Page:United States Statutes at Large Volume 106 Part 1.djvu/561

 PUBLIC LAW 102-325—JULY 23, 1992 106 STAT. 529 exceptional mitigating circumstances that would make the application of this paragraph inequitable.". (s) INFORMATION ON DEFAULTS. — Section 428(k) of the Act is 20 USC i078. amended by adding at the end the following new paragraph: "(3) BORROWER LOCATION INFORMATION.— Any mformation provided by the institution relating to borrower location shall be used by the guaranty agency in conducting required skiptracing activities.", (t) INCOME CONTINGENT REPAYMENT. — Section 428 of the Act is amended by adding at the end the following new subsection: "(m) INCOME CONTINGENT REPAYMENT. — "(1) ESTABLISHMENT OF TERMS AND CONDITIONS. —The Sec- Regulations, retary may establish by regulation terms and conditions requiring the income contingent repa3mient of loans that are required to be repaid under tiiis subsection. Such regulations shall specify the schedules under which the borrower's income will be assessed for repa3rment of loans, shall permit the discharge of remaining obligation on the loan not later than 25 years after the commencement of income contingent repayment, and may provide for the potential collection of amounts in excess of the principal and interest owed on the original loan or loans. "(2) COLLECTION MECHANISM. — The Secretary shall, to the Contracts, extent funds are available therefor, enter into one or more contracts or other agreements with private firms or other agencies of the Government as necessary to cany out the purposes of this subsection. The regulations required by paragraph (1) shall not be effective unless the Secretary publishes a finding that^ "(A) the Secretary has, pursuant to this paragraph, established a collection mechanism that will provide a high degree of certainty that collections will be made in accordance with the repayment option established under paragraph (1); and "(B) the use of such repayment option and collection mechanism will result in an increase in the net amount the Government will collect. "(3) LOANS FOR WHICH INCOME CONTINGENT REPAYMENT IS REQUIRED.— ^A loan made under this part (other than under section 428B) is required to be repaid under this section if— "(A) the note or other evidence of the loan contains a notice that it is subject to repa5ment under this subsection; "(B) the note or other evidence of the loan has been assigned to the Secretary for collection pursuant to subsection (c)(8); and "(C) the Secretary has published the finding required by paragraph (2) of this subsection. "(4) ADDITIONAL AUTHORITY. — The Secretary is authorized to Regulations, prescribe such regulations as are necessciry to carry out the purposes of this subsection and to protect the Federal fiscal interest.". SEC. 417. SUPPLEMENTAL LOAN PROGRAM. (a) NAME OF THE PROGRAM. — Section 428A of the Act (20 U.S.C. 1078-1) is amended by striking the heading of such section and inserting the following:

