Page:United States Statutes at Large Volume 120.djvu/1372

 PUBLIC LAW 109–292—SEPT. 30, 2006

120 STAT. 1341

‘‘(I) the requirements of clauses (iii) and (v) of paragraph (2)(A) shall apply to the organization; and ‘‘(II) the requirements of clause (viii) of paragraph (2)(A) shall apply to the institution or the organization (or both), if the institution or organization receives (directly or indirectly) the proceeds described in such clause; ‘‘(iii) the requirements of clauses (iv) and (ix) of paragraph (2)(A) shall not apply to the eligible lender, institution, or organization; and ‘‘(iv) the eligible lender, institution, and organization shall ensure that the loans made or held by the eligible lender as trustee for the institution or organization, as the case may be, are included in a compliance audit in accordance with clause (vii) of paragraph (2)(A).’’. (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall not apply with respect to any loan under part B of title IV of the Higher Education Act of 1965 (20 U.S.C. 1071 et seq.) disbursed before January 1, 2007.

20 USC 1085 note.

SEC. 4. HISPANIC-SERVING INSTITUTIONS.

(a) DEFINITION CHANGES.—Section 502(a) of the Higher Education Act of 1965 (20 U.S.C. 1101a(a)) is amended— (1) in paragraph (5)— (A) by inserting ‘‘and’’ after the semicolon at the end of subparagraph (A); (B) in subparagraph (B)— (i) by striking ‘‘at the time of application,’’; and (ii) by inserting ‘‘at the end of the award year immediately preceding the date of application’’ after ‘‘Hispanic students’’; (C) by striking ‘‘; and’’ at the end of subparagraph (B) and inserting a period; and (D) by striking subparagraph (C); and (2) by striking paragraph (7). (b) WAIT-OUT PERIOD ELIMINATED.—Section 504(a) of such Act (20 U.S.C. 1101c(a)) is amended to read as follows: ‘‘(a) AWARD PERIOD.—The Secretary may award a grant to a Hispanic-serving institution under this title for 5 years.’’. SEC. 5. GUARANTY AGENCY ACCOUNT MAINTENANCE FEES.

Section 458(b) of the Higher Education Act of 1965 (20 U.S.C. 1087h(b)) is amended by striking ‘‘shall not exceed’’ and inserting ‘‘shall be calculated on’’. SEC. 6. CANCELLATION OF STUDENT LOAN INDEBTEDNESS FOR SURVIVORS OF VICTIMS OF THE SEPTEMBER 11, 2001, ATTACKS.

(a) DEFINITIONS.—For purposes of this section: (1) ELIGIBLE PUBLIC SERVANT.—The term ‘‘eligible public servant’’ means an individual who, as determined in accordance with regulations of the Secretary— (A) served as a police officer, firefighter, other safety or rescue personnel, or as a member of the Armed Forces; and

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