Page:United States Statutes at Large Volume 120.djvu/189

 120 STAT. 158

PUBLIC LAW 109–171—FEB. 8, 2006

out of any money in the Treasury not otherwise appropriated, for the Department of Education to carry out this section— ‘‘(A) $790,000,000 for fiscal year 2006; ‘‘(B) $850,000,000 for fiscal year 2007; ‘‘(C) $920,000,000 for fiscal year 2008; ‘‘(D) $960,000,000 for fiscal year 2009; and ‘‘(E) $1,010,000,000 for fiscal year 2010. ‘‘(2) USE OF EXCESS FUNDS.—If, at the end of a fiscal year, the funds available for awarding grants under this section exceed the amount necessary to make such grants in the amounts authorized by subsection (d), then all of the excess funds shall remain available for awarding grants under this section during the subsequent fiscal year. ‘‘(f) RECOGNITION OF PROGRAMS OF STUDY.—The Secretary shall recognize at least one rigorous secondary school program of study in each State under subsection (c)(3)(A) and (B) for the purpose of determining student eligibility under such subsection. ‘‘(g) SUNSET PROVISION.—The authority to make grants under this section shall expire at the end of academic year 2010–2011.’’. SEC. 8004. REAUTHORIZATION OF FEDERAL FAMILY EDUCATION LOAN PROGRAM.

(a) AUTHORIZATION OF APPROPRIATIONS.—Section 421(b)(5) (20 U.S.C. 1071(b)(5)) is amended by striking ‘‘an administrative cost allowance’’ and inserting ‘‘a loan processing and issuance fee’’. (b) EXTENSION OF AUTHORITY.— (1) FEDERAL INSURANCE LIMITATIONS.—Section 424(a) (20 U.S.C. 1074(a)) is amended— (A) by striking ‘‘2004’’ and inserting ‘‘2012’’; and (B) by striking ‘‘2008’’ and inserting ‘‘2016’’. (2) GUARANTEED LOANS.—Section 428(a)(5) (20 U.S.C. 1078(a)(5)) is amended— (A) by striking ‘‘2004’’ and inserting ‘‘2012’’; and (B) by striking ‘‘2008’’ and inserting ‘‘2016’’. (3) CONSOLIDATION LOANS.—Section 428C(e) (20 U.S.C. 1078–3(e)) is amended by striking ‘‘2004’’ and inserting ‘‘2012’’. SEC. 8005. LOAN LIMITS.

(a) FEDERAL INSURANCE LIMITS.—Section 425(a)(1)(A) (20 U.S.C. 1075(a)(1)(A)) is amended— (1) in clause (i)(I), by striking ‘‘$2,625’’ and inserting ‘‘$3,500’’; and (2) in clause (ii)(I), by striking ‘‘$3,500’’ and inserting ‘‘$4,500’’. (b) GUARANTEE LIMITS.—Section 428(b)(1)(A) (20 U.S.C. 1078(b)(1)(A)) is amended— (1) in clause (i)(I), by striking ‘‘$2,625’’ and inserting ‘‘$3,500’’; and (2) in clause (ii)(I), by striking ‘‘$3,500’’ and inserting ‘‘$4,500’’. (c) FEDERAL PLUS LOANS.—Section 428B (20 U.S.C. 1078– 2) is amended— (1) in subsection (a)(1)— (A) in the matter preceding subparagraph (A), by striking ‘‘Parents’’ and inserting ‘‘A graduate or professional student or the parents’’;

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