[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