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110th Congress (2007-2008)
House Report 110-803
House Report 110-803 - HIGHER EDUCATION OPPORTUNITY ACT
SEC. 423. VOLUNTARY FLEXIBLE AGREEMENTS.
Section 428A(a) (20 U.S.C. 1078-1(a)) is amended by adding at the end the following:
`(A) IN GENERAL- The Secretary, in consultation with the guaranty agencies operating under voluntary flexible agreements, shall report on an annual basis to the authorizing committees regarding the program outcomes that the voluntary flexible agreements have had with respect to--
`(i) program integrity and program and cost efficiencies, delinquency prevention, and default aversion, including a comparison of such outcomes to such outcomes for each guaranty agency operating under an agreement under subsection (b) or (c) of section 428;
`(ii) consumer education programs described in section 433A; and
`(iii) the availability and delivery of student financial aid.
`(B) CONTENTS- Each report described in subparagraph (A) shall include--
`(i) a description of each voluntary flexible agreement and the performance goals established by the Secretary for each agreement;
`(I) guaranty agencies operating under voluntary flexible agreements;
`(II) the specific statutory or regulatory waivers provided to each such guaranty agency; and
`(III) any other waivers provided to other guaranty agencies under paragraph (1);
`(iii) a description of the standards by which each guaranty agency's performance under the guaranty agency's voluntary flexible agreement was assessed and the degree to which each guaranty agency achieved the performance standards;
`(iv) an analysis of the fees paid by the Secretary, and the costs and efficiencies achieved under each voluntary flexible agreement; and
`(v) an identification of promising practices for program improvement that could be replicated by other guaranty agencies.'.
SEC. 424. FEDERAL PLUS LOANS.
(a) Amendments- Section 428B (20 U.S.C. 1078-2) is amended--
(1) in subsection (a)(3)(B)(i), by striking subclause (II) and inserting the following:
`(II) does not otherwise have an adverse credit history, as determined by the lender in accordance with the regulations promulgated pursuant to paragraph (1)(A), as such regulations were in effect on the day before the date of enactment of the Ensuring Continued Access to Student Loans Act of 2008.'; and
(2) in subsection (d), by striking paragraphs (1) and (2) and inserting the following:
`(1) COMMENCEMENT OF REPAYMENT- Repayment of principal on loans made under this section shall commence not later than 60 days after the date such loan is disbursed by the lender, subject to deferral--
`(A)(i) during any period during which the parent borrower or the graduate or professional student borrower meets the conditions required for a deferral under section 427(a)(2)(C) or 428(b)(1)(M); and
`(ii) upon the request of the parent borrower, during any period during which the student on whose behalf the loan was borrowed by the parent borrower meets the conditions required for a deferral under section 427(a)(2)(C)(i)(I) or 428(b)(1)(M)(i)(I); and
`(B)(i) in the case of a parent borrower, upon the request of the parent borrower, during the 6-month period beginning on the later of--
`(I) the day after the date the student on whose behalf the loan was borrowed ceases to carry at least one-half the normal full-time academic workload (as determined by the institution); or
`(II) if the parent borrower is also a student, the day after the date such parent borrower ceases to carry at least one-half such a workload; and
`(ii) in the case of a graduate or professional student borrower, during the 6-month period beginning on the day after the date such student ceases to carry at least one-half the normal full-time academic workload (as determined by the institution).
`(2) CAPITALIZATION OF INTEREST-
`(A) IN GENERAL- Interest on loans made under this section for which payments of principal are deferred pursuant to paragraph (1) shall, if agreed upon by the borrower and the lender--
`(i) be paid monthly or quarterly; or
`(ii) be added to the principal amount of the loan not more frequently than quarterly by the lender.
`(B) INSURABLE LIMITS- Capitalization of interest under this paragraph shall not be deemed to exceed the annual insurable limit on account of the borrower.'.
(b) Conforming Amendment- Section 428(b)(7)(C) (20 U.S.C. 1078(b)(7)(C)) is amended by striking `section' and all that follows through `428C' and inserting `section 428B or 428C'.
(c) Effective Date- The amendments made by this section shall take effect for loans for which the first disbursement is made on or after July 1, 2008.