education loan program eligibility and reports on default experience

education loan program eligibility and reports on default experience Sec. 201. Section 1798 is amended— (1) by inserting “and the criteria established under subsection (g) of this section” before the period at the end of subsection (a); (2) in subsection (c)— (A) by striking out “and” at the end of clause (1); (B) by striking out the period at the end of clause (2) and inserting in lieu thereof a semicolon and “and”; and (C) by inserting after clause (2) the following new clause: “(3) satisfies any criteria established under subsection (g) of this section.”; (3) in subsection (d)(1)— (A) by inserting “(A)” before “over”; and (B) by inserting a comma and “or (B) over such shorter period as the Administrator may have prescribed under subsection (g) of this section” after “such date”; (4) by striking out paragraph (3) of subsection (e) and inserting in lieu thereof the following: “(3) The Administrator shall submit to the appropriate committees of the Congress not later than December 31 of each year a report on the 92 STAT. 1503current results of the continuing review required by subsection (g)(1) of this section to be made regarding the default experience with respect to loans made under this section and any steps being taken to reduce default rates on such loans. Such report shall include in maximum feasible detail— “(A) data regarding the cumulative default experience, and the default experience during the preceding fiscal year, with respect to such loans; “(B) data regarding the default experience and default rate at each educational institution (i) with respect to loans made under this section in connection with accelerated payments under section 1682A of this title, and (ii) with respect to other loans made under this section; and “(C) comparisons of the collective default experience and default rates with respect to such loans at all such institutions to the default experience and default rates with respect to such loans at each such institution.”; (5) by striking out “1701(1)” in subsection (f)(3) and inserting in lieu thereof “1701(a)(1)”; and (6) by adding after subsection (f) the following new subsection: “(g)(1) The Administrator shall conduct, on a continuing basis, a review of the default experience with respect to loans made under this section. “(2)(A) To ensure that loans are made under this section on the basis of financial need directly related to the costs of education, the Administrator may, by regulation, establish (i) criteria for eligibility for such loans, in addition to the criteria and requirements prescribed by subsections (c) and (d) of this section, in order to limit eligibility for such loans to eligible veterans and eligible persons attending educational institutions with relatively high rates of tuition and fees, and (ii) criteria under which the Administrator may prescribe a repayment period for certain types of loans made under this section that is shorter than the repayment period otherwise applicable under subsection (d)(1)(A) of this section. Criteria established by the Administrator under clause (i) of the preceding sentence may include a minimum amount of tuition and fees that an eligible veteran or eligible person may pay in order to be eligible for such a loan (except that any such criterion shall not apply with respect to a loan for which the veteran is eligible as a result of an extension of the period of eligibility of such veteran for loans under this section provided for by section 1662 (a)(2) of this title). “(B) In prescribing regulations under subparagraph (A) of this paragraph, the Administrator shall take into consideration information developed in the course of the review required by paragraph (1) of this subsection. “(C) Regulations may be prescribed under subparagraph (A) of this paragraph only after opportunity has been afforded for public comment thereon.”.