Manager's amendment made technical and conforming changes to the bill; stated that loan limit increases available under this Act are available only to students meeting the requirements of section 484(a) of the HEA; targeted the loan limit increases to those students and families in most need; in regard to school-wide lender-of-last-resort eligibility, specified that the Secretary of Education shall determine whether a school qualifies and provided criteria for the Secretary to consider in making the determination; specified that funds received by lenders from loan sales be used to originate new loans; clarified that the Secretary has the authority to enter into forward commitments to purchase new loans; and clarified that, at the discretion of the Secretary, a loan purchased by the Secretary may continue to be serviced by the current lender.

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Amendment Number
1004
Description
Manager's amendment made technical and conforming changes to the bill; stated that loan limit increases available under this Act are available only to students meeting the requirements of section 484(a) of the HEA; targeted the loan limit increases to those students and families in most need; in regard to school-wide lender-of-last-resort eligibility, specified that the Secretary of Education shall determine whether a school qualifies and provided criteria for the Secretary to consider in making the determination; specified that funds received by lenders from loan sales be used to originate new loans; clarified that the Secretary has the authority to enter into forward commitments to purchase new loans; and clarified that, at the discretion of the Secretary, a loan purchased by the Secretary may continue to be serviced by the current lender.
Purpose
An amendment numbered 1 printed in House Report 110-590 to make technical and conforming changes; state that loan limit increases available under this Act are available only to students meeting the requirements of section 484(a) of the HEA; target the loan limit increases to those students and families in most need; in regard to school-wide lender-of-last-resort eligibility, specifies that the Secretary of Education shall determine whether a school qualifies and provides criteria for the Secretary to consider in making the determination; specifies that funds received by lenders from loan sales be used to originate new loans; clarifiy that the Secretary has the authority to enter into forward commitments to purchase new loans; and clarifies that, at the discretion of the Secretary, a loan purchased by the Secretary may continue to be serviced by the current lender.
Congress
110
Type
HAMDT
Latest Action Date
Apr 17, 2008
Latest Action Text
On agreeing to the Miller, George amendment (A001) Agreed to by recorded vote: 413 - 0 (Roll no. 203).
Latest Action Time
13:45:46
Submitted Date
Apr 17, 2008
Chamber
House of Representatives
Update Date
Jul 11, 2021
Amendment 1004 — Informed