,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #deij  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,octob] #a1 #bjai,mr4 
,danny ,k4 ,davis ( ,ill9ois 7= himself1
 ,mr4 ,ca/5 ( ,ill9ois1 & ,ms4          
,spanb]g]7 introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,education &
 ,labor  ,a ,,bill  ,to am5d ! ,high]   
,education ,act ( #aife to t]m9ate      
capitalization ( int]e/ aft] =be>ance & 
c]ta9 def]m5t p]iods4  #a4 ,%ort title  
,?is ,act may be cit$ z ! ,end          
,capitalization = ,/ruggl+ ,borr[]s     
,act4  #b4 ,t]m9ation ( capitalization (
 int]e/ aft] def]m5t or =be>ance  7a7   
,"p ,b am5dm5ts  7#a7 ,subsidiz$ loans  
,section #dbh7;c77#c77;,c7 ( ! ,high]   
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajgh7;c77#c77;,c77 is am5d$--  7,a7 9  
clause 7iii71 by ins]t+ be=e ! semicolon
 ! foll[+3 1 & ) respect to a =be>ance  
grant$ to a borr[] on or aft] ! date (  
enactm5t ( ! ,end ,capitalization =     
,/ruggl+ ,borr[]s ,act on a loan made1  
insur$ or gu>ante$ "u ?is section or on 

a ,f$]al ,direct ,/af=d ,loan1 provide  
in=mation to ! borr[] to assi/ ! borr[] 
9 und]/&+ t int]e/ %all accrue on ! loan
 b n be capitaliz$ at ! expiration ( su*
 p]iod ( =be>ance2 &  7,b7 9 clause     
7iv7-- 7i7 9 subclause 7,,iii71 by      
ins]t+ be=e ! semicolon at ! end !      
foll[+3 1 except t ?is subclause %all n 
apply ) respect to any p]iod ( =be>ance 
beg9n+ on or aft] ! date ( enactm5t ( ! 
,end ,capitalization = ,/ruggl+ ,borr[]s
 ,act2 &  7ii7 9 subclause 7,,iv71 by   
ins]t+ be=e ! semicolon at ! end !      
foll[+3 except t ?is subclause %all n   
apply ) respect to any p]iod ( =be>ance 
beg9n+ on or aft] ! date ( enactm5t ( ! 
,end ,capitalization = ,/ruggl+ ,borr[]s
 ,act4  7#b7 ,unsubsidiz$ loans ,section
 #dbh;,h7e77#b77;,a77ii77,,iii7 ( !     
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4                               
#ajgh-h7;e77#b77;,a77ii77,,iii77 is     
am5d$ by ins]t+ be=e ! semicolon !      
foll[+3 1 except t ) respect to a       
def]m5t dur+ a p]iod describ$ 9 clauses 

7ii7 ?r\gh 7iv7 ( section               
#dbg7;a77#b77;,c7 or clauses 7ii7 ?r\gh 
7v7 ( section #dbh7;b77#a77,m71 or any  
p]iod ( =be>ance beg9n+ on or aft] !    
date ( enactm5t ( ! ,end ,capitalization
 = ,/ruggl+ ,borr[]s ,act1 on a loan    
made1 insur$1 or gu>ante$ "u ?is section
 or on a ,f$]al ,direct ,unsubsidiz$    
,/af=d ,loan1 int]e/ %all n be add$ to !
 pr9cipal am\nt ( ! loan at ! expiration
 ( su* p]iod4  7b7 ,"p ,d am5dm5ts      
,subp>agraph 7,b7 ( section #dee7;f77#a7
 ( ! ,high] ,education ,act ( #aife 7#bj
 ,u4,s4,c4 #ajhg;e7f77#a77 is am5d$ to  
read z foll[s3  7,b7 9 ! case ( a ,f$]al
 ,direct ,,plus ,loan1 a ,f$]al ,direct 
,unsubsidiz$ ,/af=d ,loan1 or a ,f$]al  
,direct ,consolidation ,loan n describ$ 
9 subp>agraph 7,a77ii7--  7i7 = a       
def]m5t dur+ a p]iod describ$ 9 p>agraph
 7#b77;,a71 %all accrue & be capitaliz$ 
or paid by ! borr[]2 &  7ii7 = a def]m5t
 dur+ a p]iod describ$ 9 subp>agraphs   
7,b7 ?r\gh 7,d7 ( p>agraph 7#b71 %all   
accrue b n be capitaliz$4  4