of such Code is amended by inserting (other than a qualifying student) after any other individual . (c) Minimum credit for students and for individuals with certain qualifying dependents Section 32(a) of such Code is amended by adding at the end the following new paragraph: (3) Minimum credit for students and for individuals with certain qualifying dependents (A) In general In the case of a qualifying student, or an eligible individual who has a specified dependent for the taxable year, the amount determined under paragraph (1) (before the application of paragraph (2)) and the amount determined under paragraph (2)(A) shall not be less than $1,200. (B) Specified dependent For purposes of this paragraph, the term specified dependent means any qualifying dependent (other than a qualifying child who has attained the age of 7 before the close of the taxable year). . (d) Monthly payment Section 32 of such Code, as amended by this Act, is further amended by adding at the end the following new subsection: (n) Monthly payment (1) In general In the case of an individual who is entitled to a refund relating to an overpayment of tax imposed by this subtitle that exceeds $240 (but only to the extent such refund does not exceed the credit allowed under this section) such individual may elect to have the Secretary, in lieu of such refund, make a payment equal to— (A) 2/13 of such refund (with interest) during the earlier of the first practicable month or the second month that begins after the date the return was filed, and (B) 1/13 of such refund (with interest) during each of the 11 months subsequent to the month determined under subparagraph (A). (2) Method of payment A payment made under this subsection shall be made by direct deposit or by general-use prepaid card, or by such other method (other than by check) as the Secretary may prescribe and the taxpayer may elect. (3) One-time increase The first time an individual receives a payment under this subsection, paragraph (1)(A) shall be applied by substituting 4/13 for 2/13