cancellation of loans for certain public service

cancellation of loans for certain public service Sec. 501. (a) Section 205(a)(3) of the National Defense Education Act of 1958 is amended— (1) by striking out “made prior to July 1, 1970 (plus interest)” and inserting in lieu thereof “(plus interest)(A)”; 84 Stat. 175 (2) thereafter by striking out “(A)”, “(B)”, or “(C)” wherever appearing therein and inserting in lieu thereof “(i)”, “(ii)”, or “(iii)”, respectively; and (3) by inserting before the semicolon at the end thereof a comma and the following: “and (B) shall be canceled for service after June 30, 1970, as a member of the Armed Forces of the United States at the rate of 12% per cent mu of the total amount of such loan phis interest thereon for each year of consecutive service”. (b) The amendment made by this section shall apply to loans made after the date of enactment of this Act.