<enum>I</enum><header>Consolidation of Private Education Loans</header> <section id="H35B11EE6257B40EBB29B72855F62F650"><enum>101.</enum><header>Consolidation of private education loans</header><text display-inline="no-display-inline">Section 455(g) of the Higher Education Act of 1965 (20 U.S.C. 1087e(g)) is amended—</text> <paragraph id="H2AC1AEF50A9B4331BB8975707D1175B4" commented="no"><enum>(1)</enum><text>by striking <quote>A borrower</quote>; and inserting the following:</text> <quoted-block style="OLC" id="HDF302114E5DF49A0807FDB60762D1551" display-inline="no-display-inline"> <paragraph id="H9D7CCBD803E846D9AA104C8560727745"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">A borrower</text></paragraph><after-quoted-block>;</after-quoted-block></quoted-block> </paragraph> <paragraph id="H46905F948A7146ED86A3639B45BE5119" commented="no"><enum>(2)</enum><text>by inserting <quote>, including any loan made under part B and first disbursed before July 1, 2010, and any loan described in paragraph (2),</quote> after <quote>section 428C(a)(4)</quote>; </text></paragraph> <paragraph id="H0400FB7D42424FB7B3CFDDC26944AB06" commented="no"><enum>(3)</enum><text>by striking the third sentence; and </text></paragraph> <paragraph id="H5F1B7D41C96541CCB1D547C6820C9666"><enum>(4)</enum><text>by adding at the end the following new paragraph:</text> <quoted-block id="HF6C07BD6DEE24999A1B7F03E88FD74D7" style="OLC"> <paragraph id="HCD940DC1D3274981B6B3160000E08BF5"><enum>(2)</enum><header>Consolidation of private education loans as a Federal Direct Consolidation Loan</header> <subparagraph id="HD14DCED8146241D6B564CBB693FB439E"><enum>(A)</enum><header>In general</header><text>Notwithstanding any other provision of law, a borrower who meets the eligibility criteria described in paragraph (1) and <internal-xref idref="H1E6061D97D9540D19FA12C04D4FA1403" legis-path="(2)(B)">subparagraph (B)</internal-xref> of this paragraph may be eligible to obtain a Federal Direct Consolidation loan under this paragraph that—</text> <clause id="H38E83DD908FF45E6BC1444E860FA2C23"><enum>(i)</enum><text>shall include an eligible private education loan; and</text></clause> <clause id="H8845788688304B75B51680B1C828C41B"><enum>(ii)</enum><text display-inline="yes-display-inline">may include a loan described in section 428C(a)(4). </text></clause></subparagraph> <subparagraph id="H1E6061D97D9540D19FA12C04D4FA1403"><enum>(B)</enum><header>Eligible borrower</header><text>A borrower of an eligible private education loan is eligible to obtain a Federal Direct Consolidation Loan under this paragraph if the borrower—</text> <clause id="H1EC760277EF54E599CEC548F5FE95BAF"><enum>(i)</enum><text>is not in default on a loan made, insured, or guaranteed under this title or in default (as such term is defined in section 435(l)) on any eligible private education loan that the borrower is seeking to consolidate under this paragraph, except that a borrower who entered such default at any time during the period beginning on December 1, 2007, through December 31, 2009, due to an economic hardship (as such term is defined in section 435(o)), as determined by the Secretary, shall not be ineligible under this clause;</text> </clause> <clause id="HF77B57D8514E4753A8A0E269055A08C1"><enum>(ii)</enum><text>was—</text> <subclause id="H93AD2C74645C4FF8A6DD88CBC0044EAF"><enum>(I)</enum><text>at any time on or after July 1, 1994, and before July 1, 2010, enrolled as an undergraduate, graduate, or professional student who was eligible to borrow a loan under section 428H or a Federal Direct Unsubsidized Stafford Loan; or</text></subclause> <subclause id="H320D191A4F254429B3B55A3F06735800"><enum>(II)</enum><text>at any time on or after July 1, 2006, and July 1, 2010, enrolled as a graduate or professional student who was eligible to borrow a loan under section 428B or a Federal Direct PLUS loan;</text></subclause></clause> <clause id="H93E9A4ADBC4C42DCB437B1F428ABF7D6"><enum>(iii)</enum><text>borrowed at least one eligible private education loan for a period of enrollment described in <internal-xref idref="HF77B57D8514E4753A8A0E269055A08C1" legis-path="(2)(B)(ii)">clause (ii)</internal-xref>; </text></clause> <clause id="H85A391232E484FD6BC035B6C679C4904" indent="clause"> <enum>(iv)</enum> <text>is in—</text> <subclause id="HE6884E40187A4D4C9988D8020BAEB5C7"><enum>(I)</enum><text>repayment status on the eligible private education loan that the borrower is seeking to consolidate under this paragraph; or</text></subclause> <subclause id="HA1881104A113429A988899DD4CD8A244"><enum>(II)</enum><text>a grace period preceding repayment on such loan;</text> </subclause></clause> <clause id="HF9D7DCEBDF05474485F4888DBD088F4F"><enum>(v)</enum><text>does not have an adverse credit history, as such term is defined by the Secretary, by regulation, with respect to Federal Direct PLUS loans; and</text></clause> <clause id="H5CB83BA5C0AE4E8C899360D69C197D85"><enum>(vi)</enum><text>has not previously obtained a Federal Direct Consolidation Loan under this paragraph.</text></clause></subparagraph> <subparagraph id="H8BE4FB21F9B64622B416F96F8CDFFFAC"><enum>(C)</enum><header>Definition of eligible private education loan</header><text>For purposes of this paragraph, the term <term>eligible private education loan</term> means a private education loan (as such term is defined in section 140 of the Truth in Lending Act (15 U.S.C. 1650)) that was disbursed to a borrower on or after July 1, 1994, and before July 1, 2010.</text> </subparagraph> <subparagraph id="H25FE26CA212F43EE90FECFCFBEF8A468"><enum>(D)</enum><header>Amount that may be consolidated</header><text>The aggregate maximum amount of eligible private education loans that may be consolidated by a borrower under this paragraph is—</text> <clause id="H96D840C9C3B3446CB3EDAE3BEE5335C5"><enum>(i)</enum><text display-inline="yes-display-inline">for loans made to a borrower for a period of enrollment described in <internal-xref idref="H93AD2C74645C4FF8A6DD88CBC0044EAF" legis-path="(2)(B)(ii)(I)">subparagraph (B)(ii)(I)</internal-xref>, an amount equal to the amount of outstanding principal, accrued interest, and related fees and costs (as determined by the Secretary) owed by the borrower on eligible private education loans, except that the outstanding principal on the eligible private education loans shall not exceed—</text> <subclause id="H8B92EA7ADC9646D9BDA7FBE129E82BB0"><enum>(I)</enum><text>the maximum aggregate amount of loans under section 428H, as of the date of the enactment of the College Debt Swap Act of 2010—</text> <item id="H1E20B7673DCA42BAA52465E72B1B15AA"><enum>(aa)</enum><text>for an undergraduate dependent student, if the borrower was enrolled as an undergraduate dependent student during the period of enrollment;</text></item> <item id="HC6E6616F099A4A50A11EBF4B9DA92118"><enum>(bb)</enum><text display-inline="yes-display-inline">for an undergraduate independent student, if the borrower was enrolled as an undergraduate independent student during the period of enrollment; or</text></item> <item id="H10D877955EA84E138296803DD6001CA3"><enum>(cc)</enum><text display-inline="yes-display-inline">for a graduate or professional student, if the borrower was enrolled as a graduate or professional student during the period of enrollment;</text></item><continuation-text continuation-text-level="subclause">minus</continuation-text></subclause> <subclause id="HAC6F24AA6760486F956B628ED279CAF6"><enum>(II)</enum><text>the aggregate amount of loans under section 428H and Federal Direct Unsubsidized Stafford Loans borrowed by the borrower for such period of enrollment; plus</text></subclause></clause> <clause id="HD0E7AD1527BE436F85588B78E9BA6189"><enum>(ii)</enum><text display-inline="yes-display-inline">for loans made to a borrower for a period of enrollment described in <internal-xref idref="H320D191A4F254429B3B55A3F06735800" legis-path="(2)(B)(ii)(II)">subparagraph (B)(ii)(II)</internal-xref>, an amount equal to—</text> <subclause id="H0D4EA6005BCB48DA965CFBE641B2B589"><enum>(I)</enum><text>the total outstanding principal, accrued interest, and related fees and costs (as determined by the Secretary) owed by the borrower on eligible private education loans; minus</text></subclause> <subclause id="H86B8509157234C9B9266782609D5EECA" commented="no"><enum>(II)</enum><text>the aggregate amount of loans under section 428B and Federal Direct PLUS loans borrowed by the borrower for such period of enrollment. </text></subclause></clause></subparagraph> <subparagraph id="H7427307BAA9647D99CE5876903D72691" display-inline="no-display-inline"><enum>(E)</enum><header>Interest rate</header><text display-inline="yes-display-inline">Notwithstanding subsection (b), a Federal Direct Consolidation loan made under this paragraph shall bear interest at an annual rate on the unpaid principal balance of the loan that is the weighted average, rounded to the nearest higher one-eighth of 1 percent, of—</text> <clause id="HCF71F88BF96F4C509BFCEDD63F921D34"><enum>(i)</enum><text display-inline="yes-display-inline">for loans consolidated under this paragraph that were made to a borrower for a period described in <internal-xref idref="H93AD2C74645C4FF8A6DD88CBC0044EAF" legis-path="(2)(B)(ii)(I)">subparagraph (B)(ii)(I)</internal-xref>, the interest rate for a Federal Direct Unsubsidized Stafford Loan for which the first disbursement is made on the date of enactment of the College Debt Swap Act of 2010; and</text></clause> <clause id="H0A992E66DFBB441A87EDD306D2296BA7"><enum>(ii)</enum><text display-inline="yes-display-inline">for loans consolidated under this paragraph that were made to a borrower for a period described in <internal-xref idref="H320D191A4F254429B3B55A3F06735800" legis-path="(2)(B)(ii)(II)">subparagraph (B)(ii)(II)</internal-xref>, the interest rate for a Federal Direct PLUS loan for which the first disbursement is made on the date of enactment of the College Debt Swap Act of 2010.</text></clause></subparagraph> <subparagraph id="HDDD398168F1941BDA477CD53B3CF4804"><enum>(F)</enum><header>Payment to the holder</header> <clause id="H6643E8D92486487D9C24630BE3D26731"><enum>(i)</enum><header>Secretary</header><text display-inline="yes-display-inline">For each eligible private education loan that a borrower is consolidating under this paragraph, the Secretary shall make a payment to the holder of such loan that is equal to the amount of such loan, in whole or in part, based on the amount (all or a portion) of such loan the borrower consolidated under this paragraph.</text></clause> <clause id="HE0F1A64902FF4E3B991D7B8C66669002"><enum>(ii)</enum><header>Holder</header><text>Upon receipt of a payment described in <internal-xref idref="H6643E8D92486487D9C24630BE3D26731" legis-path="(2)(E)(i)">clause (i)</internal-xref>, a holder shall discharge the liability on the loan (in whole or in part, based on the amount of the payment) for which such payment was made.</text></clause></subparagraph> <subparagraph id="H567F504C8F714CFEA6BC3FD735C5BB35"><enum>(G)</enum><header>Outreach activities required</header> <clause id="H6FDDEB7AA73E4C3AA3FE7E3ADDC43D4C"><enum>(i)</enum><header>In general</header><text>The Secretary shall conduct outreach activities described in <internal-xref idref="H2464D8D26C124292BB5F7806487A6F5A" legis-path="(2)(H)(ii)">clause (ii)</internal-xref> to inform and educate students and their families about the temporary private education loan consolidation program under this paragraph.</text></clause> <clause id="H2464D8D26C124292BB5F7806487A6F5A" commented="no"><enum>(ii)</enum><header>Required components of outreach</header><text>The Secretary shall provide for the broad dissemination of information on the program under this paragraph by—</text> <subclause id="H48AEC0825DBD40B3A991F39EF5E594E4" commented="no"><enum>(I)</enum><text>operating and maintaining an Internet website through which individuals may obtain information on changes made to the program;</text></subclause> <subclause id="H9CF9B2D65E0247E18115EBB3C30C2D04" commented="no"><enum>(II)</enum><text>developing and disseminating information to alumni of undergraduate, graduate, and professional schools who may be eligible for the program;</text></subclause> <subclause id="H0251EC3E66194706894AD8E64D82F6D7" commented="no"><enum>(III)</enum><text>providing assistance to institutions of higher education to educate graduates on the availability of the program; and</text></subclause> <subclause id="HD76E7DEFE1F949DDBC22CEF840826C54" commented="no"><enum>(IV)</enum><text>ensuring that all outreach efforts are developed using plain language and are culturally- and language-appropriate.</text></subclause></clause> <clause id="H7CB7A5B317634B608D622EB39D044DF2" commented="no"><enum>(iii)</enum><header>Use of other entities</header><text>In carrying out this subparagraph, the Secretary may work with other appropriate entities to facilitate the dissemination of information under this subparagraph and provide assistance as described in this subparagraph.</text></clause></subparagraph> <subparagraph id="H03419CD944AC44609691152214D79D0C"><enum>(H)</enum><header>Authorization and appropriation</header><text display-inline="yes-display-inline">There are authorized to be appropriated, and there are appropriated, such sums as may be necessary to carry out this paragraph. The amounts made available under this subparagraph shall remain available until June 30, 2012. </text></subparagraph> <subparagraph id="H4E05EF91384E4B0EAA71F68CC7853014"><enum>(I)</enum><header>Period of authority</header><text display-inline="yes-display-inline">The authority to make Federal Direct Consolidation loans under this paragraph shall begin 30 days after the date of the enactment of the College Debt Swap Act of 2010 and shall expire on June 30, 2012. </text> </subparagraph> </paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></section> <section id="H2E8ACC01BE224DF4BF35C3642F305435"><enum>102.</enum><header>Conforming amendment</header><text display-inline="no-display-inline">Section 428C(a)(3)(B)(i)(V) of the Higher Education Act of 1965 (20 U.S.C. 1078–3(a)(3)(B)(i)(V)) is amended—</text> <paragraph id="H6ECC94463C50438D8E0ED8A6F62562EE"><enum>(1)</enum><text>by striking <quote>or</quote> at the end of item (bb);</text></paragraph> <paragraph id="H04E7A32D2C1A452598635D1468441994"><enum>(2)</enum><text>by striking the period at the end of item (cc) and inserting <quote>; or</quote>; and </text></paragraph> <paragraph id="H770025B71EDE41D9B34B710E7C2F8195"><enum>(3)</enum><text>by adding at the end the following:</text> <quoted-block style="OLC" id="H42AF19038E8A4AB8B439791CD27EA09F" display-inline="no-display-inline"> <item id="H69600ED209E44BC3B85FFA15CADDB1C5"><enum>(dd)</enum><text display-inline="yes-display-inline">for the purpose of consolidating an eligible private education loan under section 455(g)(2), whether such loan is consolidated only with other eligible private education loans or consolidated with loans described in paragraph (4).</text></item><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></section>

Short title; purpose

(a)

Short title

This Act may be cited as the

College Debt Swap Act of 2010

. (b)

Purpose

The purposes of this Act are to provide additional funds for Pell Grants, and to establish a temporary private education loan debt consolidation program to assist eligible borrowers in refinancing all or a portion of their private education debt as Federal Direct Consolidation Loans.

<enum>I</enum><header>Consolidation of Private Education Loans</header> <section id="H35B11EE6257B40EBB29B72855F62F650"><enum>101.</enum><header>Consolidation of private education loans</header><text display-inline="no-display-inline">Section 455(g) of the Higher Education Act of 1965 (20 U.S.C. 1087e(g)) is amended—</text> <paragraph id="H2AC1AEF50A9B4331BB8975707D1175B4" commented="no"><enum>(1)</enum><text>by striking <quote>A borrower</quote>; and inserting the following:</text> <quoted-block style="OLC" id="HDF302114E5DF49A0807FDB60762D1551" display-inline="no-display-inline"> <paragraph id="H9D7CCBD803E846D9AA104C8560727745"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">A borrower</text></paragraph><after-quoted-block>;</after-quoted-block></quoted-block> </paragraph> <paragraph id="H46905F948A7146ED86A3639B45BE5119" commented="no"><enum>(2)</enum><text>by inserting <quote>, including any loan made under part B and first disbursed before July 1, 2010, and any loan described in paragraph (2),</quote> after <quote>section 428C(a)(4)</quote>; </text></paragraph> <paragraph id="H0400FB7D42424FB7B3CFDDC26944AB06" commented="no"><enum>(3)</enum><text>by striking the third sentence; and </text></paragraph> <paragraph id="H5F1B7D41C96541CCB1D547C6820C9666"><enum>(4)</enum><text>by adding at the end the following new paragraph:</text> <quoted-block id="HF6C07BD6DEE24999A1B7F03E88FD74D7" style="OLC"> <paragraph id="HCD940DC1D3274981B6B3160000E08BF5"><enum>(2)</enum><header>Consolidation of private education loans as a Federal Direct Consolidation Loan</header> <subparagraph id="HD14DCED8146241D6B564CBB693FB439E"><enum>(A)</enum><header>In general</header><text>Notwithstanding any other provision of law, a borrower who meets the eligibility criteria described in paragraph (1) and <internal-xref idref="H1E6061D97D9540D19FA12C04D4FA1403" legis-path="(2)(B)">subparagraph (B)</internal-xref> of this paragraph may be eligible to obtain a Federal Direct Consolidation loan under this paragraph that—</text> <clause id="H38E83DD908FF45E6BC1444E860FA2C23"><enum>(i)</enum><text>shall include an eligible private education loan; and</text></clause> <clause id="H8845788688304B75B51680B1C828C41B"><enum>(ii)</enum><text display-inline="yes-display-inline">may include a loan described in section 428C(a)(4). </text></clause></subparagraph> <subparagraph id="H1E6061D97D9540D19FA12C04D4FA1403"><enum>(B)</enum><header>Eligible borrower</header><text>A borrower of an eligible private education loan is eligible to obtain a Federal Direct Consolidation Loan under this paragraph if the borrower—</text> <clause id="H1EC760277EF54E599CEC548F5FE95BAF"><enum>(i)</enum><text>is not in default on a loan made, insured, or guaranteed under this title or in default (as such term is defined in section 435(l)) on any eligible private education loan that the borrower is seeking to consolidate under this paragraph, except that a borrower who entered such default at any time during the period beginning on December 1, 2007, through December 31, 2009, due to an economic hardship (as such term is defined in section 435(o)), as determined by the Secretary, shall not be ineligible under this clause;</text> </clause> <clause id="HF77B57D8514E4753A8A0E269055A08C1"><enum>(ii)</enum><text>was—</text> <subclause id="H93AD2C74645C4FF8A6DD88CBC0044EAF"><enum>(I)</enum><text>at any time on or after July 1, 1994, and before July 1, 2010, enrolled as an undergraduate, graduate, or professional student who was eligible to borrow a loan under section 428H or a Federal Direct Unsubsidized Stafford Loan; or</text></subclause> <subclause id="H320D191A4F254429B3B55A3F06735800"><enum>(II)</enum><text>at any time on or after July 1, 2006, and July 1, 2010, enrolled as a graduate or professional student who was eligible to borrow a loan under section 428B or a Federal Direct PLUS loan;</text></subclause></clause> <clause id="H93E9A4ADBC4C42DCB437B1F428ABF7D6"><enum>(iii)</enum><text>borrowed at least one eligible private education loan