PUBLIC LAW 94-502—OCT. 15, 1976 SEC. 502. (a) Section 1798 of title 38, United States Code, is amended— (1) by striking out in subsection (b)(3) "$270" and "$600" and inserting in lieu thereof "$292" and "$1,500", respectively; and (2) by amending clause (3) of subsection (d) to read as follows: "(3) shall provide that the loan shall bear interest, on the unpaid balance of the loan, at a rate prescribed by the Administrator, at the time the loan is contracted for which rate shall be comparable to the rate of interest charged students at such time on loans insured by the Commissioner of Education, Department of Health, Education, and Welfare, under part B of title IV of the Higher Education Act of 1965, but in no event shall the rate so prescribed by the Administrator exceed the rate charged students on such insured loans, and shall provide that no interest shall accrue prior to the beginning date of repayment; and". (b) The amendments made by subsection (a) shall be effective with respect to loans made under section 1798 of title 38, United States Code, on and after October 1, 1976. SEC. 503. Section 1774 of title 38, United States Code, is amended— (1) by adding at the end of subsection (a) thereof the following new sentence: "The Administrator may also reimburse such agencies for work performed by their subcontractors where such work has a direct relationship to the requirements of chapter 32, 34, 35, or 36 of this title, and has had the prior approval of the Administrator."; and (2) by amending subsection (b) to read as follows: "(b) The allowance for administrative expenses incurred pursuant to subsection (a) of this section shall be paid in accordance with the following formula: "Total salary cost reimbursable Allowable for administrative expense under this section $5,000 or less $600. Over $5,000 but not exceeding $10,000 $1,080. Over $10,000 but not exceeding $35,000 $1,080 for the first $10,000 plus $1,000 for each additional $5,000 or fraction thereof. Over $35,000 but not exceeding $40,000 $6,535. Over $40,000 but not exceeding $75,000 $6,535 for the first $40,000 plus $865 for each additional $5,000 or fraction thereof. Over $75,000 but not exceeding $80,000 $12,960. Over $80,000 $12,960 for the first $80,000 plus $755 for each additional $5,000 or fraction thereof.". SEC. 504. Section 1775 of title 38, United States Code, is amended— (1) by striking out the period at the end of subsection (a) and inserting in lieu thereof "which must be certified as true and correct in content and policy by an authorized lepresentative of the school. The catalog or bulletin must specifically state its progress requirements for graduation and must include as a minimum the information required by sections 1776(b)(6) and (7) of this title."; and (2) by inserting before the period in the first sentence of subsection (b) the TOllowing: "and must include as a minimum (except for attendance) the requirements set forth in section 1776(c)(7) of this title".
90 STAT. 2399
20 USC 1071.
38 USC 1798 "o*«-
Ante, p. 2393. 38 USC 1651, 1700, 1770.
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