Page:United States Statutes at Large Volume 100 Part 2.djvu/352

 100 STAT. 1454

PUBLIC LAW 99-498—OCT. 17, 1986

such terms and conditions as the Secretary may prescribe, including reimbursement for expenses reasonably incurred in attempting such collection. "(b)

COLLECTION

OF REFERRED,

TRANSFERRED,

OR

ASSIGNED

LOANS.—The Secretary shall continue to attempt to collect any loan referred, transferred, or assigned under paragraph (5)(A), (5)(B)(i), or (6) of section 463(a) until all appropriate collection efforts, as determined by the Secretary, have been expended. "GENERAL AUTHORITY OF SECRETARY 20 USC 1087hh.

Contracts.

20 USC 1087dd note.

"SEC. 468. In carrying out the provisions of this part, the Secretary is authorized— "(1) to consent to modification, with respect to rate of interest, time of payment of any installment of principal and interest or any portion thereof, or any other provision of any note evidenc, ing a loan which has been made under this part; "(2) to enforce, pay, compromise, waive, or release any right, rrf>i title, claim, lien, or demand, however acquired, including any equity or any right of redemption; "(3) to conduct litigation in accordance with the provisions of section 432(a)(2); and "(4) to enter into a contract or other arrangement with State or nonprofit agencies and, on a competitive basis, with collection agencies for servicing and collection of loans under this part.", (b) EFFECTIVE DATES.—(1) The changes made in sections 464(c)(1)(A), 464(c)(2), and 465(a)(2)(E) of the Act shall apply only to loans made to cover the costs of instruction for periods of enrollment beginning on or after July 1, 1987, to individuals who are new borrowers on that date. (2) Section 463(a)(9) of the Act as amended by this section shall apply only to loans made for periods of enrollment beginning on or after July 1, 1987. (3) For the purpose of this subsection, the term "new borrower" means, with respect to any date, an individual who on that date has no outstanding balance of principal or interest owing on any loan made under part E of title IV of the Act. SEC. 406. ADDITION OF A NEW PART F RELATING TO NEED ANALYSIS FOR STUDENT ASSISTANCE.

(a) AMENDMENT.—Title IV of the Act is further amended by redesignating part F as part G and by inserting after part E the following new part:

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"PART F—NEED ANALYSIS AMOUNT OF NEED

20 USC I087kk.

"SEC. 471. Except as otherwise provided therein, the amount of need of any student for financial assistance under this title (except subparts 1 and 3 of part A) is equal to the cost of attendance of such student minus the expected family contribution for such student. COST OF ATTENDANCE

20 USC 1087//.

"SEC. 472. For the purpose of this title (except for subpart 1 of part A and subject to section 478), the term 'cost of attendance' means—

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