for a period of enrollment described in <internal-xref idref="HF77B57D8514E4753A8A0E269055A08C1" legis-path="(2)(B)(ii)">clause (ii)</internal-xref>; </text></clause> <clause id="H85A391232E484FD6BC035B6C679C4904" indent="clause"> <enum>(iv)</enum> <text>is in—</text> <subclause id="HE6884E40187A4D4C9988D8020BAEB5C7"><enum>(I)</enum><text>repayment status on the eligible private education loan that the borrower is seeking to consolidate under this paragraph; or</text></subclause> <subclause id="HA1881104A113429A988899DD4CD8A244"><enum>(II)</enum><text>a grace period preceding repayment on such loan;</text> </subclause></clause> <clause id="HF9D7DCEBDF05474485F4888DBD088F4F"><enum>(v)</enum><text>does not have an adverse credit history, as such term is defined by the Secretary, by regulation, with respect to Federal Direct PLUS loans; and</text></clause> <clause id="H5CB83BA5C0AE4E8C899360D69C197D85"><enum>(vi)</enum><text>has not previously obtained a Federal Direct Consolidation Loan under this paragraph.</text></clause></subparagraph> <subparagraph id="H8BE4FB21F9B64622B416F96F8CDFFFAC"><enum>(C)</enum><header>Definition of eligible private education loan</header><text>For purposes of this paragraph, the term <term>eligible private education loan</term> means a private education loan (as such term is defined in section 140 of the Truth in Lending Act (15 U.S.C. 1650)) that was disbursed to a borrower on or after July 1, 1994, and before July 1, 2010.</text> </subparagraph> <subparagraph id="H25FE26CA212F43EE90FECFCFBEF8A468"><enum>(D)</enum><header>Amount that may be consolidated</header><text>The aggregate maximum amount of eligible private education loans that may be consolidated by a borrower under this paragraph is—</text> <clause id="H96D840C9C3B3446CB3EDAE3BEE5335C5"><enum>(i)</enum><text display-inline="yes-display-inline">for loans made to a borrower for a period of enrollment described in <internal-xref idref="H93AD2C74645C4FF8A6DD88CBC0044EAF" legis-path="(2)(B)(ii)(I)">subparagraph (B)(ii)(I)</internal-xref>, an amount equal to the amount of outstanding principal, accrued interest, and related fees and costs (as determined by the Secretary) owed by the borrower on eligible private education loans, except that the outstanding principal on the eligible private education loans shall not exceed—</text> <subclause id="H8B92EA7ADC9646D9BDA7FBE129E82BB0"><enum>(I)</enum><text>the maximum aggregate amount of loans under section 428H, as of the date of the enactment of the College Debt Swap Act of 2010—</text> <item id="H1E20B7673DCA42BAA52465E72B1B15AA"><enum>(aa)</enum><text>for an undergraduate dependent student, if the borrower was enrolled as an undergraduate dependent student during the period of enrollment;</text></item> <item id="HC6E6616F099A4A50A11EBF4B9DA92118"><enum>(bb)</enum><text display-inline="yes-display-inline">for an undergraduate independent student, if the borrower was enrolled as an undergraduate independent student during the period of enrollment; or</text></item> <item id="H10D877955EA84E138296803DD6001CA3"><enum>(cc)</enum><text display-inline="yes-display-inline">for a graduate or professional student, if the borrower was enrolled as a graduate or professional student during the period of enrollment;</text></item><continuation-text continuation-text-level="subclause">minus</continuation-text></subclause> <subclause id="HAC6F24AA6760486F956B628ED279CAF6"><enum>(II)</enum><text>the aggregate amount of loans under section 428H and Federal Direct Unsubsidized Stafford Loans borrowed by the borrower for such period of enrollment; plus</text></subclause></clause> <clause id="HD0E7AD1527BE436F85588B78E9BA6189"><enum>(ii)</enum><text display-inline="yes-display-inline">for loans made to a borrower for a period of enrollment described in <internal-xref idref="H320D191A4F254429B3B55A3F06735800" legis-path="(2)(B)(ii)(II)">subparagraph (B)(ii)(II)</internal-xref>, an amount equal to—</text> <subclause id="H0D4EA6005BCB48DA965CFBE641B2B589"><enum>(I)</enum><text>the