17 1 priated for that year by section 201. Whenever a specified 2 maximum amount is so authorized by an appropriation Act, 3 there shall be established on the books of the Treasury as 4 indefinite appropriations such sums as may be necessary 5 from time to time to enable the Commissioner to make pay6 ments required by a contract of guaranty or by any other 7 undertaking made by him pursuant to subsection (b) with 8 respect to such maximum amount. 9 "(2) For any fiscal year, the share of the maximum 10 amount determined under paragraph (1) which shall be 11 available for students attending any institution shall be deter12 mined by the Commissioner by allocating such maximum 13 amount among institutions and organizations with which he 14 has agreements under this title in a manner which he deems 15 to be consistent, considering the availability of student loan 16 assistance under title IV-B of the Higher Education Act 17 of 1965, with the provisions of sections 202 and 203." 18 (b) Section 206 (b) of such Act is amended to read 19 as follows: 20 "(b) After September 30, 1966, each institution with 21 which the Commissioner has made an agreement under this 22 title shall pay to the Commissioner, not less often than 23 quarterly, 90 per centum (or such lesser proportion as the 24 Commissioner may deem to be equitable in light of the rela25 tive Federal and non-Federal contributions to the loan fund) 18 1 of the amounts received by the institution after that date in 2 payment of principal or interest on student loans made from 3 the student loan fund established pursuant to such agreement 4 (which amount shall be determined after deduction of any 5 administrative costs or collection costs authorized by clause 6 (3) of section 204 to be paid from the student loan fund 7 and not already reimbursed), and the remainder of such 8 amounts shall be retained by the institution." 9 AUTHORIZING LOAN INSURANCE FOR LOANS TO REFINANCE 10 11 LOANS MADE FROM FEDERALLY ASSISTED STUDENT LOAN FUNDS 12. SEC. 204. (a) Title IV of the Higher Education Act of 13 1965 is amended by redesignating subsections (b) and (c) 14 of section 427, and references thereto, as subsections (c) 15 and (d), respectively, and by inserting after subsection (a) 16 the following new subsection: 17 "(b) A loan by an eligible lender shall also be insurable 18 by the Commissioner under the provisions of this part if it 19 is made for the purpose of enabling the borrower to repay 20 one or more loans obtained by him from a loan fund estab21 lished under title II of the National Defense Education Act 22 of 1958. The Commissioner shall promulgate such regula23 tions as he may deem appropriate to assure that loans which are insurable by virtue of this subsection shall be used for 25 the purpose for which they are made. A loan shall be 24 19 1 insurable by virtue of this subsection only if it is evidenced 2 by a note or other written agreement which meets the 3 requirements of clause (2) of subsection (a), except that 4 if the repayment period has begun for any loan which is to 5 be repaid, the new loan may not be insured under this part 6 unless its repayment period begins when the loan is paid to 7 the borrower. The amount of any loan which is made 8 insurable by virtue of this subsection shall not be included 9 in determining whether a student has exceeded the annual or aggregate limits set forth in section 425 (a) (1).' 10 11 (b) Section 428 (c) (1) (A) (as redesignated by sec12 tion 101 (b) of this Act) is amended by inserting at the end 13 thereof and before the semicolon ", except that there shall 14 not be included in determining such amount the amount of any loan made pursuant to regulations of the Commissioner 16 for the purpose of enabling the borrower to repay one or 17 more loans obtained by him from a loan fund established 18 under title II of the National Defense Education Act of 15 19 1958". 89TH CONGRESS 2D SESSION H. R. 14644 IN THE SENATE OF THE UNITED STATES MAY 3, 1966 Read twice and referred to the Committee on Labor and Public Welfare AN ACT To amend the Higher Education Facilities Act of 1963 to extend it for three years, and other purposes; and to authorize assistance to developing institutions for an additional year. 1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 3 That this Act may be cited as the "Higher Education 4 Amendments of 1966". 5 EXTENSION OF GRANTS FOR CONSTRUCTION OF UNDER 6 7 GRADUATE ACADEMIC FACILITIES SEC. 2. (a) Section 101 (a) of the Higher Education 8 Facilities Act of 1963 is amended by striking out "four 9 succeeding fiscal years" and inserting in lieu thereof "seven 10 succeeding fiscal years". II 1 2 3 4 5 6 2 (b) Section 101 (b) of such Act is amended to read as follows: 66 (b) For the purpose of making grants under this title, there is hereby authorized to be appropriated the sum of $230,000,000 for the fiscal year ending June 30, 1964, and for the succeeding fiscal year, $460,000,000 for the 7 fiscal year ending June 30, 1966, $453,000,000 for the. 8 fiscal year ending June 30, 1967, $700,000,000 for the 9 fiscal year ending June 30, 1968, and $900,000,000 for 10 the fiscal year ending June 30, 1969; but for the fiscal 11 year ending June 30, 1970, and the succeeding fiscal year, 12 only such sums may be appropriated as Congress may here13 after authorize by law. In addition to the sums authorized 14 to be appropriated for each fiscal year for which an appro15 priation is authorized by the preceding sentence, there is 16 hereby authorized to be appropriated for that fiscal year for 17 making such grants the difference (if any) between any spe18 cific sums authorized to be appropriated under the preceding 19 sentence for the preceding fiscal year and the sums which 20 were appropriated for such preceding year under such 21 sentence." |