access to federal loan insurance program

access to federal loan insurance program Sec. 119. (a) Section 423 of the Higher Education Act of 1965 is amended by striking out “The” after “Sec. 423.” and inserting in lieu thereof “(a) Except as provided in subsection (b), the”; and by adding at the end thereof the following new subsection: “(b) The Commissioner may issue certificates of insurance under section 429 to a lender in a State— “(1) for insurance of a loan made to a student borrower who does not, by reason of his residence, have access to loan insurance under the loan insurance program of such State (or under any private nonprofit, loan insurance program which hits received an advance under section 422 for the benefit of students in such State), or “(2) for insurance of all of the loans made to student borrowers by a lender who satisfies the Commissioner that, by reason of the residence of such borrowers, he will not have access to any single 82 Stat. 1027State or nonprofit private loan insurance program which will insure substantially all of the loans he intends to make to such student borrowers.” (b) Section 421(a) (2) is amended by inserting “or lenders” before “who do not have reasonable access”.