total outstanding principal, accrued interest, and related fees and costs (as determined by the Secretary) owed by the borrower on eligible private education loans; minus</text></subclause> <subclause id="H86B8509157234C9B9266782609D5EECA" commented="no"><enum>(II)</enum><text>the aggregate amount of loans under section 428B and Federal Direct PLUS loans borrowed by the borrower for such period of enrollment. </text></subclause></clause></subparagraph> <subparagraph id="H7427307BAA9647D99CE5876903D72691" display-inline="no-display-inline"><enum>(E)</enum><header>Interest rate</header><text display-inline="yes-display-inline">Notwithstanding subsection (b), a Federal Direct Consolidation loan made under this paragraph shall bear interest at an annual rate on the unpaid principal balance of the loan that is the weighted average, rounded to the nearest higher one-eighth of 1 percent, of—</text> <clause id="HCF71F88BF96F4C509BFCEDD63F921D34"><enum>(i)</enum><text display-inline="yes-display-inline">for loans consolidated under this paragraph that were made to a borrower for a period described in <internal-xref idref="H93AD2C74645C4FF8A6DD88CBC0044EAF" legis-path="(2)(B)(ii)(I)">subparagraph (B)(ii)(I)</internal-xref>, the interest rate for a Federal Direct Unsubsidized Stafford Loan for which the first disbursement is made on the date of enactment of the College Debt Swap Act of 2010; and</text></clause> <clause id="H0A992E66DFBB441A87EDD306D2296BA7"><enum>(ii)</enum><text display-inline="yes-display-inline">for loans consolidated under this paragraph that were made to a borrower for a period described in <internal-xref idref="H320D191A4F254429B3B55A3F06735800" legis-path="(2)(B)(ii)(II)">subparagraph (B)(ii)(II)</internal-xref>, the interest rate for a Federal Direct PLUS loan for which the first disbursement is made on the date of enactment of the College Debt Swap Act of 2010.</text></clause></subparagraph> <subparagraph id="HDDD398168F1941BDA477CD53B3CF4804"><enum>(F)</enum><header>Payment to the holder</header> <clause id="H6643E8D92486487D9C24630BE3D26731"><enum>(i)</enum><header>Secretary</header><text display-inline="yes-display-inline">For each eligible private education loan that a borrower is consolidating under this paragraph, the Secretary shall make a payment to the holder of such loan that is equal to the amount of such loan, in whole or in part, based on the amount (all or a portion) of such loan the borrower consolidated under this paragraph.</text></clause> <clause id="HE0F1A64902FF4E3B991D7B8C66669002"><enum>(ii)</enum><header>Holder</header><text>Upon receipt of a payment described in <internal-xref idref="H6643E8D92486487D9C24630BE3D26731" legis-path="(2)(E)(i)">clause (i)</internal-xref>, a holder shall discharge the liability on the loan (in whole or in part, based on the amount of the payment) for which such payment was made.</text></clause></subparagraph> <subparagraph id="H567F504C8F714CFEA6BC3FD735C5BB35"><enum>(G)</enum><header>Outreach activities required</header> <clause id="H6FDDEB7AA73E4C3AA3FE7E3ADDC43D4C"><enum>(i)</enum><header>In general</header><text>The Secretary shall conduct outreach activities described in <internal-xref idref="H2464D8D26C124292BB5F7806487A6F5A" legis-path="(2)(H)(ii)">clause (ii)</internal-xref> to inform and educate students and their families about the temporary private education loan consolidation program under this paragraph.</text></clause> <clause id="H2464D8D26C124292BB5F7806487A6F5A" commented="no"><enum>(ii)</enum><header>Required components of outreach</header><text>The Secretary shall provide for the broad dissemination of information on the program under this paragraph by—</text> <subclause id="H48AEC0825DBD40B3A991F39EF5E594E4" commented="no"><enum>(I)</enum><text>operating and maintaining an Internet website through which individuals may obtain information on changes made to the program;</text></subclause> <subclause id="H9CF9B2D65E0247E18115EBB3C30C2D04" commented="no"><enum>(II)</enum><text>developing and disseminating information to alumni of undergraduate, graduate, and professional schools who may be eligible for the program;</text></subclause> <subclause id="H0251EC3E66194706894AD8E64D82F6D7" commented="no"><enum>(III)</enum><text>providing assistance to institutions of higher education to educate graduates on the availability of the program; and</text></subclause> <subclause id="HD76E7DEFE1F949DDBC22CEF840826C54" commented="no"><enum>(IV)</enum><text>ensuring that all outreach efforts are developed using plain language and are culturally- and language-appropriate.