increase in loan limitation in exceptional cases

increase in loan limitation in exceptional cases Sec. 132A. (a) (1) Section 425(a) of the Higher Education Act of 1965 is amended by striking out “$1,500” and inserting in lieu thereof the following: “$2,500, except in cases where the Commissioner determines. pursuant to regulations prescribed by him. that a higher amount is warranted in order to carry out the purposes of this part with respect to students engaged in specialized training requiring exceptionally high costs of education”. (2) The second sentence of section 425(a) of such Act is amended by inserting before the period a comma and the following: “in the case of any student who has not successfully completed a program of undergraduate education, and $10,000 in the case of any graduate or professional student (as defined by regulations of the Commissioner and including any loans which are insured by the Commissioner under this part or by a State or nonprofit institution or organization with which the Commissioner has an agreement under section 428(b) made to such person before he became a graduate or professional student) ”. (b) (1) Section 428(b)(1)(A) of such Act is amended (1) by striking out “$1,500” and inserting in lieu thereof the following: “$2,500, except in those cases where the Commissioner determines, pursuant to regulations prescribed by him, that a higher amount is warranted in order to carry out the purposes of this part with respect to students engaged in specialized training requiring exceptionally high costs of education) ”. (2) Section 428(b)(1)(a) of such Act is further amended by inserting before the semicolon the following: “in the case of any student who has successfully completed a program of undergraduate education, and $10,000 in the case of any graduate or professional student (as defined by regulations of the Commissioner and including any loans which are insured by the Commissioner under this part or by a State or nonprofit institution or organization with which the Commissioner has an agreement under this part made to such person before he became a graduate or professional student).”. (c) The amendments made by subsections (a) and (b) shall be effective with inspect to loans made after the enactment of this Act,86 Stat. 262 and insured by the Commissioner under part B of title IV of the Higher Education Act of 1965, or by a State or nonprofit private institution or organization with which the Commissioner has an agreement under section 428 (b) of such part.