extension or authority for payments to reduce student interest costs; elimination of authority to make such payments during repayment period

extension or authority for payments to reduce student interest costs; elimination of authority to make such payments during repayment period Sec. 111. (a) Section 428 (a) (4) of the Higher Education Act of 1965 is amended by striking out “October 31, 1968” and inserting in lieu thereof “June 30, 1971, except that, in the case of a loan made or insured under a student loan or loan insurance program to enable a student who has obtained a prior loan made or insured under such program to continue his educational program, such period shall end at the close of June 30, 1975”. (b) (1) (A) The portion of the first sentence of section 428(a) (1) which follows subparagraph (C) is amended by striking out “, over the period of the loan,”. (B) The first sentence of section 428(a) (2) of such Act is amended by striking out “, and 3 per centum per annum of the principal amount of the loan (excluding interest which has been added to principal) thereafter”. (2) The amendments made by this subsection shall apply to loans made on or after the sixtieth day after the date of enactment of this Act, except that such amendments shall not apply so as to require violation of any commitment for insurance made to an eligible lender, or of any line of credit granted to a student, prior to such sixtieth day. An application for a certificate of insurance or of comprehensive insurance coverage pursuant to section 429 of such Act shall be issued or shall be effective on or after such sixtieth day with respect to loans made prior to such sixtieth day without regard to such amendments.