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PUBLIC LAW 103-66—AUG. 10, 1993 107 STAT. 363 (2) CONFORMING AMENDMENT.—Section 428C(aX3)(B)(ii) of the Act (20 U.S.C. 1078-3(a)(3)(B)(ii)) is amended by striking the second sentence. (c) EFFECTIVE DATE.—^The amendments made by this section 20 use i078-3 shall take effect on July 1, 1994, except that the amendments "°*®' made by subsection (aX2XB) shall take effect upon enactment. SEC. 4047. CONSOUDATION OF PROGRAMS. (a) IN GENERAL.—Section 428H of the Act (20 U.S.C. 1078- 9) is amended— 20 use 1078-8. (1) in the matter preceding paragraph (1) of subsection Regulations. (b), by inserting "(including graduate and professional students as defined in regulations promulgated by the Secretary)" after "484"; (2) by amending subsection (d) to read as follows: "(d) LOAN LIMITS.— "(1) IN GENERAL.—Except as provided in paragraphs (2) and (3), the annual and aggregate limits for loans under this section shall be the same as those established under section 428(b)(1), less any amount received by such student pursuant to the subsidized loan program established under section 428. "(2) ANNUAL LIMITS FOR INDEPENDENT, GRADUATE, AND PROFESSIONAL STUDENTS.—^The maximum annual amount of loans under this section an independent student (or a student whose parents are unable to borrow under section 428B or the Feoeral Direct PLUS Loan Program) may borrow in any academic year or its equivalent or in any period of 7 consecutive months, whichever is longer, shall be the amount determined under paragraph (1), plus— "(A) in the case of such a student attending an eligible institution who has not completed such student's first 2 years of undergraduate study— "(i) $4,000, if such student is enrolled in a program whose length is at least one academic year in length (as determined under section 481); "(ii) $2,500, if such student is enrolled in a program whose length is less than one academic year, but at least V3 of such an academic year; and "(iii) $1,500, if such student is enrolled in a pro- gram whose length is less than Va, but at least Vs, of such an academic year; "(B) in the case of such a student attending an eligible institution who has completed the first 2 years of under- graduate study but who has not completed the remainder of a program of undergraduate study— "(i) $5,000, if such student is enrolled in a program whose length is at least one academic year in length (as determined under section 481); "(ii) $3,325, if such student is enrolled in a program whose length is less than one academic year, but at least % of such an academic year; and "(iii) $1,675, if such student is enrolled in a pro- gram whose length is less than Va, but at least Vs, of such an academic year; and "(C) in the case of such a student who is a graduate or professional student attending an eligible institution, $10,000.