,9 ! ,s5ate ( ! ,unit$ ,/ates1  ,decemb]
 #af1 #bjae4  ,am5dm5t3  ,t ! bill f !  
,h\se ( ,repres5tatives 7,h4,r4 #ceid7  
entitl$ ,an ,act to ext5d tempor>ily !  
,f$]al ,p]k9s ,loan program1 & = o!r    
purposes41 d pass ) ! foll[+ ,/rike all 
aft] ! enact+ clause & ins]t ! foll[+3  
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,f$]al ,p]k9s ,loan ,program ,ext5sion
 ,act ( #bjae4  #b4 ,ext5sion ( f$]al   
p]k9s loan program  7a7 ,au?ority to    
make loans  7#a7 ,9 g5]al ,section #dfa 
( ! ,high] ,education ,act ( #aife 7#bj 
,u4,s4,c4 #ajhg;aa7 is am5d$-- 7,a7 9   
subsection 7a71 by /rik+ ( /imulat+ &   
assi/+ 9 ! e/abli%m5t & ma9t5ance (     
funds at in/itutions ( high] education =
 ! mak+ ( l[-int]e/ loans to /ud5ts 9   
ne$ !re( & ins]t+ assi/+ 9 ! ma9t5ance (
 funds at in/itutions ( high] education 
= ! mak+ ( loans to und]graduate /ud5ts 
9 ne$2  7,b7 by /rik+ subsection 7b7 &  
ins]t+ ! foll[+3  7b7 ,au?ority to make 
loans  7#a7 ,9 g5]al  7,a7 ,loans = new 
und]graduate f$]al p]k9s loan borr[]s   

,?r\gh ,septemb] #cj1 #bjag1 an         
in/itution ( high] education may make a 
loan "u ?is "p to an eligible           
und]graduate /ud5t :o1 on ! date (      
disbursem5t ( a loan made "u ?is "p1 has
 no out/&+ balance ( pr9cipal or int]e/ 
on a loan made "u ?is "p f ! /ud5t loan 
fund e/abli%$ "u ?is "p by ! in/itution1
 b only if ! in/itution has aw>d$ all   
,f$]al ,direct ,loans1 z ref]5c$ "u     
subp>agraphs 7,a7 & 7,d7 ( section      
#dee7;a77#b71 = :i* su* und]graduate    
/ud5t is eligible4  7,b7 ,loans = curr5t
 und]graduate f$]al p]k9s loan borr[]s  
,?r\gh ,septemb] #cj1 #bjag1 an         
in/itution ( high] education may make a 
loan "u ?is "p to an eligible           
und]graduate /ud5t :o1 on ! date (      
disbursem5t ( a loan made "u ?is "p1 has
 an out/&+ balance ( pr9cipal or int]e/ 
on a loan made "u ?is "p f ! /ud5t loan 
fund e/abli%$ "u ?is "p by ! in/itution1
 b only if ! in/itution has aw>d$ all   
,f$]al ,direct ,/af=d ,loans z ref]5c$  
"u section #dee7;a77#b77;,a7 = :i* su*  

und]graduate /ud5t is eligible4  7,c7   
,loans = c]ta9 graduate borr[]s ,?r\gh  
,septemb] #cj1 #bjaf1 ) respect to an   
eligible graduate /ud5t :o has receiv$ a
 loan made "u ?is "p prior to ,octob]   
#a1 #bjae1 an in/itution ( high]        
education t has mo/ rec5tly made su* a  
loan to ! /ud5t = an academic program at
 su* in/itution may cont9ue mak+ loans  
"u ?is "p f ! /ud5t loan fund e/abli%$  
"u ?is "p by ! in/itution to enable !   
/ud5t to cont9ue or complete su*        
academic program4  7#b7 ,no additional  
loans ,an in/itution ( high] education  
%all n make loans "u ?is "p aft]        
,septemb] #cj1 #bjag4  7#c7 ,prohibition
 on additional appropriations ,no funds 
are au?oriz$ to be appropriat$ "u ?is   
,act or any o!r ,act to c>ry out !      
functions describ$ 9 p>agraph 7#a7 = any
 fiscal ye> foll[+ fiscal ye> #bjae4  2 
&  7,c7 by /rik+ subsection 7c74  7#b7  
,rule ( con/ruction ,not)/&+ ! am5dm5ts 
made "u p>agraph 7#a7 ( ?is subsection1 
an eligible graduate borr[] :o receiv$ a

