85 STAT. ]
PUBLIC LAW 92-157-NOV. 18, 1971
449
conditions prescribed by section 770, 771, or 773 or subsection (b) 44^" 4^^6^^* '*^ of this section; "(2) contains such additional information as the Secretary may require to make the determinations required of him under the section authorizing the grant for which the application is made and such assurances as he may find necessary to carry out the purposes of such section; and "(3) provides for such fiscal-control and accounting procedures and reports, and access to the records of the applicant, as the Secretary may require to assure proper disbursement of and accounting for Federal funds paid to the applicant under such grant." STUDENT
LOANS
SEC. 105. (a) AUTHORIZATION LEVEL.—Subsection (a) of section 742
(42 U.S.C. 294b (a)) is amended to read as follows: 82'stau 7*78?' "SEC. 742. (a) For the purpose of— " (1) making Federal capital contributions into the loan funds of schools which have established loan funds under this part, "(2) making payments into the fund established by section 744(d), and 42 USC 294d. "(3) making transfers under section 746, '*2 ^^^ 2^'*^* there are authorized to be appropriated $50,000,000 for the fiscal year ending June 30, 1972, $55,000,000 for the fiscal year ending June 30, 1973, and $60,000,000 for the fiscal year ending June 30, 1974. For the fiscal year ending June 30, 1975, and each of the two succeeding fiscal years there are authorized to be appropriated to the Secretary such sums as may be necessary to enable students who have received a loan under this part for any academic year ending before July 1, 1974, to continue or complete their education." (b) LOAN REPAYMENT AND FORGIVENESS.—
(1) Section 741(f) (42 U.S.C. 294a(f)) is amended to read as so^stfu'uJS! follows: " (f)(1) In the case of any individual— " (A) who has received a degree of doctor of medicine, doctor of osteopathy, doctor of dentistry or an equivalent degree, doctor of veterinary medicine or an equivalent degree, doctor of optometry or- an equivalent degree, bachelor of science in pharmacy or an equivalent degree, or doctor of podiatry or an equivalent degree; " (B) who obtained (i) one or more loans from a loan fund established under this part, or (ii) any other educational loan for his costs at a school of medicine, osteopathy, dentistry, veterinary medicine, optometry, pharmacy, or podiatry; and " (C) who enters into an agreement with the Secretary to prac- g^^^J^^^"^'^" ^*'°" tice his profession for a period of at least two years in an area in age a r e a. a State determined by the Secretary, after consultation with the appropriate State health authority (as determined by the Secretary by regulations), to have a shortage of and need for persons trained in his profession; the Secretary shall make payments in accordance with paragraph (2), for and on behalf of that individual, on the principal of and interest on any loan of his described in subparagraph (B) of this paragraph which is outstanding on the date he begins the practice specified in the agreement described in subparagraph (C) of this paragraph. "(2) The payments described in paragraph (1) shall be made by the Secretary as follows: " (A) Upon completion by the individual for whom the payments are to be made of the first year of the practice specified in the agreement he entered into with the Secretary under paragraph (1), the Secretary shall pay 30 per centum of the principal
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