DISTRIBUTION OF ASSETS FROM STUDENT LOAN FUNDS.

SEC. 466. DISTRIBUTION OF ASSETS FROM STUDENT LOAN FUNDS. Section 466 of the Act (20 U.S.C. 1087ff) is amended— (1) in subsection (b), by striking “1997” and inserting “2005”; (2) in subsection (c)— (A) by striking “Upon” and inserting “(1) Upon”; (B) by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B), respectively; and (C) by adding at the end the following new paragraph: “(2) No finding that the liquid assets of a student loan fund established under this part exceed the amount required under paragraph (1) may be made prior to a date which is 2 years after the date on which the institution of higher education received the funds from such institution’s allocation under section 462”.