12 2 STA T .3 22 8PUBLIC LA W 11 0– 31 5— AU G .1 4, 2008 ‘ ‘ (a a ) a ny na tio na lserv i c ee du cation a w ard or p ost - service b ene f it under title I oft h e N ational and C o m munity S ervice A ct of 19 9 0; and ‘‘(bb) any veterans ’ education benefits as defined in section 48 0(c); and ‘‘(iii) the determination of need and of the amount ofaloanbyaneli g ible institution under subparagraph ( B ) with respect to a student shall be calculated in accord- ance with part F. ’’. ( 2 ) EF F ECTIV E DA TE. —T he amendments made by paragraph (1) shall ta k e effect on J uly 1 , 2010. (b) DUR ATI ON OF AUT H ORIT Y TO M A K E INTERE S TSU B SIDI Z ED L OANS.—Section 428(a)( 5 ) (20 U .S.C. 10 7 8(a)(5)) is amended— (1) by striking ‘‘2012’’ and inserting ‘‘2014’’; and (2) by striking ‘‘201 6 ’’ and inserting ‘‘2018’’. (c) INSURANCE P RO G RA M AGREEMENTS.— (1) DEFERMENT INFORMATION RE Q UIREMENTS.—Section 428(b)(1)( Y ) (20 U.S.C. 1078(b)(1)(Y)) is amended— (A) by striking clause (i) and inserting the following
‘‘(i) the lender shall determine the eligibility of a borrower for a deferment described in subparagraph (M)(i) based on— ‘‘(I) receipt of a re q uest for deferment from the borrower and documentation of the borrower’s eligibility for the deferment; ‘‘(II) receipt of a newly completed loan applica- tion that documents the borrower’s eligibility for a deferment; ‘‘(III) receipt of student status information documenting that the borrower is enrolled on at least a half-time basis; or ‘‘(I V ) the lender’s confirmation of the bor- rower’s half-time enrollment status through use of the National Student Loan Data System, if the confirmation is requested by the institution of higher education;’’; (B) in clause (ii), by striking the period at the end and inserting ‘‘; and’’; and (C) by adding at the end the following: ‘‘(iii) the lender shall, at the time the lender grants a deferment to a borrower who received a loan under section 428 H and is eligible for a deferment under subparagraph (M) of this paragraph, provide informa- tion to the borrower to assist the borrower in under- standing the impact of the capitali z ation of interest on the borrower’s loan principal and on the total amount of interest to be paid during the life of the loan.’’. (2) TRANSFER INFORMATION REQUIREMENTS.—Section 428(b)(2)(F)(i) (20 U.S.C. 1078(b)(2)(F)(i)) is amended— (A) in subclause (III), by striking ‘‘and’’ after the semi- colon; (B) in subclause (IV), by striking ‘‘and’’ after the semi- colon; and (C) by adding at the end the following: ‘‘(V) the effective date of the transfer; 20USC1 0 78note.
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