VOLUNTARY FLEXIBLE AGREEMENTS.

SEC. 423. VOLUNTARY FLEXIBLE AGREEMENTS. Section 428A(a) (20 U.S.C. 1078–1(a)) is amended by adding at the end the following:“(3) Report required.—“(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—122 STAT. 3232“(i) a description of each voluntary flexible agreement and the performance goals established by the Secretary for each agreement;“(ii) a list of—“(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.”.