,,ii  #aag? ,,congress  #b;d ,session   
,s4 #dcdd  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #bf1 #bjbb,mr4    
,:iteh\se introduc$ ! foll[+ bill2 :i* 0
 read twice & ref]r$ to ! ,committee on 
,heal?1 ,education1 ,labor1 & ,p5sions  
,a ,,bill  ,to e/abli% a tempor>y       
program = ! ref9anc+ ( c]ta9 ,f$]al &   
private /ud5t loans1 & = o!r purposes4  
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,z]o-,p]c5t ,/ud5t ,loan ,ref9anc+    
,act4  #b4 ,tempor>y program = ref9anc+ 
/ud5t loans  7a7 ,program au?ority      
,section #dea7;a7 ( ! ,high] ,education 
,act ( #aife 7#bj ,u4,s4,c4 #ajhg;a7a77 
is am5d$-- 7#a7 by /rik+ & 7#b7 & ins]t+
 7#b72 &  7#b7 by ins]t+ 2 & 7#c7 to    
make loans "u section #dfj;,a & section 
#dfj;,b aft] section #dei;,a4  7b7      
,ref9anc+ program ,"p ,d ( title ,,iv ( 
! ,high] ,education ,act ( #aife 7#bj   
,u4,s4,c4 #ajhg;a et seq47 is am5d$ by  
add+ at ! end ! foll[+3  #dfj;,a4       
,tempor>y program = ! ref9anc+ ( ,f$]al 
,direct loans & o!r ,f$]al /ud5t loans  

7a7 ,def9itions ,9 ?is section3 7#a7    
,cov]$ non-"p ,d loan ,! t]m cov]$      
non-"p ,d loan means a loan-- 7,a7 made1
 insur$1 or gu>ante$ "u "p ,b & = :i* ! 
fir/ disbursem5t 0 made1 or !           
application = ! consolidation loan 0    
receiv$1 be=e ,july #a1 #bjaj2  7,b7    
made "u "p ,e2 or  7,c7 made "u-- 7i7   
subp>t ,,ii ( "p ,a ( title ,,vii ( !   
,public ,heal? ,s]vice ,act 7#db        
,u4,s4,c4 #bibq et seq472 or  7ii7 "p ,e
 ( title ,,viii ( ! ,public ,heal?      
,s]vice ,act 7#db ,u4,s4,c4 #big;a et   
seq474  7#b7 ,cov]$ p]iod ,! t]m cov]$  
p]iod means ! p]iod beg9n+ on ,augu/ #a1
 #bjbb1 & end+ at ! close ( ,decemb]    
#ca1 #bjbe4  7#c7 ,orig9al loan ,! t]m  
orig9al loan means a loan = :i* a       
borr[]'s liability is dis*>g$ by a      
ref9anc$ loan issu$ 9 accordance ) ?is  
section4  7#d7 ,qualifi$ borr[] ,! t]m  
qualifi$ borr[] means a borr[] ( a loan 
"u ?is "p1 or a cov]$ non-"p ,d loan1 = 
:i* ! fir/ disbursem5t 0 made1 or !     
application = a consolidation loan 0    

receiv$1 be=e ,janu>y #a1 #bjbf4  7b7 ,9
 g5]al ,beg9n+ on ,augu/ #a1 #bjbb1 !   
,secret>y %all c>ry out a program "u :i*
 ! ,secret>y makes int]e/-free ref9anc+ 
loans to qualifi$ borr[]s 9 accordance )
 ?is section4  7c7 ,ref9anc+ ,direct    
loans  7#a7 ,f$]al ,direct ,loans  7,a7 
,9 g5]al ,beg9n+ on ,augu/ #a1 #bjbb1 ! 
,secret>y %all cancel ! obligation ( a  
qualifi$ borr[] to repay a ,f$]al       
,direct ,/af=d ,loan1 a ,f$]al ,direct  
,unsubsidiz$ ,/af=d ,loan1 a ,f$]al     
,direct ,,plus ,loan1 or a ,f$]al       
,direct ,consolidation ,loan = :i* !    
fir/ disbursem5t 0 made1 or !           
application = ! consolidation loan 0    
receiv$1 be=e ,janu>y #a1 #bjbe1 & issue
 to su* borr[] 9 accordance ) ?is       
section a ref9anc$ ,f$]al ,direct ,/af=d
 ,loan1 a ref9anc$ ,f$]al ,direct       
,unsubsidiz$ ,/af=d ,loan1 a ref9anc$   
,f$]al ,direct ,,plus ,loan1 or a       
ref9anc$ ,f$]al ,direct ,consolidation  
,loan1 respectively1 9 an am\nt equal to
 ! sum ( ! unpaid pr9cipal1 accru$      

unpaid int]e/1 & late *>ges ( ! orig9al 
loan4  7,b7 ,in=mation ,! ,secret>y %all
 notify ea* qualifi$ borr[] ( a loan    
ref9anc$ "u subp>agraph 7,a7 reg>d+ !   
ref9anc+ & ! b5efits ! ref9anc+ provides
 to ! qualifi$ borr[]4  7#b7 ,ref9anc+  
cov]$ non-"p ,d loans z ref9anc$ ,f$]al 
,direct loans ,^u application ( a       
qualifi$ borr[] ( any cov]$ non-"p ,d   
loan1 ! ,secret>y %all make a loan "u   
?is "p1 9 an am\nt equal to ! sum ( !   
unpaid pr9cipal1 accru$ unpaid int]e/1 &
 late *>ges ( ! orig9al loan to ! borr[]
 9 accordance ) ! foll[+3 7,a7 ,!       
,secret>y %all pay ! proce$s ( su* loan 
to ! hold] ( ! cov]$ non-"p ,d loan1 9  
ord] to dis*>ge ! borr[] f any rema9+   
obligation ) respect to ! orig9al loan4 
7,b7 ,any ,f$]al /ud5t loan made "u ?is 
section ! proce$s ( :i* are us$ to      
dis*>ge a loan t 0 made1 insur$1 or     
gu>ante$-- 7i7 "u section #dbh %all be a
 ,f$]al ,direct ,/af=d ,loan2  7ii7 "u  
section #dbh;,b %all be a ,f$]al ,direct
 ,,plus ,loan2  7iii7 "u section #dbh;,h

 %all be a ,f$]al ,direct ,unsubsidiz$  
,/af=d ,loan2 &  7iv7 "u section #dbh;,c
 %all be a ,f$]al ,direct ,consolidation
 ,loan4  7,c7 ,any ,f$]al /ud5t loan    
made "u ?is section ! proce$s ( :i* are 
us$ to dis*>ge a loan describ$ 9        
subp>agraph 7,b7 or 7,c7 ( subsection   
7a77#a7 %all be a ,f$]al ,direct        
,consolidation ,loan4  7#c7 ,application
 deadl9e ,to be eligible to receive a   
ref9anc+ loan "u p>agraph 7#b7 a        
qualifi$ borr[] %all submit an          
application to ! ,secret>y dur+ ! cov]$ 
p]iod4 ,a borr[] :o submits an          
application aft] ! expiration ( ! cov]$ 
p]iod %all n be eligible to receive a   
ref9anc+ loan "u su* p>agraph4  7d7     
,t]ms & conditions ( loans  7#a7 ,9     
g5]al ,a loan made "u ?is section %all h
 ! same t]ms & conditions z ! orig9al   
loan1 except z o!rwise provid$ 9 ?is    
section4  7#b7 ,int]e/ rates ,no int]e/ 
%all accrue on a loan t is made "u ?is  
section4  7#c7 ,no automatic ext5sion ( 
repaym5t p]iod ,a loan made "u ?is      

section %all n result 9 ! ext5sion ( !  
duration ( ! repaym5t p]iod ( ! loan1 & 
! borr[] %all reta9 ! same repaym5t t]m 
t 0 9 effect on ! orig9al loan4 ,no?+ 9 
?is p>agraph %all be con/ru$ to prev5t a
 borr[] f elect+ a diff]5t repaym5t plan
 at any "t 9 accordance ) section       
#dee7;d77#c74  7#d7 ,special rule =     
ref9anc$ ,p]k9s & heal? loans ,not)/&+  
p>agraph 7#a71 9 ! case ( a loan t is   
made "u ?is section z a ,f$]al ,direct  
,consolidation ,loan ! proce$s ( :i* are
 us$ to dis*>ge a loan describ$ 9       
subp>agraph 7,b7 or 7,c7 ( subsection   
7a77#a7-- 7,a7 ! ref9anc$ ,f$]al ,direct
 ,consolidation ,loan %all h ! same t]ms
 & conditions z a ,f$]al ,direct        
,consolidation ,loan1 except z o!rwise  
provid$ 9 ?is section2 &  7,b7 !        
,secret>y may adju/ su* t]ms &          
conditions z necess>y to enable ! borr[]
 to access loan =giv5ess or o!r b5efits 
available to ! borr[] "u ! loan be=e    
ref9anc+ "u ?is section1 9 any case :]e 
su* b5efits are m g5]\s ?an provid$ "u a

