Guaranteed Student Loan Improvement Act of 1979

[AI summary unavailable — showing source text] Guaranteed Student Loan Improvement Act of 1979 - Amends the Higher Education Act of 1965 to extend the federally insured student loan program to students enrolled for not less than two nor more than six credit hours of courses required for a degree or certificate. Allows repayment to be deferred: (1) for each consecutive year such study is continued, not to exceed a maximum deferred period of four years and nine months; or (2) beyond such period only if the student is enrolled half-time or more, not to exceed a maximum of eight years and nine months from the beginning of study. Limits such loans to $1,500 per academic year and $6,000 in the aggregate for the insured unpaid principal amount of the loan. Extends the national direct student loan program to such less than half-time students, with the same $1,500 yearly and $6,000 aggregate limits on such loans. Authorizes eligible institutions, in their discretion, to make loans to such students from not more than ten percent of the funds available for direct student loans at such institutions. Extends the Federal student loan insurance program through fiscal year 1986 for new student loans and through fiscal year 1990 for loans to en…