[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5715 Engrossed Amendment Senate (EAS)]
In the Senate of the United States,
April 30, 2008.
Resolved, That the bill from the House of Representatives (H.R.
5715) entitled ``An Act to ensure continued availability of access to
the Federal student loan program for students and families.'', do pass
with the following
AMENDMENTS:
(1)On page 2, line 5, strike [and graduate]
(2)On page 7, line 11, strike [issued] and insert: first disbursed
(3)On page 9, line 12, strike [issued] and insert: first disbursed
(4)On page 9, line 24 through page 10 line 11 strike and insert:
``(B)(i) Extenuating circumstances.--An eligible
lender may determine that extenuating circumstances
exist under the regulations promulgated pursuant to
paragraph (1)(A) if, during the period beginning
January 1, 2007, and ending December 31, 2009, an
applicant for a loan under this section--
``(I) is or has been delinquent for 180
days or fewer on mortgage loan payments or on
medical bill payments during such period; and
``(II) is not and has not been more than 89
days delinquent on the repayment of any other
debt during such period.
``(ii) Definition of mortgage loan.--In this
subparagraph, the term `mortgage loan' means an
extension of credit to a borrower that is secured by
the primary residence of the borrower.
``(iii) Rule of construction.--Nothing in this
subparagraph shall be construed to limit an eligible
lender's authority under the regulations promulgated
pursuant to paragraph (1)(A) to determine that
extenuating circumstances exist.''.
(5)On page 10, after line 24 insert:
(1) in paragraph (1), by inserting after the second
sentence the following: ``No loan under section 428, 428B, or
428H that is made pursuant to this subsection shall be made
with interest rates, origination or default fees, or other
terms and conditions that are more favorable to the borrower
than the maximum interest rates, origination or default fees,
or other terms and conditions applicable to that type of loan
under this part.'';
(6)On page 12, line 14, strike [lenders willing to make loans] and
insert: eligible lenders willing to make loans under this part
(7)On page 13, after line 2 insert:
``(6) Expiration of authority.--The Secretary's authority
under paragraph (4) to designate institutions of higher
education for participation in the program under this
subsection shall expire on June 30, 2009.
``(7) Expiration of designation.--The eligibility of an
institution of higher education, or borrowers from such
institution, to participate in the program under this
subsection pursuant to a designation of the institution by the
Secretary under paragraph (4) shall expire on June 30, 2009.
After such date, borrowers from an institution designated under
paragraph (4) shall be eligible to participate in the program
under this subsection as such program existed on the day before
the date of enactment of the Ensuring Continued Access to
Student Loans Act of 2008.
``(8) Prohibition on inducements and marketing.--Each
guaranty agency or eligible lender that serves as a lender-of-
last-resort under this subsection--
``(A) shall be subject to the prohibitions on
inducements contained in subsection (b)(3) and the
requirements of section 435(d)(5); and
``(B) shall not advertise, market, or otherwise
promote loans under this subsection, except that
nothing in this paragraph shall prohibit a guaranty
agency from fulfilling its responsibilities under
paragraph (2)(C).
``(9) Dissemination and reporting.--
``(A) In general.--The Secretary shall--
``(i) broadly disseminate information
regarding the availability of loans made under
this subsection;
``(ii) during the period beginning July 1,
2008 and ending June 30, 2010, provide to the
Committee on Health, Education, Labor, and
Pensions of the Senate and the Committee on
Education and Labor of the House of
Representatives and make available to the
public--
``(I) copies of any new or revised
plans or agreements made by guaranty
agencies or the Department related to
the authorities under this subsection;
``(II) quarterly reports on--
``(aa) the number and
amounts of loans originated or
approved pursuant to this
subsection by each guaranty
agency and eligible lender; and
``(bb) any related payments
by the Department, a guaranty
agency, or an eligible lender;
and
``(III) a budget estimate of the
costs to the Federal Government
(including subsidy and administrative
costs) for each 100 dollars loaned, of
loans made pursuant to this subsection
between the date of enactment of the
Ensuring Continued Access to Student
Loans Act of 2008 and June 30, 2009,
disaggregated by type of loan, compared
to such costs to the Federal Government
during such time period of comparable
loans under this part and part D,
disaggregated by part and by type of
loan; and
``(iii) beginning July 1, 2010, provide to
the Committee on Health, Education, Labor, and
Pensions of the Senate and the Committee on
Education and Labor of the House of
Representatives and make available to the
public--
``(I) copies of any new or revised
plans or agreements made by guaranty
agencies or the Department related to
the authorities under this subsection;
and
``(II) annual reports on--
``(aa) the number and
amounts of loans originated or
approved pursuant to this
subsection by each guaranty
agency and eligible lender; and
``(bb) any related payments
by the Department, a guaranty
agency, or an eligible lender.
``(B) Separate reporting.--The information required
to be reported under subparagraph (A)(ii)(II) shall be
reported separately for loans originated or approved
pursuant to paragraph (4), or payments related to such
loans, for the time period in which the Secretary is
authorized to make designations under paragraph (4).''.
(8)On page 13, line 12, strike [agency's] and insert: agencies
(9)On page 14, line 3, strike [adding at the end] and insert: inserting
before the matter following paragraph (5)
(10)On page 15, line 19, strike [loans originated] and insert: loans
first disbursed
(11)On page 15, line 21, after ``October 1, 2003,'' insert: and before
July 1, 2009,
(12)On page 16, line 1, after ``Federal Government'' insert: (including
the cost of servicing the loans purchased)
(13)On page 16, strike lines 5 through 23, and insert the following:
``(2) Federal register notice.--The Secretary, the
Secretary of the Treasury, and the Director of the Office of
Management and Budget, shall jointly publish a notice in the
Federal Register prior to any purchase of loans under this
section that--
``(A) establishes the terms and conditions
governing the purchases authorized by paragraph (1);
``(B) includes an outline of the methodology and
factors that the Secretary, the Secretary of the
Treasury, and the Director of the Office of Management
and Budget, will jointly consider in evaluating the
price at which to purchase loans made under section
428, 428B, or 428H; and
``(C) describes how the use of such methodology and
consideration of such factors used to determine
purchase price will ensure that loan purchases do not
result in any net cost to the Federal Government
(including the cost of servicing the loans
purchased).''.
(14)On page 20, after line 9 insert the following:
SEC. 10. ACADEMIC COMPETITIVENESS GRANTS.
(a) Amendments.--Section 401A of the Higher Education Act of 1965
(20 U.S.C. 1070a-1) is amended--
(1) by striking subsection (a) and inserting the following:
``(a) Academic Competitiveness Grant Program Authorized.--The
Secretary shall award grants, in the amounts specified in subsection
(d)(1), to eligible students to assist the eligible students in paying
their college education expenses.'';
(2) in subsection (b)--
(A) by striking ``academic year'' each place it
appears and inserting ``year''; and
(B) in paragraph (2), by striking ``third or
fourth'' and inserting ``third, fourth, or fifth'';
(3) in subsection (c)--
(A) in the matter preceding paragraph (1)--
(i) by striking ``full-time'';
(ii) by striking ``academic'' and inserting
``award''; and
(iii) by striking ``is made'' and inserting
``is made for a grant under this section'';
(B) by striking paragraphs (1) and (2) and
inserting the following:
``(1) is eligible for a Federal Pell Grant;
``(2) is enrolled or accepted for enrollment in an
institution of higher education on not less than a half-time
basis; and''; and
(C) in paragraph (3)--
(i) by striking ``academic'' each place the
term appears;
(ii) in subparagraph (A)--
(I) by striking the matter
preceding clause (i) and inserting the
following:
``(A) the first year of a program of undergraduate
education at a two- or four-year degree-granting
institution of higher education (including a program of
not less than one year for which the institution awards
a certificate)--'';
(II) by striking clause (i) and
inserting the following:
``(i) has successfully completed, after
January 1, 2006, a rigorous secondary school
program of study that prepares students for
college and is recognized as such by the State
official designated for such recognition, or
with respect to any private or home school, the
school official designated for such recognition
for such school, consistent with State law,
which recognized program shall be reported to
the Secretary; and''; and
(III) in clause (ii), by inserting
``, except as part of a secondary
school program of study'' before the
semicolon;
(iii) in subparagraph (B)--
(I) in the matter preceding clause
(i), by striking ``year of'' and all
that follows through ``higher
education'' and inserting ``year of a
program of undergraduate education at a
two- or four-year degree-granting
institution of higher education
(including a program of not less than
two years for which the institution
awards a certificate)''; and
(II) in clause (ii), by striking
``or'' after the semicolon at the end;
(iv) in subparagraph (C)--
(I) in the matter preceding
subclause (I) of clause (i), by
inserting ``certified by the
institution to be'' after ``is'';
(II) by striking clause (i)(II) and
inserting the following:
``(II) a critical foreign language;
and''; and
(III) in clause (ii), by striking
the period at the end and inserting a
semicolon; and
(v) by adding at the end the following:
``(D) the third or fourth year of a program of
undergraduate education at an institution of higher
education (as defined in section 101(a)), is attending