 ,f$]al ,direct ,consolidation ,loan4   
7#e7 ,rule ( con/ruction ,no?+ 9 ?is    
section %all be con/ru$ to prev5t a     
borr[] ( a ,f$]al /ud5t loan describ$ 9 
subp>agraph 7,b7 or 7,c7 ( subsection   
7a77#a7 f consolidat+ su* loans ) o!r   
loans eligible = consolidation "u ?is   
section1 or to require su* a borr[] to  
consolidate su* loans ) o!r ,f$]al /ud5t
 loans into a s+le consolidation loan "u
 ?is section4  7e7 ,notification to     
borr[]s ,! ,secret>y1 9 coord9ation ) ! 
,director ( ! ,bureau ( ,consum]        
,f9ancial ,protection1 %all und]take a  
campaign to al]t borr[]s ( cov]$ non-"p 
,d loans t are eligible = ref9anc+ "u   
?is section t ! borr[]s are eligible to 
apply = su* ref9anc+4 ,! campaign %all  
include ! foll[+ activities3 7#a7       
,develop+ consum] in=mation mat]ials    
ab\t ! availability ( ,f$]al /ud5t loan 
ref9anc+4  7#b7 ,requir+ s]vic]s ( loans
 "u "p ,b to provide su* consum]        
in=mation to borr[]s 9 a mann] det]m9$  
appropriate by ! ,secret>y1 9           

consultation ) ! ,director ( ! ,bureau (
 ,consum] ,f9ancial ,protection4        
#dfj;,b4 ,tempor>y program = ref9anc+ ( 
private education loans  7a7 ,def9itions
 ,9 ?is section3 7#a7 ,cov]$ p]iod ,!   
t]m cov]$ p]iod means ! p]iod beg9n+ on 
,augu/ #a1 #bjbb1 & end+ at ! close (   
,decemb] #ca1 #bjbe4  7#b7 ,eligible    
private education loan ,! t]m eligible  
private education loan means a private  
education loan1 z def9$ 9 section       
#adj7;a7 ( ! ,tru? 9 ,l5d+ ,act 7#ae    
,u4,s4,c4 #afej7;a771 t-- 7,a7 0        
disburs$ to ! borr[] be=e ,janu>y #a1   
#bjbf2 &  7,b7 0 = ! borr[]'s own       
po/second>y educational exp5ses = an    
eligible program at an in/itution (     
high] education p>ticipat+ 9 ! loan     
program "u ?is "p1 z ( ! date t ! loan 0
 disburs$4  7#c7 ,f$]al ,direct         
,ref9anc$ ,private loan ,! t]m ,f$]al   
,direct ,ref9anc$ ,private ,loan means a
 loan issu$ "u subsection 7b77#a74  7#d7
 ,private educational l5d] ,! t]m       
private educational l5d] has ! mean+    

giv5 t t]m 9 section #adj7;a7 ( ! ,tru? 
9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afej7;a774 
7#e7 ,qualifi$ borr[] ,! t]m qualifi$   
borr[] means an individual :o has an    
eligible private education loan4  7b7   
,program au?oriz$  7#a7 ,9 g5]al ,beg9n+
 on ,augu/ #a1 #bjbb1 ! ,secret>y1 9    
consultation ) ! ,secret>y ( !          
,treasury1 %all c>ry out a program "u   
:i* ! ,secret>y1 ^u application by a    
qualifi$ borr[] :o has an eligible      
private education loan1 %all issue su*  
borr[] a loan "u ?is "p 9 accordance ) !
 foll[+3 7,a7 ,! loan issu$ "u ?is      
program %all be 9 an am\nt equal to !   
sum ( ! unpaid pr9cipal1 accru$ unpaid  
int]e/1 & late *>ges ( ! private        
education loan4  7,b7 ,! ,secret>y %all 
pay ! proce$s ( ! loan issu$ "u ?is     
program to ! private educational l5d] ( 
! private education loan1 9 ord] to     
dis*>ge ! qualifi$ borr[] f any rema9+  
obligation to ! l5d] ) respect to !     
orig9al loan4  7,c7 ,! ,secret>y %all   
require t ! qualifi$ borr[] und]go loan 

