STUDENT INCENTIVE PAYMENTS.

SEC. 6201. STUDENT INCENTIVE PAYMENTS. (a) Amount of Annual Payment.— (1) Increase in amount.— Section 1304(g)(1) of the Merchant Marine Act, 1936 (46 App. U.S.C. 1295c(g)(1)) is amended by striking “$l,200” and inserting “$3,000”. (2) Application.— The amendment made by subsection (a) shall apply to payments under section 1304(g)(1) of the Merchant Marine Act, 1936 (46 App. U.S.C. 1295c(g)(1)) made with respect to academic years beginning after the date of the enactment of this Act. (b) Manner of Payment.— Section 1304(g)(1) of the Merchant Marine Act, 1936 (46 App. U.S.C. 1295c(g)(1) is further amended— (1) in subparagraph (B) by inserting “and” after the semi-colon; (2) by striking subparagraph (C); (3) by redesignating subparagraph (D) as subparagraph (C); and (4) in subparagraph (C) (as so redesignated) by striking “, for the academic years after those years specified in subparagraph (C),”. (c) Conforming Amendment.— Section 1304(g)(4) of the Merchant Marine Act, 1936 (46 App. U.S.C. 1295c(g)(4)) is amended by striking “paragraph (1)(C) of this subsection” and inserting “paragraph (1)”.