PUBLIC LAW 97-35—AUG. 13, 1981
95 STAT. 455
"(4)(A) Subject to subparagraph (B) of this paragraph, the maximum amount an independent undergraduate student may borrow under this section in any academic year or its equivalent (as defined by regulation by the Secretary) is equal to (i) $2,500, minus (ii) the amount of all other loans under this part to such student for such academic year or its equivalent. "(B) The aggregate insured unpaid principal amount for insured loans made to an independent undergraduate student under this part (including loans made under this section) shall not exceed $12,500.". (3) The heading of section 428B of the Act is amended to read as follows: "AUXILIARY LOANS TO ASSIST STUDENTS". INDEPENDENT STUDENT LOAN LIMITATIONS
SEC. 535. (a) Section 425(a)(1) of the Act is amended— (1) by striking out clause (A) and by redesignating clauses (B), (C), and (D) as clauses (A), (B), and (C), respectively; and (2) by striking out "clause (C)" in the last sentence of such section and inserting in lieu thereof "clause (B)". (b) Section 425(a)(2) of the Act is amended— (1) by striking out "(other than an independent student)"; and (2) by striking out "$15,000 in the case of any independent student who has not successfully completed a program of undergraduate education,". (c) The matter preceding subdivision (i) of section 428(b)(1)(A) of the Act is amended— (1) by striking out "(other than an independent student)"; and (2) by striking out "or not more than $3,000 in the case of an independent student (defined in accordance with section 482(c)(2)) who has not successfully completed a program of undergraduate education,". (d) Section 428(b)(1)(B) of the Act is amended— (1) by striking out "(other than an independent student)"; and (2) by striking out "$15,000 in the case of any independent student who has not successfully completed a program of undergraduate education,". (e) Section 428 A of the Act is amended— (1) by striking out ", other than an independent student," in subsection (a)(1)(A) and in subsection (a)(2)(A); (2) by striking out "$3,000 (in the case of an independent student (as defined in section 482(c)(2)) who has not successfully completed a program of undergraduate education)," in each such subsection; (3) by striking out "(other than an independent student)" in each such subsection; and (4) by striking out "$15,000 in the case of any independent student who has not successfully completed a program of undergraduate education," in each such subsection.
94 Stat. 1416. ^^ ^SC 1075.
Ante, p. 452.
94 Stat. 1445. ^^ USC 1089.
94 Stat. 1416, 1417. 20 USC 1078-1.
ORIGINATION FEES
SEC. 536. (a) Section 438 of the Act is amended by redesignating 94 Stat. 1425. subsection (c) as subsection (d) and by inserting after subsection (b) ^0 USC 1087-1. the following new subsection: "(c)(1) Notwithstanding subsection (b), the total amount of interest and special allowance payable under section 428(a)(3)(A) and subsec- 20 USC 1078.
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