Lifelong Learning Act of 1992

[AI summary unavailable — showing source text] Lifelong Learning Act of 1992 - Amends the Higher Education Act of 1965 (HEA) to revise student aid provisions to encourage lifelong learning. Eliminates restrictions on eligibility of less-than-half-time students for: (1) Pell Grants; and (2) student loans under the guaranteed (or Stafford, now called the Federal Family Education Loan) program (which also includes federally-insured, supplemental, and parent loans). Sets forth special rules for deferment and repayment of such loans by such students. Establishes a Lifelong Learning Line of Credit program. Authorizes the Student Loan Marketing Association (Sallie Mae) to originate loans for students enrolled at eligible institutions (including less-than-half-time students). Allows such student (and the parents of a dependent student) to borrow up to $25,000 in the aggregate. Prohibits such loans from exceeding the student's cost of attendance for the period of enrollment. Includes the establishment of income-contingent repayment schedules as part of the agreement for such loan program between the Secretary of Education (the Secretary) and Sallie Mae. Authorizes the Secretary to allow, through regulations, eligibility for such loan pr…