PUBLIC LAW 102-325—JULY 23, 1992 106 STAT. 513 "(III) $1,825, if such student is enrolled in a program whose length is less than %, but at least Va, of such an academic year; and "(iv) in the case of a graduate or professional student (as defined in regulations of the Secretary) at an eligible institution, $8,500;". (2) in subsection (a)(2)(A), by striking clauses (i) and (ii) and inserting the following:
- (i) $23,000, in the case of any student who has not successfully completed a program of undergraduate education, excluding loans made under section 428A or 428B; and
(ii) $65,500, in the case of any graduate or professional student (as defined by regulations of the Secretary) and (I) including any loans which are insured by the Secretary under this section, or by a guaranty agency, made to such student before the student became a graduate or professional student), but (II) excluding loans made under section 428A or 428B, except that the Secretary may increase the limit applicable to students who are pursuing programs which the Secretary determines are exceptionaUy expensive.". SEC. 414. ELIGmnJTY OF STUDENT BORROWERS AND TERMS OF FED. ERALLY INSURED STUDENT LOANS. (a) SECURITY AND ENDORSEMENT. —Section 427(a)(2)(A) of the Act (20 U.S.C. 1077(a)(2)(A)) is amended to read as follows: "(A) is made without security and without endorsement;". (b) INSURED LOAN DEFERMENTS. — Section 427(a)(2)(C) of the Act is amended to read as follows: (C) provides that periodic installments of principal need not be paid, but interest shall accrue and be paid, during any period—
- (i) during which the borrower—
"(I) is pursuing at least a half-time course of study as determined by an eligible institution; or "(II) is pursuing a course of study pursuant to a graduate fellowship program approved by the Secretary, or pursuant to a rehabilitation training program for individuals with disabilities approved by the Secretary, except that no borrower shall be eligible for a deferment under this clause, or a loan made under this part (other than a loan made under 428B or 428C), while serving in a medical internship or residency program; "(ii) not in excess of 3 years during which the borrower is seeking and unable to find nill-time employ- ment; or "(iii) not in excess of 3 years for any reason which the lender determines, in accordance with regulations prescribed by the Secretary under section 435(o), has caused or wul cause the borrower to have an economic hardship; and provides that any such period shall not be included in determining the 10-year period described in subparagraph (B);". (c) GRADUATED REPAYMENT. —Section 427 of the Act is amended— (1) in subsection (a)(2)— 69-194 O—93 18: <^S(Pt1)
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