; (ii) has been employed in a small business start-up job during the period in which the borrower makes each of the 12 payments; and (iii) is employed in a small business start-up job at the time of such cancellation. (B) Loan cancellation amount (i) In general After the conclusion of the employment period described in subparagraph (A), the Secretary shall cancel the obligation to repay $3,000 of the balance of interest and principal due as of the time of such cancellation, on the eligible Federal Direct Loans made to the borrower under this part. (ii) Limitation A borrower may not receive an aggregate amount of more than $15,000 under this subparagraph. (C) Ineligibility for double benefits No borrower may, for the same service, receive a reduction of loan obligations under both this paragraph and— (i) paragraph (1); (ii) subsection (m); or (iii) section 428J, 428K, 428L, or 460. (3) Definitions In this subsection: (A) Distressed area The term distressed area means an area identified under section 49 of the Small Business Act. (B) Eligible Federal Direct Loan The term eligible Federal Direct Loan means a Federal Direct Stafford Loan, Federal Direct PLUS Loan, or Federal Direct Unsubsidized Stafford Loan, or a Federal Direct Consolidation Loan. (C) Founder The term founder shall have the meaning given such term by the Administrator of the Small Business Administration under this paragraph. (D) Small business start-up The term small business start-up means a business that is certified by the young entrepreneurs business center under section 49 of the Small Business Act. (E) Small business start-up job The term small business start-up job means a full-time job as an employee of a small business start-up. . 3. Young entrepreneurs business center The Small Business Act ( 15 U.S.C. 631 et seq.) is amended— (1) by redesignating section 49 as section 50