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shall be subject to the availability of appropriations. 
If the amount appropriated for any fiscal year is not 
sufficient to provide interest payments on behalf of 
all qualified applicants, the Secretary shall give pri-
ority to those individuals on whose behalf interest 
payments were made during the preceding fiscal 
year. 
‘‘(6) REGULATIONS.—The Secretary is author-
ized to prescribe such regulations as may be nec-
essary to carry out the provisions of this section. 
‘‘(b) DURATION AND AMOUNT OF INTEREST PAY-
MENTS.—The period during which the Secretary shall pay 
interest on behalf of a student borrower who is selected 
under subsection (a) is the period that begins on the effec-
tive date of the agreement under subsection (a)(2)(E), 
continues after successful completion of the service obliga-
tion, and ends on the earlier of—
‘‘(1) the completion of the repayment period of 
the loan; 
‘‘(2) payment by the Secretary of a total of 
$5,000 on behalf of the borrower; 
‘‘(3) if the borrower ceases to fulfill the service 
obligation under such agreement prior to the end of 
the 5-year period, as soon as the borrower is deter-
183
mined to have ceased to fulfill such obligation in ac-
cordance with regulations of the Secretary; or 
‘‘(4) 6 months after the end of any calendar 
year in which the borrower’s gross income equals or 
exceeds 4 times the national per capita disposable 
personal income (current dollars) for such calendar 
year, as determined on the basis of the National In-
come and Product Accounts Tables of the Bureau of 
Economic Analysis of the Department of Commerce, 
as determined in accordance with regulations pre-
scribed by the Secretary. 
‘‘(c) REPAYMENT TO ELIGIBLE LENDERS.—Subject 
to the regulations prescribed by the Secretary by regula-
tion under subsection (a)(6), the Secretary shall pay to 
each eligible lender or holder for each payment period the 
amount of the interest that accrues on a loan of a student 
borrower who is selected under subsection (a). 
‘‘(d) APPLICATION FOR REPAYMENT.—
‘‘(1) IN GENERAL.—Each eligible individual de-
siring loan interest payment under this section shall 
submit a complete and accurate application to the 
Secretary at such time, in such manner, and con-
taining such information as the Secretary may re-
quire.
184
‘‘(2) FAILURE TO COMPLETE SERVICE AGREE-
MENT.—Such application shall contain an agreement 
by the individual that, if the individual fails to com-
plete the 5 consecutive years of service required by 
subsection (a)(2)(E), the individual agrees to repay 
the Secretary the amount of any interest paid by the 
Secretary on behalf of the individual. 
‘‘(e) TREATMENT
OF CONSOLIDATION LOANS.—A 
consolidation loan made under section 428C of this Act, 
or a Federal Direct Consolidation Loan made under part 
D of title IV of this Act, may be a qualified loan for the 
purpose of this section only to the extent that such loan 
amount was used by a borrower who otherwise meets the 
requirements of this section to repay—
‘‘(1) a loan made under section 428 or 428H 
of this Act; or 
‘‘(2) a Federal Direct Stafford Loan, or a Fed-
eral Direct Unsubsidized Stafford Loan, made under 
part D of title IV of this Act. 
‘‘(f) PREVENTION OF DOUBLE BENEFITS.—No bor-
rower may, for the same service, receive a benefit under 
both this section and—
‘‘(1) any loan forgiveness program under title 
IV of this Act; or
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‘‘(2) subtitle D of title I of the National and 
Community Service Act of 1990 (42 U.S.C. 12601 
et seq.). 
‘‘(g) DEFINITIONS.—As used in this section—
‘‘(1) the term ‘high need local educational agen-
cy’ has the same meaning given such term in section 
201(b)(4); and 
‘‘(2) the term ‘mathematics, science, or engi-
neering professional’ means a person who—
‘‘(A) holds a baccalaureate, masters, or 
doctoral degree (or a combination thereof) in 
science, mathematics, or engineering; and 
‘‘(B) works in a field the Secretary deter-
mines is closely related to that degree, which 
shall include working as a professor at a two- 
or four-year institution of higher education. 
‘‘SEC. 419C. MATHEMATICS AND SCIENCE EDUCATION CO-
ORDINATING COUNCIL GRANTS. 
‘‘(a) PURPOSES.—The purposes of this section in-
clude—
‘‘(1) supporting programs that encourage stu-
dents to enroll in and successfully complete bacca-
laureate and advanced degrees in science, tech-
nology, engineering, and mathematics;