c\nsel+ t provides all ( ! in=mation &  
c\nsel+ requir$ "u clauses 7i7 ?r\gh    
7ix7 ( section #dhe7;b77#a77;,a7 be=e ! 
loan is ref9anc$ 9 accordance ) ?is     
section1 & be=e ! proce$s ( su* loan are
 paid to ! private educational l5d]4    
7,d7 ,! ,secret>y %all issue ! loan z a 
,f$]al ,direct ,ref9anc$ ,private ,loan1
 :i* %all h ! same t]ms1 conditions1 &  
b5efits z a ,f$]al ,direct ,unsubsidiz$ 
,/af=d ,loan1 except z o!rwise provid$ 9
 ?is section4  7#b7 ,private educational
 l5d]s ,n lat] ?an ,augu/ #a1 #bjbb1 !  
,secret>y1 9 consultation ) ! ,secret>y 
( ! ,treasury & ! ,director ( ! ,bureau 
( ,consum] ,f9ancial ,protection1 %all  
e/abli% eligibility requirem5ts to      
preclude w9dfall pr(its = private       
educational l5d]s4  7c7 ,application    
deadl9e ,to be eligible to receive a    
,f$]al ,direct ,ref9anc$ ,private ,loan 
"u ?is section a qualifi$ borr[] %all   
submit an application to ! ,secret>y    
dur+ ! cov]$ p]iod4 ,a borr[] :o submits
 an application aft] ! expiration ( !   

cov]$ p]iod %all n be eligible to       
receive a ,f$]al ,direct ,ref9anc$      
,private ,loan "u ?is section4  7d7     
,int]e/ rate ,no int]e/ %all accrue on a
 ,f$]al ,direct ,ref9anc$ ,private ,loan
 "u ?is section4  7e7 ,no inclusion 9   
aggregate limits ,! am\nt ( a ,f$]al    
,direct ,ref9anc$ ,private ,loan1 or a  
,f$]al ,direct ,consolidat$ ,loan to !  
ext5t su* loan 0 us$ to repay a ,f$]al  
,direct ,ref9anc$ ,private ,loan1 %all n
 be includ$ 9 calculat+ a borr[]'s      
annual or aggregate loan limits "u      
section #dbh or #dbh;,h4  7f7 ,special  
rule = eligibility = s]vice-,relat$     
repaym5t ,not)/&+ sections              
#dbh,k7a77#b71 #dbh,l7b77#b71           
#dee7m77#c77;,a71 & #dfj7;b71 a ,f$]al  
,direct ,ref9anc$ ,private ,loan %all be
 eligible = any loan repaym5t or loan   
=giv5ess program "u section #dbh,k1     
#dbh,l1 or #dfj1 or = ! repaym5t plan = 
public s]vice employees "u section      
#dee7m71 b only ) respect to any balance
 due1 paym5ts made1 or s]vice complet$1 

aft] ! date on :i* su* ,f$]al ,direct   
,ref9anc$ ,private ,loan 0 issu$4  7g7  
,private educational l5d] report+       
requirem5t  7#a7 ,report+ requir$ ,n    
lat] ?an ,augu/ #a1 #bjbb1 ! ,secret>y1 
9 consultation ) ! ,secret>y ( !        
,treasury & ! ,director ( ! ,bureau (   
,consum] ,f9ancial ,protection1 %all    
e/abli% a requirem5t t private          
educational l5d]s report ! data describ$
 9 p>agraph 7#b7 to ! ,secret>y1 to     
,congress1 to ! ,secret>y ( ! ,treasury1
 & to ! ,director ( ! ,bureau ( ,consum]
 ,f9ancial ,protection1 9 ord] to all[ =
 an assessm5t ( ! private education loan
 m>ket4  7#b7 ,cont5ts ( report+ ,! data
 t private educational l5d]s %all report
 9 accordance ) p>agraph 7#a7 %all      
include ea* ( ! foll[+ ab\t private     
education loans 7z def9$ 9 section      
#adj7;a7 ( ! ,tru? 9 ,l5d+ ,act 7#ae    
,u4,s4,c4 #afej7;a7773 7,a7 ,! total    
am\nt ( private education loan debt !   
l5d] holds4  7,b7 ,! total numb] (      
private education loan borr[]s ! l5d]   

s]ves4  7,c7 ,! av]age int]e/ rate on ! 
out/&+ private education loan debt held 
by ! l5d]4  7,d7 ,! proportion ( private
 education loan borr[]s :o are 9 default
 on a loan held by ! l5d]4  7,e7 ,!     
proportion ( ! out/&+ private education 
loan volume held by ! l5d] t is 9       
default4  7,f7 ,! proportions ( out/&+  
private education loan borr[]s :o are   
#cj1 #fj1 & #ij days del9qu5t4  7,g7 ,! 
proportions ( out/&+ private education  
loan volume t is #cj1 #fj1 & #ij days   
del9qu5t4  7h7 ,notification to borr[]s 
,! ,secret>y1 9 coord9ation ) !         
,secret>y ( ! ,treasury & ! ,director ( 
! ,bureau ( ,consum] ,f9ancial          
,protection1 %all und]take a campaign to
 al]t borr[]s ab\t ! availability (     
private /ud5t loan ref9anc+ "u ?is      
section4  4  7c7 ,income-,cont+5t       
repaym5t ,section #dee7;e7 ( ! ,high]   
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhg;e7e77 is am5d$ by add+ at ! end ! 
foll[+ new p>agraph3  7#i7 ,special rule
 = ref9anc$ loans ,= purposes ( p>agraph

 7#g71 ! p]iod ( "t dur+ :i* a borr[] ( 
a loan t is ref9anc$ "u section #dfj;,a 
or #dfj;,b has made mon?ly paym5ts %all 
be calculat$ 9 ! mann] describ$ 9       
section #dic;,c7f7 = ! applicable type (
 loan4  4  7d7 ,income-,bas$ repaym5t   
,section #dic;,c ( ! ,high] ,education  
,act ( #aife 7#bj ,u4,s4,c4 #ajih;e7 is 
am5d$ by add+ at ! end ! foll[+3  7f7   
,special rule = ref9anc$ loans  7#a7    
,ref9anc$ ,f$]al ,direct1 ,,ffel1 &     
,plus loans ,9 calculat+ ! p]iod ( "t   
dur+ :i* a borr[] ( a loan 7) !         
exception ( a ,f$]al ,direct            
,consolidation ,loan7 t is ref9anc$ "u  
section #dfj;,a has made mon?ly paym5ts 
= purposes ( subsection 7b77#g71 !      
,secret>y %all deem ! p]iod to include  
all mon?ly paym5ts made = ! orig9al     
loan1 & all mon?ly paym5ts made = !     
ref9anc$ loan1 t o!rwise meet !         
requirem5ts ( ?is section4  7#b7        
,ref9anc$ ,f$]al ,direct ,consolidation 
,loans ,9 calculat+ ! p]iod ( "t dur+   
:i* a borr[] ( a ,f$]al ,direct         

,consolidation ,loan t is ref9anc$ "u   
section #dfj;,a has made mon?ly paym5ts 
= ! purposes ( subsection 7b77#g71 !    
,secret>y %all-- 7,a7 review ! borr[]'s 
paym5t hi/ory to id5tify ea* compon5t   
loan ( su* ,f$]al ,direct ,consolidation
 ,loan2  7,b7 = ea* su* compon5t loan-- 
7i7 calculate ! weight$ factor ( !      
compon5t loan1 :i* %all be ! factor t   
repres5ts ! portion ( su* ,f$]al ,direct
 ,consolidation ,loan t is attributable 
to su* compon5t loan2 &  7ii7 det]m9e ! 
numb] ( qualify+ mon?ly paym5ts made on 
su* compon5t loan be=e consolidation2   
7,c7 calculate ! numb] ( qualify+ mon?ly
 paym5ts det]m9$ "u subp>agraph 7,b77ii7
 ) respect to a compon5t loan t %all be 
deem$ z qualify+ mon?ly paym5ts made on 
! ,f$]al ,direct ,consolidation ,loan by
 multiply+-- 7i7 ! weight$ factor ( su* 
compon5t loan z det]m9$ "u subp>agraph  
7,b77i72 by  7ii7 ! numb] ( qualify+    
mon?ly paym5ts made on su* compon5t loan
 z det]m9$ "u subp>agraph 7,b77ii72 &   
7,d7 calculate & in=m ! borr[] ( ! total

