106 STAT. 512 PUBLIC LAW 102-325--JULY 23, 1992 "(2) appealed the Secretary's demand that such agency should eliminate such excess cash reserves and received a waiver of a portion of the amount of such excess cash reserves to be eliminated; "(3) had payments under section 428(c)(l) or section 428(f) previously withheld or canceled in order to be applied to satisfy such SLgencys obligation to eliminate excess cash reserves held by such agency, based on the maximum cash reserve (as described in subsection (e) of this section as in effect on September 1, 1988) permitted at the end of 1986; and "(4) according to a Department of Education review that was completed and forwarded to such guaranty agency prior to January 1, 1992, is expected to become insolvent during or before 1996 and the payments withheld or canceled under paragraph (3) of this subsection are a factor in such agenc3r's impending insolvency. ". SEC. 413. LIMITATIONS ON FEDERAL LOAN INSURANCE. Section 425 of the Act (20 U.S.C. 1075) is amended— (1) in subsection (a)(l)(A) by striking clauses (i), (ii), and (iii) and inserting the following: "(i) in the case of a student at an eligible institution who has not successfully completed the first year of a program of undergraduate education— "(I) $2,625, if such student is enrolled in a program whose length is at least one academic year in length (as determined under section 481); "(II) $1,750, if such student is enrolled in a program whose length is less than one academic year, but at least % of such an academic year; and "(III) $875, if such student is enrolled in a progrsim whose length is less than %, but at least Va, of such an academic year; "(ii) in the case of a student who has successfully completed such first year but has not successfully completed the remainder of a program of undergraduate study— "(I) $3,500, if such student is enrolled in a program whose length is at least one academic year in length (as determined under section 481); "(II) $2,325, if such student is enrolled in a progrsim whose length is less than one academic year, but at least V3 of such an academic year; and "(III) $1,175, if such student is enrolled in a program whose length is less than %, but at least Va, of such an academic year; "(iii) in the case of a student at an eligible institution who has successfully completed such first and second year but has not successfully completed the remainder of a program of undergraduate study— "(I) $5,500, if such student is enrolled in a program whose length is at least one academic year in length (as determined under section 481); "(II) $3,675, if such student is enrolled in a program whose length is less than one academic year, but at least Vs of such an academic year; and
�
