Page:United States Statutes at Large Volume 122.djvu/3255

 12 2 STA T .3 232 PUBLIC LA W 11 0– 31 5— AU G .1 4, 200 8‘ ‘ (i)adescr i pt i on o f eac hv o lu ntar y fle x i b lea g ree -m ent and the performance goals established by the S ecretary for each agreement ‘‘(ii) a list of — ‘‘( I ) guaranty agencies operating under vol- untary flexible agreements; ‘‘(II) the specific statutory or regulatory w aivers provided to each such guaranty agency; and ‘‘(III) any other waivers provided to other guar- anty agencies under paragraph ( 1 ); ‘‘(iii) a description of the standards by which each guaranty agency ’ s performance under the guaranty agency’s voluntary flexible agreement was assessed and the degree to which each guaranty agency achieved the performance standards; ‘‘(iv) an analysis of the fees paid by the Secretary , and the costs and efficiencies achieved under each voluntary flexible agreement; and ‘‘(v) an identification of promising practices for pro- gram improvement that could be replicated by other guaranty agencies . ’’. SEC.42 4. F E D E RALP L U SL O A N S. (a) AMEND MEN TS .—Section 428B (2 0U .S. C . 10 7 8 – 2) is amended— (1) in subsection (a)( 3 )(B)(i), by stri k ing subclause (II) and inserting the following

‘‘(II) does not otherwise have an adverse credit history, as determined by the lender in accordance with the regulations promulgated pursuant to para- graph (1)(A), as such regulations were in effect on the day before the date of enactment of the E nsuring Continued Access to Student L oans Act of 2008.’’; and (2) in subsection (d), by striking paragraphs (1) and (2) and inserting the following: ‘‘(1) C O MMEN C EMENT O FR E PAY MENT.— R epayment of prin- cipal on loans made under this section shall commence not later than 6 0 days after the date such loan is disbursed by the lender, sub j ect to deferral— ‘‘(A)(i) during any period during which the parent bor- rower or the graduate or professional student borrower meets the conditions re q uired for a deferral under section 427(a)(2)(C) or 428(b)(1)( M ); and ‘‘(ii) upon the request of the parent borrower, during any period during which the student on whose behalf the loan was borrowed by the parent borrower meets the condi- tions required for a deferral under section 427(a)(2)(C)(i)(I) or 428(b)(1)(M)(i)(I); and ‘‘(B)(i) in the case of a parent borrower, upon the request of the parent borrower, during the 6-month period beginning on the later of— ‘‘(I) the day after the date the student on whose behalf the loan was borrowed ceases to carry at least one-half the normal full-time academic workload (as determined by the institution); or Timep e r i od.D e a d l i n e.

