SUPPLEMENTAL PRECLAIMS ASSISTANCE.

SEC. 4112. SUPPLEMENTAL PRECLAIMS ASSISTANCE. (a) Amendment.— Section 428(1)(2) of the Act (20 U.S.C. 1078(1)(2)) is amended by striking the second sentence and inserting the following: “For each loan on which such assistance is performed and for which a default claim is not presented to the guaranty agency by the lender on or before the 150th day after the loan becomes 120 days delinquent, such payment shall be equal to one percent of the total of the unpaid principal and the accrued unpaid interest of the loan.”. (b) Effective Date.— The amendment made by this section shall take effect on October 1, 1993.