((a)) ** .—** The Secretary of the Navy may have remitted or cancelled any part of the indebtedness of a person to the United States or any instrumentality of the United States incurred while the person was serving as a member of the naval service, whether as a regular or a reserve in active status, but only if the Secretary considers such action to be in the best interest of the United States.

((b)) ** .—** The authority in subsection (a) may be exercised with respect to any debt covered by that subsection that is incurred on or after .

((c)) ** .—** This section shall be administered under regulations prescribed by the Secretary of Defense.