an institution that demonstrates, to the satisfaction
of the Secretary, that the institution--
``(i) offers a single liberal arts
curriculum leading to a baccalaureate degree,
under which students are not permitted by the
institution to declare a major in a particular
subject area, and the student--
``(I)(aa) studies, in such years, a
subject described in subparagraph
(C)(i) that is at least equal to the
requirements for an academic major at
an institution of higher education that
offers a baccalaureate degree in such
subject, as certified by an appropriate
official from the institution; and
``(bb) has obtained a cumulative
grade point average of at least 3.0 (or
the equivalent as determined under
regulations prescribed by the
Secretary) in the relevant coursework;
or
``(II) is required, as part of the
student's degree program, to undertake
a rigorous course of study in
mathematics, biology, chemistry, and
physics, which consists of at least--
``(aa) 4 years of study in
mathematics; and
``(bb) 3 years of study in
the sciences, with a laboratory
component in each of those
years; and
``(ii) offered such curriculum prior to
February 8, 2006; or
``(E) the fifth year of a program of undergraduate
education that requires 5 full years of coursework, as
certified by the appropriate official of the degree-
granting institution of higher education, for which a
baccalaureate degree is awarded by a degree-granting
institution of higher education--
``(i) is certified by the institution of
higher education to be pursuing a major in--
``(I) the physical, life, or
computer sciences, mathematics,
technology, or engineering (as
determined by the Secretary pursuant to
regulations); or
``(II) a critical foreign language;
and
``(ii) has obtained a cumulative grade
point average of at least 3.0 (or the
equivalent, as determined under regulations
prescribed by the Secretary) in the coursework
required for the major described in clause
(i).'';
(4) in subsection (d)--
(A) in paragraph (1)--
(i) in subparagraph (A)--
(I) by striking ``The'' and
inserting ``In general.--The'';
(II) in clause (ii), by striking
``or'' after the semicolon at the end;
(III) in clause (iii), by striking
``subsection (c)(3)(C).'' and inserting
``subparagraph (C) or (D) of subsection
(c)(3), for each of the two years
described in such subparagraphs; or'';
and
(IV) by adding at the end the
following:
``(iv) $4,000 for an eligible student under
subsection (c)(3)(E).''; and
(ii) in subparagraph (B)--
(I) by striking ``Notwithstanding''
and inserting ``Limitation; ratable
reduction.--Notwithstanding'';
(II) by redesignating clauses (i),
(ii), and (iii), as clauses (ii),
(iii), and (iv), respectively; and
(III) by inserting before clause
(ii), as redesignated under subclause
(II), the following:
``(i) in any case in which a student
attends an institution of higher education on
less than a full-time basis, the amount of the
grant that such student may receive shall be
reduced in the same manner as a Federal Pell
Grant is reduced under section 401(b)(2)(B);'';
(B) by striking paragraph (2) and inserting the
following:
``(2) Limitations.--
``(A) No grants for previous credit.--The Secretary
may not award a grant under this section to any student
for any year of a program of undergraduate education
for which the student received credit before the date
of enactment of the Higher Education Reconciliation Act
of 2005.
``(B) Number of grants.--The Secretary may not
award more than one grant to a student described in
subsection (c)(3) for each year of study described in
such subsection.''; and
(C) by adding at the end the following: and
``(3) Calculation of grant payments.--An institution of
higher education shall make payments of a grant awarded under
this section in the same manner, using the same payment
periods, as such institution makes payments for Federal Pell
Grants under section 401.'';
(5) by striking subsection (e)(2) and inserting the
following:
``(2) Availability of funds.--Funds made available under
paragraph (1) for a fiscal year shall remain available for the
succeeding fiscal year.'';
(6) in subsection (f)--
(A) by striking ``at least one'' and inserting
``not less than one''; and
(B) by striking ``subsection (c)(3)(A) and (B)''
and inserting ``subparagraphs (A) and (B) of subsection
(c)(3)''; and
(7) in subsection (g), by striking ``academic'' and
inserting ``award''.
(b) Effective Date.--The amendments made by subsection (a) shall
take effect on January 1, 2009.
SEC. 11. INAPPLICABILITY OF MASTER CALENDAR AND NEGOTIATED RULEMAKING
REQUIREMENTS.
Sections 482 and 492 of the Higher Education Act of 1965 (20 U.S.C.
1089, 1098a) shall not apply to amendments made by sections 2 through 9
of this Act, or to any regulations promulgated under such amendments.
Attest:
Secretary.
110th CONGRESS
2d Session
H.R. 5715
_______________________________________________________________________
AMENDMENTS