AMENDMENT TO PART E OF THE ACT.

SEC. 405. AMENDMENT TO PART E OF THE ACT. (a) Amendment.—Part E of title IV of the Act is amended to read as follows: * * * * * * * [Text as amended printed earlier in this volume.] (b) Effective Dates.—(1) Section 462 of the Act shall apply with respect to academic year 1988–1989 and succeeding academic years. (2) The changes made in sections 464(c)(1)(A), 464(c)(2), and 465(a)(2)(E) of the Act shall apply only to loans made to cover the costs of instruction for periods of enrollment beginning on or after July 1, 1987, to individuals who are new borrowers on that date. (3) Section 463(a)(9) and section 463A of the Act as amended by this section shall apply only to loans made for periods of enrollment beginning on or after July 1, 1987. (4) For the purpose of this subsection, the term “new borrower” means, with respect to any date, an individual who on that date has no outstanding balance of principal or interest owing on any loan made under part E of title IV of the Act.