Sec. 8. Accrual of interest for members of the Armed Forces subject to hostile fire or imminent danger

307 words·~1 min read·/bill/113/s/2448/is/section-8

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Section 455(o) is amended— by striking paragraph

(1)and inserting the following: Notwithstanding any other provision of this part and in accordance with paragraphs

(2)and (4), the Secretary shall not charge interest on a loan made to a borrower under this part for which the first disbursement is made on or after October 1, 2008, during the period in which a borrower who is performing eligible military service (as defined in section 481(d)) is serving in an area of hostilities in which service qualifies for special pay under section 310 of title 37, United States Code. ; by striking paragraph

(3)and inserting the following: The Secretary shall enter into any necessary agreements, including agreements with the Commissioner of Revenue and the Secretary of Defense— to ensure that interest does not accrue for borrowers described in paragraph (1), in accordance with this subsection; and to obtain or provide any information necessary to implement clause

(i)without requiring a request from the borrower. Not later than 90 days after the date of the enactment of the Servicemember Higher Education Protection Act , the Secretary shall submit to the appropriate committees of Congress a report that includes a plan to implement the accrual of interest provision described in subparagraph (A). If the Secretary has not implemented the accrual of interest provision described in subparagraph

(A)by the date that is 1 year after the date of enactment of the Servicemember Higher Education Protection Act , the Secretary shall submit, by such date, a report that includes an explanation of why such provision has not been implemented and a description of any legislative changes that are necessary to allow for the implementation of such provision. ; and in paragraph (4), by striking who qualifies as an eligible military borrower under this subsection and inserting described in paragraph

(1).