,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #hijd  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,decemb] #h1 #bjbj    
,mr4 ,pocan 7= himself1 ,mr4            
,de,saulnier1 & ,ms4 ,sewell ( ,alabama7
 introduc$ ! foll[+ bill2 :i* 0 ref]r$  
to ! ,committee on ,education & ,labor  
,a ,,bill  ,to am5d ! ,high] ,education 
,act ( #aife to e/abli% ! ,f$]al ,p]k9s 
,,arc loan program1 & = o!r purposes4   
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,p]k9s ,access1 ,ret5tion1 &          
,completion 7,,arc7 ,act4  #b4 ,f9d+s   
,congress f9ds ! foll[+3  7#a7 ,s9ce !  
inception ( ! ,f$]al ,p]k9s ,loan       
,program 9 #aieh1 ov] #bh1jjj1jjj1jjj 9 
loans h be5 made to /ud5ts ?r\gh m ?an  
#be1jjj1jjj aid aw>ds4 ,millions (      
/ud5ts & families 9 ne$ h be5 help$ by  
,f$]al ,p]k9s ,loans4  7#b7 ,! ,f$]al   
,p]k9s ,loan ,program 0 a revolv+ fund t
 utiliz$ a model ( risk %>+1 local      
control1 & s*ool bas$ s]vic+ t greatly  
b5efit$ /ud5ts1 borr[]s1 & in/itutions (
 high] education = six decades4  7#c7 ,9

 ! #bjaf-bjag academic ye>1 ! la/ ye> t 
,f$]al ,p]k9s ,loans 7 au?oriz$1 #cj    
p]c5t ( families ) dep5d5t /ud5ts       
receiv+ ,f$]al ,p]k9s ,loans _h annual  
incomes bel[ #cj1jjj & #h p]c5t (       
families ) dep5d5t /ud5ts receiv+ ,f$]al
 ,p]k9s ,loans _h annual incomes bel[   
#ab1jjj4  7#d7 ,s9ce ! expiration ( !   
,f$]al ,p]k9s ,loan ,program            
au?orization 9 #bjag1 !re has be5 no    
sub/itute or replacem5t aid = college   
/ud5ts ) ne$1 :i* has result$ 9 _m      
/ud5ts hav+ to borr[ high] co/ /ud5t    
loans or )draw f college altoge!r4  #c4 
,f$]al ,p]k9s ,,arc ,loans  7a7 ,9 g5]al
 ,"p ,e ( title ,,iv ( ! ,high]         
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhg;a et seq47 is am5d$ by ins]t+ be=e
 section #dfa ! foll[+ new section3     
#dfj;,a4 ,f$]al p]k9s access1 ret5tion1 
& completion ,,arc loan  7a7            
,designation ( loans ,! ,secret>y %all  
c>ry out a program assi/+ 9 ! ma9t5ance 
( funds at in/itutions ( high] education
 = ! mak+ ( loans to und]graduate1      

graduate1 & pr(essional /ud5ts 9 ne$ to 
pursue _! c\rses ( /udy 9 su*           
in/itutions or :ile engag$ 9 programs ( 
/udy abroad approv$ = cr$it by su*      
in/itutions4 ,loans made "u ?is section 
%all be kn[n z ,f$]al ,p]k9s ,,arc      
,loans4  7b7 ,t]ms & conditions ,unless 
o!rwise specifi$ 9 ?is section1 all t]ms
 & conditions & o!r requirem5ts         
applicable to ,f$]al ,p]k9s ,loans      
e/abli%$ "u section #dfa %all apply to  
,f$]al ,p]k9s ,,arc ,loans made pursuant
 to ?is section4  7c7 ,agreem5ts ,!     
,secret>y may n provide assi/ance to an 
in/itution ( high] education "u ?is     
section unless su* in/itution ent]s into
 an agreem5t ) ! ,secret>y "u section   
#dfc7;a74  7d7 ,eligible borr[]s ,a loan
 "u ?is section may only be made to a   
/ud5t :o-- 7#a7 is eligible "u section  
#dfd7;b7 7includ+ graduate & pr(essional
 /ud5ts z def9$ 9 regulations promulgat$
 by ! ,secret>y72  7#b7 att5ds an       
eligible in/itution ) an agreem5t ) !   
,secret>y "u section #dfc7;a72 &  7#c7 !

