Page:United States Statutes at Large Volume 106 Part 1.djvu/604

 106 STAT. 572 PUBLIC LAW 102-325—JULY 23, 1992 Regulations. 20 USC 1087e. 20 USC 1087f. 20 USC 1087g. Records. by the borrower, as required by such regulations, including provisions with respect to the disclosure by the borrower of subsequent income; "(C) providing for the discharge of loans after not more than 25 years of income contingent repayment; and "(D) such data and reporting requirements and such other provisions as the Secretary considers necessary to carry out the purposes of section 458(d)(2) and to the protection of the Federal fiscal interest; and "(7) include such other provisions as may be necessary to protect the financial interest of the United States and to promote the purposes of this part. <«SEC. 465. WITHDRAWAL AND TERMINATION PROCEDURES. "The Secretary shall establish by regulation procedures which enable institutions of higher education who have made agreements with the Secretary pursuant to section 454 to withdraw or to be terminatedfi*omthe loan demonstration program. "SEC. 466. TERMS AND CONDITIONS. "Unless otherwise specified in this part, the loans made under this part shall have the same terms, conditions, and benefits as loans made under sections 428, 428A, and 428B of this title. Any loan made under this part shall be eligible for consolidation under section 428C of part B of this title. «SEC. 467. LOAN COLLECTION FUNCTIONS UNDER COMPETITIVE PRO- CUREMENT CONTRACTS. "(a) IN GENERAL.—The Secretary shall provide, through contracts awarded on a competitive basis, for— "(1) the collection of principal and interest on loeuis made under this part by not less than 5 contracts, at least one of which shall be for servicing loans that are subject to income contingent repayment; "(2) the collection of defaulted loans made under this part; "(3) the establishment and operation of a central data system for the mainteneince of records on all loans made under this part; "(4) programs for default prevention; and "(5) such other programs as the Secretary determines are necessary to ensure the success of the loan demonstration program. "(b) SERVICING FOR INCOME CONTINGENT LOANS. — The Secretary shall, through contract, ensure the availability of servicing of loans made pursuant to section 454(6) at a cost comparable to that available for loeins under part B of this title (that are not subject to income contingent repayment). "(c) INFORMATION ON INCOME CONTINGENT LOANS. — The Secretary shall acquire such information as is necessary regarding the adjusted gross income of borrowers (under this part and xinder paj*t B) of loans that are subject to income contingent repayment for the purpose of determining the annual repa5anent obligations of such borrowers. The Secretary, not less often than once per year, shall provide to the servicer, lender, or holder of a loan under this part the Secretary's determination of the borrower's repayment obligation on that loan for such year.

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