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107 STAT. 364 PUBLIC LAW 103-66—AUG. 10, 1993 20 use 1078-1. 20 use 1078-8 note. 20 u s e 1078-8 note. "(3) AGGREGATE LIMITS FOR INDEPENDENT, GRADUATE, AND PROFESSIONAL STUDENTS.—^The maximum aggregate amount of loans under this section a student described in paragraph (2) may borrow shall be the amount described in paragraph (1), adjusted to reflect the increased annual limits described in paragraph (2), as prescribed by the Secretary by regulation."; and (3) in subsection (e), by adding at the end the following new paragraphs: (5) AMORTIZATION.—^The amount of the periodic payment and the repayment schedule for any loan made pursuant to this section snail be established by assuming an interest rate equal to the applicable rate of interest at the time the repay- ment of the principal amount of the loan commences. At the option of the lender, the note or other written evidence of tne loan may require that— "(A) the amount of the periodic payment will be ac^usted annually; or "(B) the period of repayment of principal will be length- ened or shortened, in order to reflect adjustments in interest rates occurring as a consequence of section 427A(c)(4). "(6) REPAYMENT PERIOD.—^For purposes of calculating the 10-year repayment period under section 428(b)(1)(D), such period shall commence at the time the first payment of principal IS due from the borrower.". (b) REPEAL.—Section 428A of the Act is repealed. (c) TERMS, CONDITIONS AND BENEFITS.—Notwithstanding the amendments made by this section, with respect to loans provided under sections 428A and 428H of the Act (as such sections existed on the date preceding the date of enactment of this Act) the terms, conditions and beneflts applicable to such loans under such sections shall continue to apply to such loans after the date of enactment of this Act. (d) EFFECTIVE DATE.—^Except as otherwise provided herein, the amendments made by this section shall take efTect on July 1,1994. Subtitle B—Additional Savings From The Student Loan Programs Federal Register, publication. SEC. 4101. REDUCTION OF BORROWER INTEREST RATES. Section 427A of the Act (20 U.S.C. 1077a) is amended— (1) in subsection (cX4), by adding at the end the following new subparagraph: "(E) Notwithstanding subparagraphs (A) and (D) for any loan made pursuant to section 428B for which the first disburse- ment is made on or after July 1,1994— "(i) subparagraph (B) shall be applied by substituting "3.1" for "3.25"; and "(ii) the interest rate shall not exceed 9 percent."; (2) by redesignating subsections (f), (g), and (h) as sub- sections (i), (j), and (k) respectively; (3) by adding after subsection (e) the following new sub- sections: "(0 INTEREST RATES FOR NEW LOANS AFTER JULY 1, 1994.—