109 STAT. 1024 CONCURRENT RESOLUTIONS-JUNE 29, 1995 (c) DEFD^moNS,—For purposes of this section, the term "sale of an asset" shall have the same meaning as under section 250(c)(21) of the Balanced Budget and Emergency Deficit Control Act of 1985. (d) TREATMENT OF LOAN ASSETS. — For the purposes of this section, the sale of loan assets or the prepayment of a loan shall be governed by the terms of the Federal Credit Reform Act of 1990. SEC. 207. CKEDIT REFORM AND DIRECT STUDENT LOANS. For the purposes of any concurrent resolution on the budget and the Congressional Budget Act of 1974, the cost of a direct loan under the Federal direct student loan program shall be the net present value, at the time when the direct loan is disbursed, of the following cash flows for the estimated life of the loan: (1) Loan disbursements. (2) Repayments of principal. (3) Payments of interest and other payments by or to the Government over the life of the loan after adjusting for estimated defaults, prepayments, fees, penalties, and other recoveries. (4) Direct expenses, including— (A) activities related to credit extension, loan origination, loan servicing, management of contractors, and pay- ments to contractors, other government entities, and program participants; (B) collection of delinquent loans; and (C) writeoflFand closeout of loans. SEC. 208. EXTENSION OF BUDGET ACT OO-VOTE ENFORCEMENT THROUGH 2002. Notwithstanding section 275(b) of the Balanced Budget and Emergency Deficit Control Act of 1985 (as amended by sections 13112(b) and 13208(b)(3) of the Budget Enforcement Act of 1990), the second sentence of section 904(c) of the Congressional Budget Act of 1974 (except insofar as it relates to section 313 of that Act) and the final sentence of section 904(d) of that Act (except insofar as it relates to section 313 of that Act) shall continue to have effect as rules of the Senate through (but no later than) September 30, 2002. SEC. 209. REPEAL OF IRS ALLOWANCE. Section 25 of House Concurrent Resolution 218 (103d Congress, 2d Session) is repealed. SEC. 210. TAX REDUCTION CONTINGENT ON BALANCED BUDGET IN THE HOUSE OF REPRESENTATIVES (a) ESTIMATES AND CERTIFICATION.— (1) ESTIMATES.— Upon reporting a reconciliation bill to carry out this resolution, the chairman of the Committee on the Budget of the House shall submit such legislation to the Director of the Congressional Budget Office (hereinafter in this section referred to as the "Director), The Director shall provide an estimate of whether the enactment of the bill, as reported, would result in a balanced total budget by fiscal year 2002. (2) CERTIFICATION.— (A) If the enactment of the bill as estimated by the Director would so balance the budget, the chairman of the Committee on the Budget is authorized to so certify.
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