91 STAT. 214
PUBLIC LAW 95-43—JUNE 15, 1977 to a State described in paragraph (5)(A) for the first year of its eligibility under snch paragraph, and the amount of any advance to any State described in paragraph (5)(B) for each year of its eligibility under such paragraph, shall not be less than $50,000.";
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(C) by adding after subparagraph (C) the following new subparagraph: "(D) If the sums appropriated for any fiscal year for paying the amounts determined under subparagraphs (A) and (B) are not sufficient to pay such amounts in full, then such amounts shall be reduced— " (i) by ratably reducing that portion of the amount allocated to each State which exceeds $50,000; and "(ii) if further reduction is required, by equally reducing the <• $50,{)00 minimum allocation of each State, If additional sums become available for paying such amounts for any ' '• fiscal year during which the preceding sentence has been applied, such reduced amounts shall be increased on the same basis as they were reduced.". 20 USC 1072. (12) Section 422(c)(5)(B) of such Act is amended by inserting -^» ' - after "effective date of this subsection" the following: "or which is not actively carrying on a program under an agreement pursuant to such section on such date". (13) Section 422(c)(6)(B) (iii) of such Act is amended by inserting "eligible" inmiediately before "institution" each place it appears. 20 USC 1073. (^i^^ Section 423(b) of such Act is amended by striking out "or" at the end of paragraph (1), by striking out the period at the end of paragraph (2) and inserting in lieu thereof ", or", and by adding after such paragraph the following: " (3) under such circumstances as may be approved by the State or nonprofit private institution or organization in such State with Post, p. 215. " > which the Commissioner has an agreement under section 428(b),
for the insurance of a loan to a borrower for whom such lender
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previously was issued such a certificate if the loan covered by such certificate is not yet repaid.". 20 USC 1075. (15) Section 425(a)(1)(A) of such Act is amended— (A) by striking out "a loan to a student who is or will be in his first year of a program of undergraduate education" and insert• • ' • • •' ing in lieu thereof "loans to a student for his first academic year of a program of postsecondary education"; ' ' • • (B) by striking out "program which is" and inserting in lieu 'r~.' thereof "program, which are"; (C) by striking out "or which is" and inserting in lieu thereof >j,i "or which are"; and ^ (D) by striking out "the loan" and inserting in lieu thereof "the total of such loans". (16) Section 425(a)(1)(B) of such Act is amended by striking out " "to a student for his first academic year of postsecondary education" and inserting in lieu thereof "to such a first-year student". (17) Section 425(a)(1) of such Act is amended by inserting after the last sentence thereof the following: "For the purpose of clause (B), all loans made within any period of 90 days shall be considered a single loan.". 20 USC 1077. (18) Section 427(a)(2)(G) of such Act is amended by striking out the semicolon at the end thereof and inserting in lieu thereof a comma. 20 USC 1078. (19) The last sentence of section 428(a)(8)(A) of such Act is amended by striking out "over the course of the academic year" and inserting in lieu thereof "over the period of enrollment for which the loan is made".
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