12 2 STA T .3 2 6 6 PUBLIC LA W 11 0– 31 5— AU G .1 4, 200 8(1)inpar a g rap h (1) ,byst ri k ing ‘ ‘ $250 ,000,000 fo r fis c a l y e ar1 9 99 ’ ’an d all that follo w s thro u gh the period and inserting ‘‘$ 3 00,000,000 for fiscal year 2009 and for each of the fi v e succeeding fiscal years . ’’
and (2) in paragraph (2), by striking ‘‘2003’’ each place it appears and inserting ‘‘2015’’. SEC.462 . AL L OW A N CE F O RB OO K SAN D S UP PL I ES. S ection 46 2(c)(4)( D ) (20 U .S. C . 10 87 bb(c)(4)(D)) is a m ended by striking ‘‘$450’’ and inserting ‘‘$600’’. SEC. 46 3 .A G REE M EN T S WIT H INSTITUTIONS. (a) TRANSFE RSF O RCO L LE CTI ON. — Section 463(a)(4)( B ) (20 U.S.C. 1087cc(a)(4)(B)) is amended to read as follows
‘‘(B) if the institution is not one described in subpara - graph ( A ), the Secretary may allow such institution to refer such note or agreement to the Secretary, without recompense, e x cept that, once every six months, any sums collected on such a loan (less an amount not to exceed 30 percent of any such sums collected to cover the Sec- retary’s collection costs) shall be repaid to such institution and treated as an additional capital contribution under section 462;’’. (b) R E V ISE A U T H ORIT Y TO P RESCRI B EA D DITIONAL F ISCAL CON- TROLS.—Section 463(a)(9) (20 U.S.C. 1087cc(a)(9)) is amended by inserting ‘‘, except that nothing in this paragraph shall be construed to permit the Secretary to re q uire the assignment of loans to the Secretary other than as is provided for in paragraphs (4) and (5)’’ before the period. SEC. 464. PERKINS LOAN TERMS AND CONDITIONS. (a) L OAN LI M ITS.—Section 464(a) (20 U.S.C. 1087dd(a)) is amended— (1) in paragraph (2)(A)— (A) by striking ‘‘$4,000’’ in clause (i) and inserting ‘‘$5,500’’; and (B) by striking ‘‘$6,000’’ in clause (ii) and inserting ‘‘$8,000’’; and (2) in paragraph (2)(B)— (A) by striking ‘‘$40,000’’ in clause (i) and inserting ‘‘$60,000’’; (B) by striking ‘‘$20,000’’ in clause (ii) and inserting ‘‘$27,500’’; and (C) by striking ‘‘$8,000’’ in clause (iii) and inserting ‘‘$11,000’’. (b) DISCHAR G E AND CANCELLATION RIGHTS IN CASES OF DIS- ABILITY.— (1) AMENDMENT.—Section 464 (20 U.S.C. 1087dd(c)) is fur- ther amended— (A) in subsection (c)(1)(F), by striking ‘‘canceled upon the death’’ and all that follows through the semicolon and inserting ‘‘cancelled— ‘‘(i) upon the death of the borrower; ‘‘(ii) if the borrower becomes permanently and totally disabled as determined in accordance with regu- lations of the Secretary; ‘‘(iii) if the borrower is unable to engage in any substantial gainful activity by reason of any medically
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