</text></subclause></clause> <clause id="H7CB7A5B317634B608D622EB39D044DF2" commented="no"><enum>(iii)</enum><header>Use of other entities</header><text>In carrying out this subparagraph, the Secretary may work with other appropriate entities to facilitate the dissemination of information under this subparagraph and provide assistance as described in this subparagraph.</text></clause></subparagraph> <subparagraph id="H03419CD944AC44609691152214D79D0C"><enum>(H)</enum><header>Authorization and appropriation</header><text display-inline="yes-display-inline">There are authorized to be appropriated, and there are appropriated, such sums as may be necessary to carry out this paragraph. The amounts made available under this subparagraph shall remain available until June 30, 2012. </text></subparagraph> <subparagraph id="H4E05EF91384E4B0EAA71F68CC7853014"><enum>(I)</enum><header>Period of authority</header><text display-inline="yes-display-inline">The authority to make Federal Direct Consolidation loans under this paragraph shall begin 30 days after the date of the enactment of the College Debt Swap Act of 2010 and shall expire on June 30, 2012. </text> </subparagraph> </paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></section> <section id="H2E8ACC01BE224DF4BF35C3642F305435"><enum>102.</enum><header>Conforming amendment</header><text display-inline="no-display-inline">Section 428C(a)(3)(B)(i)(V) of the Higher Education Act of 1965 (20 U.S.C. 1078–3(a)(3)(B)(i)(V)) is amended—</text> <paragraph id="H6ECC94463C50438D8E0ED8A6F62562EE"><enum>(1)</enum><text>by striking <quote>or</quote> at the end of item (bb);</text></paragraph> <paragraph id="H04E7A32D2C1A452598635D1468441994"><enum>(2)</enum><text>by striking the period at the end of item (cc) and inserting <quote>; or</quote>; and </text></paragraph> <paragraph id="H770025B71EDE41D9B34B710E7C2F8195"><enum>(3)</enum><text>by adding at the end the following:</text> <quoted-block style="OLC" id="H42AF19038E8A4AB8B439791CD27EA09F" display-inline="no-display-inline"> <item id="H69600ED209E44BC3B85FFA15CADDB1C5"><enum>(dd)</enum><text display-inline="yes-display-inline">for the purpose of consolidating an eligible private education loan under section 455(g)(2), whether such loan is consolidated only with other eligible private education loans or consolidated with loans described in paragraph (4).</text></item><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></section> <enum>II</enum><header>Investing in Students</header> <section id="HC200200B693840DF8F84CF7D6F054321"><enum>201.</enum><header>Federal Pell Grants</header><text display-inline="no-display-inline">Section 401(b)(8) of the Higher Education Act of 1965 (20 U.S.C. 1070a(b)(8)) is amended by adding at the end the following:</text> <quoted-block style="OLC" id="HB4C60A86BF7F439AB11B48B4903DEED3" display-inline="no-display-inline"> <subparagraph id="H1FD581144E93420A86D2A79E57D16E0D"><enum>(G)</enum><header>Additional funds for fiscal years 2011 and 2012</header><text display-inline="yes-display-inline">In addition to any amounts appropriated under subparagraph (A) and any other amounts appropriated to carry out this section, there are authorized to be appropriated, and there are appropriated, out of any funds in the Treasury not otherwise appropriated, to carry out subparagraph (B) of this paragraph, $4,000,000,000 for fiscal year 2011 and 2012.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></section>