HARRY HUGHES, Governor                                1643

(9)  CONSCIENTIOUSLY SEEKING BUT UNABLE TO FIND
FULL TIME EMPLOYMENT IN THE UNITED STATES OVER A SINGLE
PERIOD OF UP TO 12 MONTHS AS PRESCRIBED BY THE BOARD OR THE
SECRETARY; OR

(10)  OTHER PERIODS ESTABLISHED BY THE BOARD OR
THE SECRETARY.

(b) (1) Each borrower shall repay the full amount of
the loan within a period set by the board.

[(2) The total payments made by a borrower
during any year shall be at least $360, or the balance of
the loan if the balance is less than $360.

(3)  The period of repayment may not be:

(i) Less than 5 years after the repayment
begins;

(ii) Longer than 10 years after the
repayment begins; or

(iii) Longer than 15 years from the date
of the note or agreement evidencing the loan.

(4)  Any borrower may accelerate repayment of
all or any part of the loan without penalty.]

(2)  EXCEPT AS PROVIDED IN PARAGRAPH (3) BELOW, A
LENDER SHALL ALLOW A BORROWER AT LEAST 5 YEARS, BUT NOT MORE
THAN 10 YEARS, TO REPAY A LOAN, CALCULATED FROM THE
BEGINNING OF THE REPAYMENT PERIOD. THE BORROWER SHALL FULLY
REPAY A LOAN WITHIN 15 YEARS FROM THE DATE OF THE NOTE OR
AGREEMENT EVIDENCING THE LOAN.

(3) (I) IF THE BORROWER RECEIVES AN AUTHORIZED
DEFERMENT OR HAS BEEN GRANTED FORBEARANCE, THE PERIODS OF
DEFERMENT OR FORBEARANCE ARE EXCLUDED FROM DETERMINATIONS OF
THE 5, 10, AND 15 YEAR PERIODS.

(II) IF THE MINIMUM ANNUAL REPAYMENT
REQUIRED IN PARAGRAPH (5) WOULD RESULT IN COMPLETE REPAYMENT
OF THE LOAN IN LESS THAN 5 YEARS, THE BORROWER IS NOT
ENTITLED TO THE FULL 5 YEAR PERIOD. DURING THE GRACE
PERIOD, THE BORROWER MAY REQUEST AND BE GRANTED BY THE
LENDER A REPAYMENT PERIOD OF LESS THAN 5 YEARS. AT ANY TIME
THE BORROWER MAY HAVE THE REPAYMENT PERIOD EXTENDED TO A
MINIMUM OF 5 YEARS.

(4)  THE BORROWER MAY PREPAY THE WHOLE OR ANY
PART OF A LOAN AT ANY TIME WITHOUT PENALTY.

(5) (I) DURING EACH YEAR OF THE REPAYMENT
PERIOD, A BORROWER'S PAYMENTS TO ALL HOLDERS OF THE
BORROWER'S LOANS SHALL TOTAL AT LEAST $360 OR THE UNPAID