PUBLIC LAW 103-66 —AUG. 10, 1993 107 STAT. 371 "(1) IN GENERAL.—In the case of any State in which there are located any institutions of higher education that have a cohort default rate that exceeds 20 percent, such State shall pay to the Secretary an amount equal to— "(A) the new loan volume attributable to all institutions in the State for the current fiscal year; multiplied by "(B) the percentage specified in paragraph (2); multiplied by "(C) the quotient of— "(i) the sum of the amounts calculated under paragraph (3) for each such institution in the State; divided by "(ii) the total amount of loan volume attributable to current and former students of institutions located in that State entering repayment in the period used to calculate the cohort default rate. "(2) PERCENTAGE.— For purposes of paragraph (I)(B), the percentage used shall be— "(A) 12.5 percent for fiscal year 1995; "(B) 20 percent for fiscal year 1996; and "(C) 50 percent for fiscal year 1997 and succeeding fiscal years. "(3) CALCULATION.—For purposes of paragraph (IXCXi), the amount shall be determined by calculating for each institution the amount by which— "(A) the amount of the loans received for attendance by such institution's current and former students who (i) enter repayment during the fiscal year used for the calculation of the cohort default rate, and (ii) default before the end of the following fiscal year; exceeds "(B) 20 percent of the loans received for attendance by all the current and former students who enter repay- ment during the fiscal year used for the calculation of the cohort default rate. "(4) FEE.— ^A State may charge a fee to an institution of higher education that participates in the program under this part and is located in that State according to a fee structure, approved by the Secretary, that is based on the institution's cohort default rate and the State's risk of loss under this subsection. Such fee structure shall include a process by which an institution with a high cohort default rate is exempt from any fees under this paragraph if such institution demonstrates ' to the satisfaction of the State that exceptional mitigating circumstances, as determined by the State and approved by the Secretary, contributed to its cohort default rate.", (b) EFFECTIVE DATE.—The amendment made by this section 20 USC 1078 shall take effect on October 1, 1994. °°^ Subtitle D—Group Health Plans SEC. 4301. STANDARDS FOR GROUP HEALTH PLAN COVERAGE. (a) IN GENERAL. —Part 6 of subtitle B of title I of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1161 et seq.) is amended by adding at the end the following new section:
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