S. Amdt. 4592 - To Improve Access to Student Loans.

To Ensure Continued Availability of Access to the Federal Student Loan Program for Students and Families.

H.R. 5715 — 110^th Congress (2007–2008)

Summary

To ensure continued availability of access to the Federal student loan program for students and families. (by CRS)

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Title

To ensure continued availability of access to the Federal student loan program for students and families.

Other Titles

• Ensuring Continued Access to Student Loans Act of 2008
• Ensuring Continued Access to Student Loans Act of 2008
• Ensuring Continued Access to Student Loans Act of 2008
• Ensuring Continued Access to Student Loans Act of 2008
• Ensuring Continued Access to Student Loans Act of 2008

Sponsor

George Miller

Co-Sponsors

• Timothy Bishop
• Dennis Kucinich
• Robert Scott
• Carolyn McCarthy
• Raul Grijalva
• Yvette Clarke
• Howard McKeon
• Keith Ellison
• Jason Altmire
• Luis Fortuño
• Rush Holt
• Linda Sánchez
• Dale Kildee
• David Wu
• Donald Payne
• Bennie Thompson
• Ric Keller
• David Loebsack
• David Davis
• Joe Courtney
• Lynn Woolsey
• Phil Hare
• Joe Sestak
• Mazie Hirono
• Danny Davis
• John Sarbanes
• Eddie Johnson
• John Lewis
• Carol Shea-Porter
• Patrick Kennedy
• John Olver
• Rubén Hinojosa

Subjects

• Higher education
• Administrative procedure
• Banks and banking
• Budgets
• Business
• Business ethics
• Citizenship
• Collection of accounts
• College costs
• Conflict of interests
• Congress
• Congressional investigations
• Congressional reporting requirements
• Debtor and creditor
• Department of Education
• Department of the Treasury
• Education
• Executive departments
• Families
• Federally-guaranteed loans
• Finance
• Foreign students
• Graduate education
• Housing
• Immigration
• Law
• Mortgages
• Office of Management and Budget
• Parents
• Student loan funds

Related Bills

• H.Res. 1107 (110^th) : Providing for Consideration of the Bill (H.R. 5715) to Ensure Continued Availability of Access to the Federal Student Loan Program for Students and Families.
• H.Res. 1167 (110^th) : Providing for Consideration of Motions to Suspend the Rules.
• H.R. 6889 (110^th) : To Extend the Authority of the Secretary of Education to Purchase Guaranteed Student Loans for an Additional Year, and for Other Purposes.
• S. 2815 (110^th) : Strengthening Student Aid for All Act

Major Actions

Introduced	4/08/2008
Referred to Committee
Amendments (5 proposed)
Passed House	4/17/2008
Passed Senate	4/30/2008
Signed by President	5/07/2008

Bill History

• All Votes
• All Actions
• Amendments

	Chamber/Committee	Motion	Date	Result
select this vote	House	On Motion that the Committee Rise: H.R. 5715 Ensuring Continued Access to Student Loans Act	4/16/2008	This motion PASSED the House 395 voted YES 1 voted NO 40 voted present/not voting
select this vote	House	On agreeing to the Castle amendment (A003) Agreed to by voice vote.	4/17/2008	PASSED by voice vote
select this vote	House	On agreeing to the Castor amendment (A004) Agreed to by voice vote.	4/17/2008	PASSED by voice vote
select this vote	House	Amendment 1 to H.R. 5715	4/17/2008	This amendment PASSED the House 413 voted YES 0 voted NO 23 voted present/not voting
select this vote	House	On Passage - House - H.R. 5715 Ensuring Continued Access to Student Loans Act	4/17/2008	This bill PASSED the House 383 voted YES 27 voted NO 21 voted present/not voting
select this vote	Senate	Passed Senate with amendments by Unanimous Consent.	4/30/2008	PASSED by voice vote
currently selected	Senate	Amendment SA 4592 agreed to in Senate by Unanimous Consent.	4/30/2008	PASSED by voice vote
select this vote	House	Suspend Rules and Agree to Senate Amendments: H.R. 5715 Ensuring Continued Access to Student Loans Act	5/01/2008	This motion PASSED the House 388 voted YES 21 voted NO 22 voted present/not voting

	Action	Date	Description
	Introduced	4/08/2008
		4/08/2008	Referred to the House Committee on Education and Labor.
		4/09/2008	Committee Consideration and Mark-up Session Held.
	Put on a legislative calendar	4/09/2008	Ordered to be Reported by Voice Vote.
		4/14/2008	Reported by the Committee on Education and Labor. H. Rept. 110-583.
	Put on a legislative calendar	4/14/2008	Placed on the Union Calendar, Calendar No. 361.
		4/15/2008	Rules Committee Resolution H. Res. 1107 Reported to House. Rule provides for consideration of H.R. 5715 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. The amendment printed in Part A of the report of the Committee on Rules accompanying this resolution shall be considered as adopted in the House and in the Committee of the Whole.
		4/16/2008	Considered under the provisions of rule H. Res. 1107.
		4/16/2008	Rule provides for consideration of H.R. 5715 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. The amendment printed in Part A of the report of the Committee on Rules accompanying this resolution shall be considered as adopted in the House and in the Committee of the Whole.
		4/16/2008	House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 1107 and Rule XVIII.
		4/16/2008	The Speaker designated the Honorable Jesse L. Jackson Jr. to act as Chairman of the Committee.
		4/16/2008	GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 5715.
		4/16/2008	Mr. Miller, George moved that the Committee rise.
		4/16/2008	Committee of the Whole House on the state of the Union rises leaving H.R. 5715 as unfinished business.
select this vote	Vote	4/16/2008	On Motion that the Committee Rise: H.R. 5715 Ensuring Continued Access to Student Loans Act
		4/17/2008	Rule H. Res. 1107 passed House.
		4/17/2008	Considered as unfinished business.
		4/17/2008	GENERAL DEBATE - The Committee of the Whole continued with the remaining debate on H.R. 5715.
		4/17/2008	The House resolved into Committee of the Whole House on the state of the Union for further consideration.
		4/17/2008	DEBATE - Pursuant to the provisions of H. Res. 1107, the Committee of the Whole proceeded with ten minutes of debate on the George Miller amendment.
		4/17/2008	Amendment (A001) offered by Mr. George Miller.
		4/17/2008	POSTPONED PROCEEDINGS - At the end of debate on the George Miller amendment, the Chair put the question on adoption of the amendment, and by voice vote, announced that the ayes had prevailed. Mr. George Miller demanded a recorded vote and the Chair postponed further proceedings on the question until later in the legislative day.
		4/17/2008	DEBATE - Pursuant to the provisions of H. Res. 1107, the Committee of the Whole proceeded with ten minutes of debate on the Petri amendment.
		4/17/2008	Amendment (A002) offered by Mr. Petri.
		4/17/2008	Petri amendment (A002) modified by unanimous consent. Modification made clarifying changes to the amendment as offered.
		4/17/2008	On agreeing to the Petri amendment (A002) as modified Agreed to by voice vote.
		4/17/2008	DEBATE - Pursuant the the provisions of H. Res. 1107, the Committee of the Whole proceeded with ten minutes of debate on the Castle amendment.
		4/17/2008	Amendment (A003) offered by Mr. Castle.
select this vote	Vote	4/17/2008	On agreeing to the Castle amendment (A003) Agreed to by voice vote.
		4/17/2008	Amendment (A004) offered by Ms. Castor.
		4/17/2008	DEBATE - Pursuant to the provisions of H. Res. 1107, the Committee of the Whole proceeded with ten minutes of debate on the Castor amendment.
select this vote	Vote	4/17/2008	On agreeing to the Castor amendment (A004) Agreed to by voice vote.
		4/17/2008	Committee of the Whole House on the state of the Union rises leaving H.R. 5715 as unfinished business.
		4/17/2008	Considered as unfinished business.
		4/17/2008	The House resolved into Committee of the Whole House on the state of the Union for further consideration.
		4/17/2008	The House rose from the Committee of the Whole House on the state of the Union to report H.R. 5715.
		4/17/2008	The previous question was ordered pursuant to the rule.
		4/17/2008	The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.
select this vote	Vote	4/17/2008	Amendment 1 to H.R. 5715
select this vote	House Vote on Passage	4/17/2008	On Passage - House - H.R. 5715 Ensuring Continued Access to Student Loans Act
		4/28/2008	Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
	Put on a legislative calendar	4/29/2008	Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 722.
		4/30/2008	Measure laid before Senate by unanimous consent.
select this vote	Senate Vote on Passage	4/30/2008	Passed Senate with amendments by Unanimous Consent.
		4/30/2008	Message on Senate action sent to the House.
		4/30/2008	Amendment SA 4592 proposed by Senator Durbin for Senator Kennedy.
currently selected	Vote	4/30/2008	Amendment SA 4592 agreed to in Senate by Unanimous Consent.
	Presented to President	5/01/2008	Cleared for White House.
		5/01/2008	Mr. Miller, George moved that the House suspend the rules an agree to the Senate amendments.
		5/01/2008	DEBATE - The House proceeded with forty minutes of debate on the motion to suspend the rules and agree to the Senate amendments to H.R. 5715.
		5/01/2008	At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the chair announced that further proceedings on the motion would be postponed.
select this vote	Vote	5/01/2008	Suspend Rules and Agree to Senate Amendments: H.R. 5715 Ensuring Continued Access to Student Loans Act
	Presented to President	5/06/2008	Presented to President.
	Signed	5/07/2008	Signed by President.
	Enacted	5/07/2008	Became Public Law No: 110-227.

	Number	Sponsor	Date Offered	Status
select this vote	H. Amdt. 1004	Miller, George [D-CA7]	April 17, 2008	Passed by roll call vote on April 17, 2008.
	Manager's amendment made technical and conforming changes to the bill; stated that loan limit increases available under this Act are available only to students meeting the requirements of section 484(a) of the HEA; targeted the loan limit increases to those students and families in most need; in regard to school-wide lender-of-last-resort eligibility, specified that the Secretary of Education shall determine whether a school qualifies and provided criteria for the Secretary to consider in making the determination; specified that funds received by lenders from loan sales be used to originate new loans; clarified that the Secretary has the authority to enter into forward commitments to purchase new loans; and clarified that, at the discretion of the Secretary, a loan purchased by the Secretary may continue to be serviced by the current lender. Show amendment details
	H. Amdt. 1005	Petri, Thomas [R-WI6]	April 17, 2008	Offered on April 16, 2008.
	An amendment numbered 2 printed in House Report 110-590 to require the Secretary of Education to review and revise as necessary the regulations concerning prohibited guaranty agency inducements to eligible lenders. Show amendment details
select this vote	H. Amdt. 1006	Castle, Michael [R-DE]	April 17, 2008	Passed by voice vote on April 17, 2008.
	Amendment required GAO to conduct a study of the impact of raising loan limits on (1) tuition, fees, and room and board at institutions of higher education; and (2) private loan borrowing for attendance at institutions of higher education. Show amendment details
select this vote	H. Amdt. 1007	Castor, Kathy [D-FL11]	April 17, 2008	Passed by voice vote on April 17, 2008.
	Amendment temporarily classified medical bill payment delinquencies of up to 180 days as an extenuating circumstance which shall not interfere with parents' ability to receive PLUS loans for their children's tuition. Show amendment details
currently selected	S. Amdt. 4592	Kennedy, Edward [D-MA]	April 30, 2008	Passed by voice vote on April 30, 2008.
	To improve access to student loans. Actions April 30, 2008, 12:00 am ET - Amendment SA 4592 proposed by Senator Durbin for Senator Kennedy. April 30, 2008, 12:00 am ET - Amendment SA 4592 agreed to in Senate by Unanimous Consent. Full Text of this Amendment SA 4592. Mr. DURBIN (for Mr. Kennedy (for himself and Mr. Enzi)) proposed an amendment to the bill H.R. 5715, to ensure continued availability of access to the Federal student loan program for students and families; as follows: Section 2 of the Ensuring Continued Access to Student Loans Act of 2008 is amended-- (1) in the section heading, by striking `` AND GRADUATE ''; and (2) in subsection (c), by striking ``issued'' and inserting ``first disbursed''. Section 3(c) of the Ensuring Continued Access to Student Loans Act of 2008 is amended by striking ``issued'' and inserting ``first disbursed''. In section 428B(a)(3) of the Higher Education Act of 1965 (20 U.S.C. 1078-2(a)(3)), as amended by section 4 of the Ensuring Continued Access to Student Loans Act of 2008, strike subparagraph (B) and insert the following: ``(B)(i) EXTENUATING CIRCUMSTANCES.--An eligible lender may determine that extenuating circumstances exist under the regulations promulgated pursuant to paragraph (1)(A) if, during the period beginning January 1, 2007, and ending December 31, 2009, an applicant for a loan under this section-- ``(I) is or has been delinquent for 180 days or fewer on mortgage loan payments or on medical bill payments during such period; and ``(II) is not and has not been more than 89 days delinquent on the repayment of any other debt during such period. ``(ii) DEFINITION OF MORTGAGE LOAN.--In this subparagraph, the term `mortgage loan' means an extension of credit to a borrower that is secured by the primary residence of the borrower. ``(iii) RULE OF CONSTRUCTION.--Nothing in this subparagraph shall be construed to limit an eligible lender's authority under the regulations promulgated pursuant to paragraph (1)(A) to determine that extenuating circumstances exist.''. Section 428(j) of the Higher Education Act of 1965 (20 U.S.C. 1078(j)), as amended by section 5 of the Ensuring Continued Access to Student Loans Act of 2008, is amended-- (1) in paragraph (1), by inserting after the second sentence the following: ``No loan under section 428, 428B, or 428H that is made pursuant to this subsection shall be made with interest rates, origination or default fees, or other terms and conditions that are more favorable to the borrower than the maximum interest rates, origination or default fees, or other terms and conditions applicable to that type of loan under this part.''; (2) in paragraph (5)(A), by striking ``lenders willing to make loans'' and inserting ``eligible lenders willing to make loans under this part''; and (3) by adding at the end the following: ``(6) EXPIRATION OF AUTHORITY.--The Secretary's authority under paragraph (4) to designate institutions of higher education for participation in the program under this subsection shall expire on June 30, 2009. ``(7) EXPIRATION OF DESIGNATION.--The eligibility of an institution of higher education, or borrowers from such institution, to participate in the program under this subsection pursuant to a designation of the institution by the Secretary under paragraph (4) shall expire on June 30, 2009. After such date, borrowers from an institution designated under paragraph (4) shall be eligible to participate in the program under this subsection as such program existed on the day before the date of enactment of the Ensuring Continued Access to Student Loans Act of 2008. ``(8) PROHIBITION ON INDUCEMENTS AND MARKETING.--Each guaranty agency or eligible lender that serves as a lender-of-last-resort under this subsection-- ``(A) shall be subject to the prohibitions on inducements contained in subsection (b)(3) and the requirements of section 435(d)(5); and ``(B) shall not advertise, market, or otherwise promote loans under this subsection, except that nothing in this paragraph shall prohibit a guaranty agency from fulfilling its responsibilities under paragraph (2)(C). ``(9) DISSEMINATION AND REPORTING.-- ``(A) IN GENERAL.--The Secretary shall-- ``(i) broadly disseminate information regarding the availability of loans made under this subsection; ``(ii) during the period beginning July 1, 2008 and ending June 30, 2010, provide to the Committee on Health, Education, Labor, and Pensions of the Senate and the Committee on Education and Labor of the House of Representatives and make available to the public-- ``(I) copies of any new or revised plans or agreements made by guaranty agencies or the Department related to the authorities under this subsection; ``(II) quarterly reports on-- ``(aa) the number and amounts of loans originated or approved pursuant to this subsection by each guaranty agency and eligible lender; and ``(bb) any related payments by the Department, a guaranty agency, or an eligible lender; and ``(III) a budget estimate of the costs to the Federal Government (including subsidy and administrative costs) for each 100 dollars loaned, of loans made pursuant to this subsection between the date of enactment of the Ensuring Continued Access to Student Loans Act of 2008 and June 30, 2009, disaggregated by type of loan, compared to such costs to the Federal Government during such time period of comparable loans under this part and part D, disaggregated by part and by type of loan; and ``(iii) beginning July 1, 2010, provide to the Committee on Health, Education, Labor, and Pensions of the Senate and the Committee on Education and Labor of the House of Representatives and make available to the public-- ``(I) copies of any new or revised plans or agreements made by guaranty agencies or the Department related to the authorities under this subsection; and ``(II) annual reports on-- ``(aa) the number and amounts of loans originated or approved pursuant to this subsection by each guaranty agency and eligible lender; and ``(bb) any related payments by the Department, a guaranty agency, or an eligible lender. ``(B) SEPARATE REPORTING.--The information required to be reported under subparagraph (A)(ii)(II) shall be reported separately for loans originated or approved pursuant to paragraph (4), or payments related to such loans, for the time period in which the Secretary is authorized to make designations under paragraph (4).''. In section 5(c) of the Ensuring Continued Access to Student Loans Act of 2008, strike ``agency's'' and insert ``agencies''. In section 6(a)(3) of the Ensuring Continued Access to Student Loans Act of 2008, strike ``adding at the end'' and insert ``inserting before the matter following paragraph (5)''. Section 459A(a) of the Higher Education Act of 1965, as added by section 7(b) of the Ensuring Continued Access to Student Loans Act of 2008, is amended-- (1) in paragraph (1)-- (A) by striking ``loans originated'' and inserting ``loans first disbursed''; (B) by inserting ``and before July 1, 2009,'' after ``October 1, 2003,''; and (C) by inserting ``(including the cost of servicing the loans purchased)'' after ``Federal Government''; and (2) by striking paragraphs (2) and (3) and inserting the following: ``(2) FEDERAL REGISTER NOTICE.--The Secretary, the Secretary of the Treasury, and the Director of the Office of Management and Budget, shall jointly publish a notice in the Federal Register prior to any purchase of loans under this section that-- ``(A) establishes the terms and conditions governing the purchases authorized by paragraph (1); ``(B) includes an outline of the methodology and factors that the Secretary, the Secretary of the Treasury, and the Director of the Office of Management and Budget, will jointly consider in evaluating the price at which to purchase loans made under section 428, 428B, or 428H; and ``(C) describes how the use of such methodology and consideration of such factors used to determine purchase price will ensure that loan purchases do not result in any net cost to the Federal Government (including the cost of servicing the loans purchased).''. The Ensuring Continued Access to Student Loans Act of 2008 is amended by adding at the end the following: SEC. 10. ACADEMIC COMPETITIVENESS GRANTS. (a) Amendments.--Section 401A of the Higher Education Act of 1965 (20 U.S.C. 1070a-1) is amended-- (1) by striking subsection (a) and inserting the following: ``(a) Academic Competitiveness Grant Program Authorized.--The Secretary shall award grants, in the amounts specified in subsection (d)(1), to eligible students to assist the eligible students in paying their college education expenses.''; (2) in subsection (b)-- (A) by striking ``academic year'' each place it appears and inserting ``year''; and (B) in paragraph (2), by striking ``third or fourth'' and inserting ``third, fourth, or fifth''; (3) in subsection (c)-- (A) in the matter preceding paragraph (1)-- (i) by striking ``full-time''; (ii) by striking ``academic'' and inserting ``award''; and (iii) by striking ``is made'' and inserting ``is made for a grant under this section''; (B) by striking paragraphs (1) and (2) and inserting the following: ``(1) is eligible for a Federal Pell Grant; ``(2) is enrolled or accepted for enrollment in an institution of higher education on not less than a half-time basis; and''; and (C) in paragraph (3)-- (i) by striking ``academic'' each place the term appears; (ii) in subparagraph (A)-- (I) by striking the matter preceding clause (i) and inserting the following: ``(A) the first year of a program of undergraduate education at a two- or four-year degree-granting institution of higher education (including a program of not less than one year for which the institution awards a certificate)--''; (II) by striking clause (i) and inserting the following: ``(i) has successfully completed, after January 1, 2006, a rigorous secondary school program of study that prepares students for college and is recognized as such by the State official designated for such recognition, or with respect to any private or home school, the school official designated for such recognition for such school, consistent with State law, which recognized program shall be reported to the Secretary; and''; and (III) in clause (ii), by inserting ``, except as part of a secondary school program of study'' before the semicolon; (iii) in subparagraph (B)-- (I) in the matter preceding clause (i), by striking ``year of'' and all that follows through ``higher education'' and inserting ``year of a program of undergraduate education at a two- or four-year degree-granting institution of higher education (including a program of not less than two years for which the institution awards a certificate)''; and (II) in clause (ii), by striking ``or'' after the semicolon at the end; (iv) in subparagraph (C)-- (I) in the matter preceding subclause (I) of clause (i), by inserting ``certified by the institution to be'' after ``is''; (II) by striking clause (i)(II) and inserting the following: ``(II) a critical foreign language; and''; and (III) in clause (ii), by striking the period at the end and inserting a semicolon; and (v) by adding at the end the following: ``(D) the third or fourth year of a program of undergraduate education at an institution of higher education (as defined in section 101(a)), is attending an institution that demonstrates, to the satisfaction of the Secretary, that the institution-- ``(i) offers a single liberal arts curriculum leading to a baccalaureate degree, under which students are not permitted by the institution to declare a major in a particular subject area, and the student-- ``(I)(aa) studies, in such years, a subject described in subparagraph (C)(i) that is at least equal to the requirements for an academic major at an institution of higher education that offers a baccalaureate degree in such subject, as certified by an appropriate official from the institution; and ``(bb) has obtained a cumulative grade point average of at least 3.0 (or the equivalent as determined under regulations prescribed by the Secretary) in the relevant coursework; or ``(II) is required, as part of the student's degree program, to undertake a rigorous course of study in mathematics, biology, chemistry, and physics, which consists of at least-- ``(aa) 4 years of study in mathematics; and ``(bb) 3 years of study in the sciences, with a laboratory component in each of those years; and ``(ii) offered such curriculum prior to February 8, 2006; or ``(E) the fifth year of a program of undergraduate education that requires 5 full years of coursework, as certified by the appropriate official of the degree-granting institution of higher education, for which a baccalaureate degree is awarded by a degree-granting institution of higher education-- ``(i) is certified by the institution of higher education to be pursuing a major in-- ``(I) the physical, life, or computer sciences, mathematics, technology, or engineering (as determined by the Secretary pursuant to regulations); or ``(II) a critical foreign language; and ``(ii) has obtained a cumulative grade point average of at least 3.0 (or the equivalent, as determined under regulations prescribed by the Secretary) in the coursework required for the major described in clause (i).''; (4) in subsection (d)-- (A) in paragraph (1)-- (i) in subparagraph (A)-- (I) by striking ``The'' and inserting ``IN GENERAL.--The''; (II) in clause (ii), by striking ``or'' after the semicolon at the end; (III) in clause (iii), by striking ``subsection (c)(3)(C).'' and inserting ``subparagraph (C) or (D) of subsection (c)(3), for each of the two years described in such subparagraphs; or''; and (IV) by adding at the end the following: ``(iv) $4,000 for an eligible student under subsection (c)(3)(E).''; and (ii) in subparagraph (B)-- (I) by striking ``Notwithstanding'' and inserting ``LIMITATION; RATABLE REDUCTION.--Notwithstanding''; (II) by redesignating clauses (i), (ii), and (iii), as clauses (ii), (iii), and (iv), respectively; and (III) by inserting before clause (ii), as redesignated under subclause (II), the following: ``(i) in any case in which a student attends an institution of higher education on less than a full-time basis, the amount of the grant that such student may receive shall be reduced in the same manner as a Federal Pell Grant is reduced under section 401(b)(2)(B);''; (B) by striking paragraph (2) and inserting the following: ``(2) LIMITATIONS.-- ``(A) NO GRANTS FOR PREVIOUS CREDIT.--The Secretary may not award a grant under this section to any student for any year of a program of undergraduate education for which the student received credit before the date of enactment of the Higher Education Reconciliation Act of 2005. ``(B) NUMBER OF GRANTS.--The Secretary may not award more than one grant to a student described in subsection (c)(3) for each year of study described in such subsection.''; and (C) by adding at the end the following: and ``(3) CALCULATION OF GRANT PAYMENTS.--An institution of higher education shall make payments of a grant awarded under this section in the same manner, using the same payment periods, as such institution makes payments for Federal Pell Grants under section 401.''; (5) by striking subsection (e)(2) and inserting the following: ``(2) AVAILABILITY OF FUNDS.--Funds made available under paragraph (1) for a fiscal year shall remain available for the succeeding fiscal year.''; (6) in subsection (f)-- (A) by striking ``at least one'' and inserting ``not less than one''; and (B) by striking ``subsection (c)(3)(A) and (B)'' and inserting ``subparagraphs (A) and (B) of subsection (c)(3)''; and (7) in subsection (g), by striking ``academic'' and inserting ``award''. (b) Effective Date.--The amendments made by subsection (a) shall take effect on January 1, 2009. SEC. 11. INAPPLICABILITY OF MASTER CALENDAR AND NEGOTIATED RULEMAKING REQUIREMENTS. Sections 482 and 492 of the Higher Education Act of 1965 (20 U.S.C. 1089, 1098a) shall not apply to amendments made by sections 2 through 9 of this Act, or to any regulations promulgated under such amendments. (As printed in the Congressional Record for the Senate on Apr 30, 2008.)