 in/itution uses its au?ority "u su*    
agreem5t to aw>d ! /ud5t a loan4  4  7b7
 ,reau?orization ( ,p]k9s ,loans        
,section #dfa7;b7 ( ! ,high] ,education 
,act ( #aife 7#bj ,u4,s4,c4 #ajhg;aa7b77
 is am5d$-- 7#a7 by /rik+ 7#a7 ,9       
g5]al4--2  7#b7 by r$esignat+           
subp>agraphs 7,a71 7,b71 & 7,c7 z       
p>agraphs 7#a71 7#b71 & 7#c71           
respectively2 &  7#c7 by /rik+ p>agraphs
 7#b7 & 7#c74  7c7 ,allocation ( funds =
 ,p]k9s ,,arc ,loan ,section #dfb ( !   
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajhg;bb7 is am5d$-- 7#a7 by  
/rik+ subsections 7a7 & 7b72 &  7#b7 by 
ins]t+ be=e subsection 7c7 ! foll[+3    
7a7 ,available direct ,p]k9s ,,arc      
annual loan au?ority ,!re are h]eby made
 available1 f funds made available =    
loans made "u "p ,d1 n to exce$         
#f1jjj1jjj1jjj ( annual loan au?ority = 
aw>d ye> #bjbj-bjba & ea* succe$+ aw>d  
ye> until ! program is det]m9$ by !     
,secret>y to be self-su/a9+1 to be      
allocat$ "u subsection 7b74  7b7        

,allocation bas$ on previ\s allocation  
7#a7 ,9 g5]al ,f ! am\nt appropriat$    
pursuant to section #dfb7;b71 = ea*     
fiscal ye>1 ! ,secret>y %all allocate to
 ea* eligible in/itution an am\nt equal 
to n less ?an #ij p]c5t & n m ?an #aaj  
p]c5t ( ! am\nt t ! eligible in/itution 
receiv$ "u ?is subsection & subsection  
7a7 7z su* subsections 7 9 effect )     
respect to allocations = su* fiscal ye>7
 = ! previ\s fiscal ye> = :i* t         
in/itution receiv$ funds "u ?is section4
  7#b7 ,ratable r$uction ,if ! am\nt    
appropriat$ = any fiscal ye> is less ?an
 ! am\nt requir$ to be allocat$ to all  
in/itutions "u p>agraph 7#a71 !n ! am\nt
 ( ! allocation to ea* su* in/itution   
%all be ratably r$uc$4  7#c7 ,no previ\s
 allocation ,9 ! case ( an in/itution t 
has n receiv$ a previ\s allocation "u   
?is section1 ! ,secret>y %all allocate  
funds "u ?is section solely on ! basis (
 ! self-help ne$ det]m9ation describ$ "u
 subsection 7c74  4  7d7 ,cont9u$ loan  
s]vic+ ,section #dff ( ! ,high]         

,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhg;ff7 is am5d$ by add+ at ! end !   
foll[+3  7d7 ,cont9u$ loan s]vic+ ,!    
,secret>y %all cont9ue to make paym5ts =
 /ud5t loan s]vic+ to in/itutions (     
high] education t s]vice out/&+ exi/+   
,f$]al ,p]k9s ,loans aw>d$ "u "p ,e (   
title ,,iv prior to ! date ( ! enactm5t 
( ! ,p]k9s ,access1 ,ret5tion1 &        
,completion 7,,arc7 ,act4  4