change in interest rate for title iii loans

change in interest rate for title iii loans Sec. 703. (a) Subsection (b) of section 303 of the Higher Education Facilities Act of 1963 is amended by inserting “(1)” after “shall bear interest at”, and by inserting before the period at the end thereof a comma and the following: “or (2) the rate of 3 per centum per annum, whichever is the lesser”. (b) The amendment made by this section shall be applicable only with respect to loans made after the date of enactment of this Act.