,9 ! ,s5ate ( ! ,unit$ ,/ates1 ,july #bd1 #bjac4 ,am5dm5t3 ,t ! bill f ! ,h\se ( ,repres5tatives 7,h4,r4 #aiaa7 entitl$ ,an ,act to am5d ! ,high] ,education ,act ( #aife to e/abli% int]e/ rates = new loans made on or aft] ,july #a1 #bjac1 to direct ! ,secret>y ( ,education to conv5e ! ,advisory ,committee on ,improv+ ,po/second>y ,education ,data to conduct a /udy on improvem5ts to po/second>y education transp>5cy at ! ,f$]al level1 & = o!r purposes41 d pass ) ! foll[+ ,/rike all aft] ! fir/ ^w & ins]t ! foll[+3 #a4 ,%ort title ,?is ,act may be cit$ z ! ,bip>tisan ,/ud5t ,loan ,c]ta9ty ,act ( #bjac4 #b4 ,int]e/ ,rates 7a7 ,int]e/ ,rates ,section #dee7;b7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7b77 is am5d$-- 7#a7 9 p>agraph 7#g7-- 7,a7 9 ! p>agraph head+1 by ins]t+ & be=e ,july #a1 #bjac aft] on or aft] july #a1 #bjjf2 7,b7 9 subp>agraph 7,a71 by ins]t+ & be=e ,july #a1 #bjac1 aft] on or aft] ,july #a1 #bjjf12 7,c7 9 subp>agraph 7,b71 by ins]t+ & be=e ,july #a1 #bjac1 aft] on or aft] ,july #a1 #bjjf12 & 7,d7 9 subp>agraph 7,c71 by ins]t+ & be=e ,july #a1 #bjac1 aft] on or aft] ,july #a1 #bjjf12 7#b7 by r$esignat+ p>agraphs 7#h7 & 7#i7 z p>agraphs 7#i7 & 7#aj71 respectively2 & 7#c7 by ins]t+ aft] p>agraph 7#g7 ! foll[+3 7#h7 ,int]e/ rate provisions = new loans on or aft] ,july #a1 #bjac 7,a7 ,rates = und]graduate fdsl & fdusl ,not)/&+ ! prec$+ p>agraphs ( ?is subsection1 = ,f$]al ,direct ,/af=d ,loans & ,f$]al ,direct ,unsubsidiz$ ,/af=d ,loans issu$ to und]graduate /ud5ts1 = :i* ! fir/ disbursem5t is made on or aft] ,july #a1 #bjac1 ! applicable rate ( int]e/ %all1 = loans disburs$ dur+ any #ab-mon? p]iod beg9n+ on ,july #a & end+ on ,june #cj1 be det]m9$ on ! prec$+ ,june #a & be equal to ! less] (-- 7i7 a rate equal to ! high yield ( ! #aj-ye> ,treasury note auction$ at ! f9al auction held prior to su* ,june #a plus #b4je p]c5t2 or 7ii7 #h4be p]c5t4 7,b7 ,rates = graduate & pr(essional fdusl ,not)/&+ ! prec$+ p>agraphs ( ?is subsection1 = ,f$]al ,direct ,unsubsidiz$ ,/af=d ,loans issu$ to graduate or pr(essional /ud5ts1 = :i* ! fir/ disbursem5t is made on or aft] ,july #a1 #bjac1 ! applicable rate ( int]e/ %all1 = loans disburs$ dur+ any #ab-mon? p]iod beg9n+ on ,july #a & end+ on ,june #cj1 be det]m9$ on ! prec$+ ,june #a & be equal to ! less] (-- 7i7 a rate equal to ! high yield ( ! #aj-ye> ,treasury note auction$ at ! f9al auction held prior to su* ,june #a plus #c4f p]c5t2 or 7ii7 #i4e p]c5t4 7,c7 ,,plus ,loans ,not)/&+ ! prec$+ p>agraphs ( ?is subsection1 = ,f$]al ,direct ,,plus ,loans1 = :i* ! fir/ disbursem5t is made on or aft] ,july #a1 #bjac1 ! applicable rate ( int]e/ %all1 = loans disburs$ dur+ any #ab-mon? p]iod beg9n+ on ,july #a & end+ on ,june #cj1 be det]m9$ on ! prec$+ ,june #a & be equal to ! less] (-- 7i7 a rate equal to ! high yield ( ! #aj-ye> ,treasury note auction$ at ! f9al auction held prior to su* ,june #a plus #d4f p]c5t2 or 7ii7 #aj4e p]c5t4 7,d7 ,consolidation