; (ii) has been employed full-time by a small business start-up during the period in which the borrower makes each of the 12 payments; (iii) is employed full-time by a small business start-up at the time of such cancellation; and (iv) has been approved for such cancellation by the young entrepreneurs business center established under section 49 of the Small Business Act ( 16 U.S.C. 631 et seq. ). (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) Aggregate amount 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) 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. (B) Small Business Act definitions The terms distressed area business , founder , and small business start-up have the meanings given, respectively, under section 49 of the Small Business Act. . 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; and (2) by inserting after section 48 the following new section: 49. Young entrepreneurs business center (a) Establishment There is established within the Administration a young entrepreneurs business center that shall— (1) provide certifications described under subsection (b); (2) identify distressed areas under subsection (c)