrued" and inserting in lieu thereof "accrued interest, including interest accruing". (34) Section 433(a)(2) of such Act is amended by inserting "clause (A) of" immediately before " paragraph (1) ". (35) Section 435(g)(1)(B) of such Act is amended by striking out "Employees" and inserting in lieu thereof "Employee". (36) Section 4 3 5 (g)(3) of such Act is amended by striking out "the amount of the loan described in section 4 2 8 (a)(1) m a d e " and inserting in lieu thereof "the total amount of such loans as are described in section 428(a)(1) made by the institution". (37) Section 438 of such Act is amended— (A) by striking out "unpaid balance of disbursed principal" in subsection (b)(1) and inserting in lieu thereof "average u n p a i d balance of p r i n c i p a l ";
20 USC 1078.
Ante, p. 214.
20 USC 1078-1.
Eligible lenders.
20 USC 1080. 20 USC 1083. 20 USC 1085. .1-3?-; DJ-jsB
20 USC 1087-1.
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