education loan eligibility

education loan eligibility Sec. 202. Section 1798 of title 38, United States Code, is amended by— (1) striking out in subsection (b) (3) “$1,500” and inserting in lieu thereof “$2,500”; (2) amending subsection (c) by— (A) striking out the semicolon at the end of clause (1) and inserting in lieu thereof a comma and “except that the Administrator may waive the requirements of subclause (B) of this clause, in whole or in part, if the Administrator determines, pursuant to regulations which the Administrator shall prescribe, it to be in the interest of the eligible veteran and the Federal Government; and”; and (B) striking out clause (2) and redesignating clause (3) as clause (2); (3) inserting in subsection (e) (3) a comma and “separately with respect to loans made under this section the repayment of which is accelerated under section 1682A of this title and loans made under this section the repayment of which is not so accelerated” after “institutions”; and 91 STAT. 1439 (4) inserting at the end thereof the following new subsection: “(f) (1) At the tune of application by any eligible veteran for a loan under this section, such veteran shall assign to the benefit of the Veterans’ Administration (for deposit in the Veterans’ Administration Education Loan Fund established under section 1799 of this title) the amount of any accelerated payment to which such eligible veteran may become entitled from the Administrator and any matching contribution by a State or local governmental unit pursuant to section 1682A(b) (8) of this title in connection with the school term for which such veteran has applied. “(2) Payment of a loan made under this section shall be drawn in favor of the eligible veteran and mailed promptly to the educational institution in which such veteran is enrolled. Such institution shall deliver such payment to the eligible veteran as soon as practicable after receipt thereof. Upon delivery of such payment to the eligible veteran, such educational institution shall promptly submit to the Administrator a certification, on such form as the Administrator shall prescribe, of such delivery, and such delivery shall be deemed to be an advance payment under section 1780(d) (5) of this title for purposes of section 1784(b) of this title. “(3) For purposes of this subsection, the term ‘eligible veteran’ includes eligible person as such term is defined in section 1701(1) of this title.”.