PUBLIC LAW 103-208—DEC. 20, 1993 107 STAT. 2463 (I) as such remainder measured in semester, trimester, quarter, or clock hours bears to one academic year;
- (iii) in the case of a student at an eligible institution who has successfully completed the first and second years of a program of undergraduate education
but has not successfully completed the remainder of such program— " (I) $5,500; or "(II) if such student is enrolled in a program of undergraduate education, the remainder of which is less than one academic year, the maximum annual loan amount that such student may receive may not exceed the amount that bears the same ratio to the amount specified in subclause (I) as such remainder measured in semester, trimester, quarter, or clock hours bears to one academic year;"; (B) by redesignating clause (iv) as clause (v); and (C) by inserting after clause (iii) the following: (iv) in the case of a student who has received an associate or baccalaureate degree and is enrolled in an eligible program for wWch the institution requires such degree for admission, the number of years that a student has completed in a program of undergraduate education shall, for the purposes of clauses (ii) and (iii), include any prior enrollment in the eligible program of undergraduate education for which the student was awarded such degree; and"; (14) in section 428(b)(1)(B), by striking the matter following 20 USC 1078. clause (ii) and inserting the following: "except that the Secretary may increase the limit m)plicable to students who are pursuing programs which the Secretary determines are exceptionally expensive;"; (15) in section 428(b)(1), by amending subparagraph (N) to read as follows: "(N) provides that funds borrowed by a student— "(i) are disbursed to the institution by check or other means that is payable to, and requires the endorsement or other certification by, such student; or "(ii) in the case of a student who is studying outside the United States in a program of study abroad that is approved for credit by the home institution at which such student is enrolled or at an eligible foreign institution, are, at the request of the student, disbursed directly to the student by the means described in clause (i), unless such student requests that the check be endorsed, or the funds transfer authorized, pursuant to an authorized power-of-attorney;"; (16) in section 428(b)(l)(U)— (A) by striking "this clause;" and inserting "this clause"; and (B) by inserting a comma after "emergency action" each place it appears; (17) in section 428(b)(l>—
�
