ELIMINATION OF EXCEPTIONAL PERFORMER STATUS FOR LENDERS.

SEC. 302. ELIMINATION OF EXCEPTIONAL PERFORMER STATUS FOR LENDERS.(a) Elimination of Status.—Part B of title IV (20 U.S.C. 1071 et seq.) is amended by striking section 428I (20 U.S.C. 1078–9).(b) Conforming Amendments.—Part B of title IV is further amended—(1) in section 428(c)(1) (20 U.S.C. 1078(c)(1))—(A) by striking subparagraph (D); and(B) by redesignating subparagraphs (E) through (H) as subparagraphs (D) through (G), respectively; and(2) in section 438(b)(5) (20 U.S.C. 1087–1(b)(5)), by striking the matter following subparagraph (B).(c) Effective Date.—The amendments made by subsections (a) and (b) shall be effective on October 1, 2007, except that section 428I of the Higher Education Act of 1965 (as in effect on the day before the date of enactment of this Act) shall apply to eligible 121 STAT. 797 lenders that received a designation under subsection (a) of such section prior to October 1, 2007, for the remainder of the year for which the designation was made.