 numb] ( qualify+ mon?ly paym5ts )      
respect to ! compon5t loans ( ! ,f$]al  
,direct ,consolidation ,loan t %all be  
deem$ z qualify+ mon?ly paym5ts made on 
! ref9anc$ ,f$]al ,consolidation ,loan1 
by-- 7i7 add+ toge!r ! result ( ea*     
calculation made "u subp>agraph 7,c7 )  
respect to ea* su* compon5t loan2 &     
7ii7 r\nd+ ! numb] det]m9$ "u clause 7i7
 to ! ne>e/ :ole numb]4  7#c7 ,f$]al    
,direct ,ref9anc$ ,private ,loans ,9    
calculat+ ! p]iod ( "t dur+ :i* a borr[]
 ( a ,f$]al ,direct ,ref9anc$ ,private  
,loan "u section #dfj;,b has made mon?ly
 paym5ts = purposes ( subsection        
7b77#g71 ! ,secret>y %all include only  
paym5ts-- 7,a7 t are made aft] ! date ( 
! issuance ( ! ,f$]al ,direct ,ref9anc$ 
,private ,loan2 &  7,b7 t o!rwise meet !
 requirem5ts ( ?is section4  7#d7       
,compon5t loan def9$ ,9 ?is subsection1 
! t]m compon5t loan1 us$ ) respect to a 
,f$]al ,direct ,consolidation ,loan1    
means a loan = :i* ! liability 0 dis*>g$
 by ! proce$s ( su* ,f$]al ,direct      

,consolidation ,loan4  4  7e7 ,con=m+   
am5dm5ts ,! ,high] ,education ,act (    
#aife 7#bj ,u4,s4,c4 #ajja et seq47 is  
am5d$-- 7#a7 9 section                  
#dbh;,c7a77#c77;,b77i77,v7 7#bj         
,u4,s4,c4 #ajgh-c7c77;,b77i77,v77-- 7,a7
 by /rik+ or at ! end ( item 7bb72  7,b7
 by /rik+ ! p]iod at ! end ( item 7cc7 &
 ins]t+ 2 or2 &  7,c7 by add+ at ! end !
 foll[+3  7dd7 = ! purpose ( obta9+ a   
ref9anc+ loan "u section #dfj;,a4  2    
7#b7 9 section #dbh;,j7c77#b7 7#bj      
,u4,s4,c4 #ajgh-aj7;c77#b771 by ins]t+ a
 ,f$]al ,direct ,ref9anc$ ,private      
,loan1 aft] a ,f$]al ,direct            
,unsubsidiz$ ,/af=d ,loan12  7#c7 9     
section #dee 7#bj ,u4,s4,c4 #ajhg;e7--  
7,a7 9 subsection 7b71 by /rik+ 7b7     
,int]e/ rate4-- & ins]t+ ! foll[+3  7b7 
,int]e/ rate ,except z o!rwise provid$ 9
 sections #dfj;,a & #dfj;,b1 ! t]ms &   
conditions ( int]e/ = loans made "u ?is 
"p are z foll[s3  2  7,b7 9 subsection  
7f77#a77;,b71 by ins]t+ a ,f$]al ,direct
 ,ref9anc$ ,private ,loan1 aft] a ,f$]al

 ,direct ,unsubsidiz$ ,/af=d ,loan12 &  
7,c7 9 subsection 7m77#c77;,a71 by /rik+
 or ,f$]al ,direct ,unsubsidiz$ ,/af=d  
,loan1 & ins]t+ ,f$]al ,direct          
,unsubsidiz$ ,/af=d ,loan1 or ,f$]al    
,direct ,ref9anc$ ,private ,loan12 &    
7#d7 9 section #dfj 7#bj ,u4,s4,c4      
#ajhg;j7-- 7,a7 9 subsection 7b71 by    
/rik+ & ,f$]al ,direct ,unsubsidiz$     
,/af=d ,loans & ins]t+ ,f$]al ,direct   
,unsubsidiz$ ,/af=d ,loans1 & ,f$]al    
,direct ,ref9anc$ ,private ,loans2 &    
7,b7 9 subsection 7c7-- 7i7 9 p>agraph  
7#a71 by /rik+ or a ,f$]al ,direct      
,unsubsidiz$ ,/af=d ,loan & ins]t+ 1 a  
,f$]al ,direct ,unsubsidiz$ ,/af=d      
,loan1 or a ,f$]al ,direct ,ref9anc$    
,private ,loan2 &  7ii7 9 p>agraph 7#b71
 by ins]t+ a ,f$]al ,direct ,ref9anc$   
,private ,loan1 aft] a ,f$]al ,direct   
,unsubsidiz$ ,/af=d ,loan14