REPEAL OF THE SUBSIDIZED USAGE LIMIT APPLIES (SULA) RESTRICTION.

SEC. 705. REPEAL OF THE SUBSIDIZED USAGE LIMIT APPLIES (SULA) RESTRICTION. (a) Repeal.—Section 455(q) of the Higher Education Act of 1965 (20 U.S.C. 1087e(q)) is repealed. (b) [20 U.S.C. 1087e note] Early Effective Date Permitted.—Notwithstanding section 701(b) of this Act and section 455(q) of the Higher Education Act of 1965 (20 U.S.C. 1087e(q)) as in effect on the date of enactment of this Act, the Secretary of Education may implement the repeal authorized under subsection (a) before (but not later than) July 1, 2023. The Secretary shall specify in a designation on what date and for which award years the implementation of such repeal will be effective prior to July 1, 2023. The Secretary shall publish any designation under this paragraph in the Federal Register at least 60 days before implementation.