loans ,not)/&+ ! prec$+ p>agraphs ( ?is subsection1 any ,f$]al ,direct ,consolidation ,loan = :i* ! application is receiv$ on or aft] ,july #a1 #bjac1 %all be> int]e/ at an annual rate on ! unpaid pr9cipal balance ( ! loan t is equal to ! weight$ av]age ( ! int]e/ rates on ! loans consolidat$1 r\nd$ to ! ne>e/ high] "o-eigh? ( "o p]c5t4 7,e7 ,consultation ,! ,secret>y %all det]m9e ! applicable rate ( int]e/ "u ?is p>agraph aft] consultation ) ! ,secret>y ( ! ,treasury & %all publi% su* rate 9 ! ,f$]al ,regi/] z soon z practicable aft] ! date ( det]m9ation4 7,f7 ,rate ,! applicable rate ( int]e/ det]m9$ "u ?is p>agraph = a ,f$]al ,direct ,/af=d ,loan1 a ,f$]al ,direct ,unsubsidiz$ ,/af=d ,loan1 or a ,f$]al ,direct ,,plus ,loan %all be fix$ = ! p]iod ( ! loan4 4 7b7 ,effective ,date ,! am5dm5ts made by subsection 7a7 %all take effect z if enact$ on ,july #a1 #bjac4 #c4 ,budget>y effects 7a7 ,paygo scorec>d ,! budget>y effects ( ?is ,act %all n be ent]$ on ei!r ,,paygo scorec>d ma9ta9$ pursuant to section #d7;d7 ( ! ,/atutory ,pay- ,z-,y-,g ,act ( #bjaj4 7b7 ,s5ate paygo scorec>d ,! budget>y effects ( ?is ,act %all n be ent]$ on any ,,paygo scorec>d ma9ta9$ = purposes ( section #bja ( ,s4 ,con4 ,res4 #ba 7#aaj? ,congress74 #d4 ,/udy on ! actual co/ ( adm9i/]+ ! ,f$]al /ud5t loan programs ,n lat] ?an #abj days aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all-- 7#a7 complete a /udy t det]m9es ! actual co/ to ! ,f$]al ,gov]nm5t ( c>ry+ out ! ,f$]al /ud5t loan programs au?oriz$ "u title ,,iv ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgj et seq471 :i* %all-- 7,a7 provide e/imates rely+ on accurate in=mation bas$ on pa/1 curr5t1 & project$ data z to ! appropriate index & m>k-up rate = ! ,f$]al ,gov]nm5t's co/ ( borr[+ t w\ld all[ ! ,f$]al ,gov]nm5t to effectively adm9i/] & cov] ! co/ ( ! ,f$]al /ud5t programs au?oriz$ "u title ,,iv ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgj et seq47 "u ! scor+ rules outl9$ 9 ! ,f$]al ,cr$it ,re=m ,act ( #aiij 7#b ,u4,s4,c4 #ffa et seq472 7,b7 provide ! in=mation describ$ 9 ?is section 9 a way t sep>ates out adm9i/rative co/s1 int]e/ rate1 & o!r loan t]ms & conditions2 & 7,c7 set =? cle> recomm5dations to ! relevant au?oriz+ committees ( ,congress z to h[ future legislation c incorporate ! results ( ! /udy describ$ 9 ?is section to all[ = ! adm9i/ration ( ! ,f$]al /ud5t loan programs au?oriz$ "u title ,,iv ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgj et seq47 )\t g5]at+ any additional rev5ue to ! ,f$]al ,gov]nm5t except rev5ue t is ne$$ to c>ry out su* programs2 & 7#b7 prep>e & submit a report to ! ,committee on ,heal?1 ,education1 ,labor1 & ,p5sions ( ! ,s5ate & ! ,committee on ,education & ! ,work=ce ( ! ,h\se ( ,repres5tatives sett+ =? ! conclusions ( ! /udy describ$ 9 ?is section 9 su* a mann] t ! recomm5dations includ$ 9 ! report c in=m future reau?orizations ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajja et seq474 ,secret>y