; or (ii) 8.25 percent; and (B) in the case of such loans issued to graduate or professional students, for loans disbursed during any 12-month period beginning on July 1 and ending on June 30, be determined on the preceding June 1 and be equal to the lesser of— (i) a rate equal to the high yield of the 10-year Treasury note auctioned at the final auction held prior to such June 1 plus 3.6 percent; or (ii) 9.5 percent. (2) Interest on a loan made under this section shall begin to accrue on the date the loan is disbursed. (3) The maximum— (A) annual amount of loans under this section a dependent undergraduate student may borrow in any academic year (as defined in section 481(a)(2)) or its equivalent shall be equal to $7,500; and (B) aggregate amount of loans under this section a dependent undergraduate student may borrow shall be equal to $30,000. (4) The maximum— (A) annual amount of loans under this section an independent undergraduate student may borrow in any academic year (as defined in section 481(a)(2)) or its equivalent shall be equal to $15,000; and (B) aggregate amount of loans under this section an undergraduate independent student may borrow shall be equal to $60,000. (5) The maximum— (A) annual amount of loans under this section a graduate or professional student may borrow in any academic year (as defined in section 481(a)(2)) or its equivalent shall be equal to $18,500; and (B) aggregate amount of loans under this section a graduate or professional student may borrow shall be equal to $74,000. (6) The only length of repayment— (A) for a loan borrowed by an undergraduate student shall be 15 years; and (B) for a loan borrowed by a graduate or professional student shall be 25 years. (7) Repayment on a loan made under this section shall begin— (A) after 125 percent of the normal time for completion of the program of study for which the borrower receives the loan under this section