INFORMATION FOR STUDENTS.

SEC. 201. INFORMATION FOR STUDENTS.Section 485(a)(1) of the Higher Education Act of 1965 (20 U.S.C. 1092(a)(1)) is amended— (1) by striking out “and” at the end of subparagraph (J); (2) by striking out the period at the end of subparagraph (K) and inserting in lieu thereof a semicolon and the word “and”; and (3) by adding at the end thereof the following new subparagraph: “(L) the terms and conditions under which students receiving guaranteed student loans under part B of this title or direct student loans under part E of this title, or both, may— “(i) obtain deferral of the repayment of the principal and interest for service under the Peace Corps Act (as established by the Peace Corps Act (22 U.S.C. 2501 et seq.)) or under the Domestic Volunteer Service Act of 1973 (42 U.S.C. 4951 et seq.), or for comparable full-time service as a volunteer for a tax-exempt organization of demonstrated effectiveness in the field of community service, and “(ii) obtain partial cancellation of the student loan for service under the Peace Corps Act (as established by the Peace Corps Act (22 U.S.C. 2501 et seq.)) under the Domestic Volunteer Service Act of 1973 (42 U.S.C. 4951 et seq.) or, for 104 STAT. 3172comparable full-time service as a volunteer for a tax exempt organization of demonstrated effectiveness in the field of community service.”.