interest rate on college housing loans

interest rate on college housing loans Sec. 602. (a) Effective with respect to loan contracts entered into after the date of the enactment of this Act, section 401(c) of the Housing Act of 1950 is amended by striking out “the higher of (1) 2% per centum per annum, or” and inserting in lieu thereof “the lower of (1) 3 per centum per annum, or”. (b) Effective with respect to notes or other obligations financing loan contracts entered into after the date of the enactment of this Act, section 401 (e) of such Act is amended by striking out “the higher of (1) 2 per centum per annum, or” and inserting in lieu thereof “the lower of (1) 2% per centum per annum, or”.