 disbursem5t ( a loan "u "p ,e ( title  
,,iv ( ! ,high] ,education ,act ( #aife 
7#bj ,u4,s4,c4 #ajhg;aa et seq47 aft]   
,june #cj1 #bjaf & be=e ,octob] #a1     
#bjaf1 = ! #bjaf-bjag aw>d ye>1 may     
receive a subsequ5t disbursem5t ( su*   
loan by ,june #cj1 #bjag1 = :i* ! borr[]
 receiv$ an initial disbursem5t aft]    
,june #cj1 #bjaf & be=e ,octob] #a1     
#bjaf4  7b7 ,di/ribution ( assets f     
/ud5t loan funds ,section #dff ( !      
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajhg;ff7 is am5d$-- 7#a7 9   
subsection 7a7-- 7,a7 9 ! matt] prec$+  
p>agraph 7#a71 by /rik+ ,aft] ,septemb] 
#cj1 #bjjc1 & n lat] ?an ,m>* #ca1 #bjjd
 & ins]t+ ,beg9n+ ,octob] #a1 #bjag2 &  
7,b7 9 p>agraph 7#a71 by /rik+ ,septemb]
 #cj1 #bjjc & ins]t+ ,septemb] #cj1     
#bjag2  7#b7 9 subsection 7b7-- 7,a7 by 
/rik+ ,aft] ,octob] #a1 #bjab & ins]t+  
,beg9n+ ,octob] #a1 #bjag2 &  7,b7 by   
/rik+ ,septemb] #cj1 #bjjc & ins]t+     
,septemb] #cj1 #bjag2 &  7#c7 9         
subsection 7c77#a71 by /rik+ ,octob] #a1

 #bjjd & ins]t+ ,octob] #a1 #bjag4  7c7 
,additional ext5sions n p]mitt$ ,section
 #dbb ( ! ,g5]al ,education ,provisions 
,act 7#bj ,u4,s4,c4 #abbf;a7 %all n     
apply to fur!r ext5d ! duration ( !     
au?ority "u p>agraph 7#a7 ( section     
#dfa7;b7 ( ! ,high] ,education ,act (   
#aife 7#bj ,u4,s4,c4 #ajhg;aa7b771 z    
am5d$ by subsection 7a77#a7 ( ?is       
section1 beyond ,septemb] #cj1 #bjag1 on
 ! basis ( ! ext5sion "u su* subsection4
  #c4 ,disclosure requir$ prior to      
disbursem5t ,section #dfc;,a7a7 ( !     
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajhg;cc-#a7;a77 is am5d$--   
7#a7 9 p>agraph 7#ab71 by /rik+ & aft] !
 semicolon2  7#b7 9 p>agraph 7#ac71 by  
/rik+ ! p]iod at ! end & ins]t+ a       
semicolon2 &  7#c7 by add+ at ! end !   
foll[+3  7#ad7 a notice & explanation   
reg>d+ ! end to future availability (   
loans made "u ?is "p2  7#ae7 a notice & 
explanation t repaym5t & =giv5ess       
b5efits available to borr[]s ( loans    
made "u "p ,d are n available to borr[]s

 p>ticipat+ 9 ! loan program "u ?is "p2 
7#af7 a notice & explanation reg>d+ a   
borr[]'s option to consolidate a loan   
made "u ?is "p into a ,f$]al ,direct    
,loan "u "p ,d1 includ+ any b5efit ( su*
 consolidation2  7#ag7 ) respect to new 
und]graduate ,f$]al ,p]k9s loan borr[]s1
 z describ$ 9 section #dfa7;b77#a77;,a71
 a notice & explanation provid+ a       
comp>ison ( ! int]e/ rates ( loans "u   
?is "p & "p ,d & in=m+ ! borr[] t !     
borr[] has rea*$ ! maximum annual borr[+
 limit = :i* ! borr[] is eligible z     
ref]5c$ "u subp>agraphs 7,a7 & 7,d7 (   
section #dee7;a77#b72 &  7#ah7 ) respect
 to curr5t und]graduate ,f$]al ,p]k9s   
loan borr[]s1 z describ$ 9 section      
#dfa7;b77#a77;,b71 a notice &           
explanation provid+ a comp>ison ( !     
int]e/ rates ( loans "u ?is "p & "p ,d &
 in=m+ ! borr[] t ! borr[] has rea*$ !  
maximum annual borr[+ limit = :i* !     
borr[] is eligible on ,f$]al ,direct    
,/af=d ,loans z ref]5c$ "u section      
#dee7;a77#b77;,a74  4  ,secret>y