112 STAT. 1684 PUBLIC LAW 105-244 —OCT. 7, 1998 (2) SELECTION OF REPAYMENT PLANS.—Clause (ii) of section 20 USC 1078. 428(b)(1)(D) is amended to read as follows: "(ii) the student borrower may annually change the selection of a repayment plan under this part, and". (3) REPAYMENT PLANS. —Subparagraph (E) of section 428(b)(1) is amended to read as follows: "(E) subject to subparagraphs (D) and (L), and except as provided by subparagraph (M), provides that— "(i) not more than 6 months prior to the date on which the borrower's first payment is due, the lender shall offer the borrower of a loan made, insured, or guaranteed under this section or section 428H, the option of repaying the loan in accordance with a standard, graduated, income-sensitive, or extended repay- ment schedule (as described in paragraph (9)) established by the lender in accordance with regulations of the Secretary; and "(ii) repayment of loans shall be in installments in accordance with the repayment plan selected under paragraph (9) and commencing at the beginning of the repayment period determined under paragraph (7);"; (4) COINSURANCE. —Section 428(b)(1)(G) is amended by striking "not less than". (5) PAYMENT AMOUNTS.— Section 428(b)(l)(L)(i) is amended— (A) by inserting "except as otherwise provided by a repayment plan selected by the borrower under clause (ii) or (iii) of paragraph (9)(A)," before "during any"; and (B) by inserting ", notwithstanding any payment plan under paragraph (9)(A)" after "due and payable". (6) DEFERMENTS.— Section 428(b)(l)(M) is amended— (A) in clause (i)(I), by inserting before the semicolon the following: ", except that no borrower, notwithstanding the provisions of the promissory note, shall be required to borrow an additional loan under this title in order to be eligible to receive a deferment under this clause"; and (B) in clause (ii), by inserting before the semicolon the following: ", except that no borrower who provides evidence of eligibility for unemployment benefits shall be required to provide additional paperwork for a deferment under this clause". (7) LIMITATION, SUSPENSION, AND TERMINATION.— Section 428(b)(l)(U) is amended— (A) by striking "emergency action,," each place the term appears and inserting "emergency action,"; and (B) in clause (iii)(I), by inserting "that originates or holds more than $5,000,000 in loans made under this title for any lender fiscal year (except that each lender described in section 435(d)(l)(A)(ii)(in) shall annually submit the results of an audit required by this clause)," before "at least once a year". (8) ADDITIONAL INSURANCE PROGRAM REQUIREMENTS.— Section 428(b)(1) is further amended— (A) by striking "and" at the end of subparagraph (W); (B) in subparagraph (X)—
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