Sec. 402. EXTENSION OF GUARANTEED STUDENT LOAN PROGRAM
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## SEC. 402 EXTENSION OF GUARANTEED STUDENT LOAN PROGRAM ###
(a)Amendment Part B of title IV of the Act (20 U.S.C. 1071 et seq.) is amended to read as follows: * * * * * * * **[**Text as amended printed earlier in this volume.**]** ###
(b)Effective Dates The changes made in part B of title IV of the Act by the amendment made by subsection
(a)of this section shall take effect on the date of enactment of this Act, except— ####
(1)as otherwise provided in such part B; ####
(2)the changes in sections 427(a)(2)(C) and 428(b)(1)(M) of the Act (other than clauses (viii), (ix), and
(x)of each such section) shall apply only to loans to new borrowers that
(A)are made to cover the cost of instruction for periods of enrollment beginning on or after July 1, 1987; or
(B)are disbursed on or after July 1, 1987; ####
(3)the changes made in sections 425(a), 428(b)(1)(A), and 428(b)(1)(B) of the Act shall apply with respect only to loans disbursed on or after January 1, 1987, or made to cover the costs of instruction for periods of enrollment beginning on or after January 1, 1987; ####
(4)the changes made in subsections (a), (b), and
(d)of section 433 of the Act shall apply with respect only to loans disbursed on or after January 1, 1987, or made to cover the costs of instruction for periods of enrollment beginning on or after January 1, 1987; ####
(5)the changes in section 428(b)(1)(H) shall apply with respect only to loans for which the borrower files an application on or after July 1, 1987; ####
(6)the changes in sections 435(d)(5) and 438(d) of the Act shall take effect 30 days after the date of enactment of this Act; and ####
(7)the changes made in section 438(b) shall take effect with respect to loans disbursed on or after 30 days after the date of enactment of this Act or made to cover the costs of instruction for periods of enrollment beginning on or after 30 days after the date of enactment of this Act. ###
(c)Changes Effective Without Regard to Regulations; Republication of Regulations The changes made in part B of title IV of the Act by the amendment made by subsection
(a)of this section shall be effective in accordance with subsection
(b)of this section without regard to whether such changes are reflected in the regulations prescribed by the Secretary of Education for the purpose of such part. ###
(d)New Borrowers For the purpose of this section, the term “**new borrower**” means, with respect to any date, an individual who on that date has no outstanding balance of principal or interest owing on any loan made, insured, or guaranteed under part B of title IV of the Act.
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Sec. 402
EXTENSION OF GUARANTEED STUDENT LOAN PROGRAM
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