Sec. 402. Interest payment program

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Subtitle E ( 33 U.S.C. 3071 et seq. ), as amended by section 401(a), is further amended by adding at the end the following: The Secretary may pay the interest and any special allowances that accrue on 1 or more student loans of an eligible officer, in accordance with this section. An officer is eligible for the benefit described in subsection

(a)while the officer— is serving on active duty; has not completed more than 3 years of service on active duty; is the debtor on 1 or more unpaid loans described in subsection (c); and is not in default on any such loan. The authority to make payments under subsection

(a)may be exercised with respect to the following loans: A loan made, insured, or guaranteed under part B of title IV of the Higher Education Act of 1965 (20 U.S.C. 1071 et seq.). A loan made under part D of such title (20 U.S.C. 1087a et seq.). A loan made under part E of such title (20 U.S.C. 1087aa et seq.). Interest and any special allowance may be paid on behalf of an officer under this section for any of the 36 consecutive months during which the officer is eligible under subsection (b). The Secretary may use amounts appropriated for the pay and allowances of personnel of the commissioned officer corps of the Administration for payments under this section. The Secretary shall consult with the Secretary of Education regarding the administration of this section. The Secretary shall transfer to the Secretary of Education the funds necessary— to pay interest and special allowances on student loans under this section (in accordance with sections 428(o), 455(l), and 464(j) of the Higher Education Act of 1965 ( 20 U.S.C. 1078(o) , 1087e(l), and 1087dd(j)); and to reimburse the Secretary of Education for any reasonable administrative costs incurred by the Secretary in coordinating the program under this section with the administration of the student loan programs under parts B, D, and E of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1071 et seq. , 1087a et seq., 1087aa et seq.). In this section, the term special allowance means a special allowance that is payable under section 438 of the Higher Education Act of 1965 (20 U.S.C. 1087–1). . Section 428(o) of the Higher Education Act of 1965 ( 20 U.S.C. 1078(o) ) is amended— by striking the subsection heading and inserting ; and Armed Forces and NOAA Commissioned Officer Corps Student Loan Interest Payment Programs in paragraph (1)— by inserting or section 264 of the National Oceanic and Atmospheric Administration Commissioned Officer Corps Act of 2002 after Code, ; and by inserting or an officer in the commissioned officer corps of the National Oceanic and Atmospheric Administration, respectively, after Armed Forces . Sections 455(l) and 464(j) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(l) and 1087dd(j)) are each amended— by striking the subsection heading and inserting ; and Armed Forces and NOAA Commissioned Officer Corps Student Loan Interest Payment Programs in paragraph (1)— by inserting or section 264 of the National Oceanic and Atmospheric Administration Commissioned Officer Corps Act of 2002 after Code, ; and by inserting or an officer in the commissioned officer corps of the National Oceanic and Atmospheric Administration, respectively after Armed Forces . The table of sections in section 1 of the Act entitled An Act to authorize the Hydrographic Service Improvement Act of 1998, and for other purposes ( Public Law 107–372 ), as amended by section 401(b), is further amended by inserting after the item relating to section 267 the following: Sec. 268. Interest payment program. .

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