PRIOR RIGHTS AND OBLIGATIONS.

SEC. 702. PRIOR RIGHTS AND OBLIGATIONS. Section 702 of the Act (20 U.S.C. 1132a-l) is amended to read as follows: “SEC. 702. PRIOR RIGHTS AND OBLIGATIONS. “(a) Authorization of Appropriations.— There are authorized to be appropriated such sums as may be necessary for fiscal year 1993 and for each of the 4 succeeding fiscal years to pay obligations incurred prior to 1987 under parts C and D of this title, as such parts were in effect before the effective date of the Higher Education Act Amendments of 1992. “(b) Legal Responsibilities.— Except as provided in section 783, all entities with continuing obligations incurred under parts A, B, C, and D of this title, as such parts were in effect before the effective date of the Higher Education Act Amendments of 1992, shall be subject to the requirements of such part as in effect before the effective date of the Higher Education Act Amendments of 1992.”.