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PUBLIC LAW 88-665-OCT. 16, 1964 PAYMENTS
72 Stat. 1589; 77 Stat. 417, 20 USC 444.
TO
[78 STAT.
STATES
SEC. 305. The second sentence of subsection (b) of section 304 of such Act is amended by striking out "five" and inserting in lieu thereof eight". I N T E R E S T RATES
20 USC 445.
72 Stat. 1591; 77 Stat. 4 1 7. 20 USC 462.
SEC. 306. Paragraph (3) of subsection (b) of section 305 of such Act is amended by striking out "as of the last day of the month" and inserting in lieu thereof the following: "as computed at the end of the fiscal year next". TITLE IV—FELLOWSHIPS SEC. 401. Effective July 1, 1964, section 402(a) of the National Defense Education Act of 1958 is amended to read as follows: uN U M B E R
OF F E L L O W S H I P S
"SEC. 402. (a) During the fiscal year ending June 30, 1965, the Commissioner is authorized to award not to exceed three thousand fellowships to be used for study in graduate programs at institutions of higher education, during the fiscal year ending June 30, 1966, he is authorized to award not to exceed six thousand such fellowships, and during each of the two succeeding fiscal years, he is authorized to award not to exceed seven thousand five hundred such fellowships. Such fellowships may be awarded for such period of study as the Commissioner may determine, but not in excess of three academic years, except that where a fellowship holder pursues his studies as a regularly enrolled student at the institution during periods outside the regular sessions of the graduate program of the institution, a fellowship may be awarded for a period not in excess of three calendar years." AWARD OF F E L L O W S H I P S A N D APPROVAL OF INSTITUTIONS
20 USC 463.
SEC. 402. (a) The first sentence of subsection (a) of section 403 of the National Defense Education Act of 1958 is amended to read as follows: "Of the total number of fellowships authorized by section 402(a) to be awarded during a fiscal year (1) not less than one thousand five hundred of such fellowships awarded during the fiscal year ending June 30, 1965, and not less than one-third of such fellowships awarded during the three succeeding fiscal years shall be awarded to individuals accepted for study in graduate programs approved by the Commissioner under this section, and (2) the remainder shall be awarded on such bases as he may determine, subject to the provisions of subsection (c)." The second sentence of subsection (a) of such section is amended by striking out ", and" at the end of clause (2) and inserting in lieu thereof a period, and by striking out clause (3) thereof. (b) Section 403(b) of such Act is amended by striking out "under this title" and inserting in lieu thereof "as described in clause (1) of subsection (a) ", and by inserting before the period at the end thereof the following: ", and the Commissioner shall give consideration to such objective in determining the number of fellowships awarded under this title for attendance at any one institution of higher education". (c) Section 403 of such Act is further amended by adding at the end thereof the following new subsections: "(c) Recipients of fellowships under this title shall be persons who are interested in teaching, or continuing to teach, in institutions of higher education and are pursuing, or intend to pursue, a course of study leading to a degree of doctor of philosophy or an equivalent degree.
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