112 STAT. 1688 PUBLIC LAW 105-244—OCT. 7, 1998 20 USC 1078. (7) GUARANTY AGENCY RESERVE LEVEL; AGENCY TERMI- NATION.—Section 428(c)(9) is amended— (A) in subparagraph (A), by striking "maintain a current minimum reserve level of at least.5 percent" and inserting "maintain in the agenc^s Federal Student Loan Reserve Fund established under section 422A a current minimum reserve level of at least 0.25 percent"; (B) in subparagraph (C)— (i) by striking "80 percent pursuant to section 428(c)(l)(B)(ii)" sind inserting "85 percent pursuant to paragraph (l)(B)(i)"; (ii) by striking ", as appropriate,"; and (iii) by striking "30 working days" and inserting "45 working days"; (C) in subparagraph (E)— (i) by inserting "or" at the end of clause (iv); (ii) by striking "; or" at the end of clause (v) and inserting a period; and (iii) by striking clause (vi); (D) in subparagraph (F)(vii), by striking "to avoid disruption" and everything that follows and inserting "and to avoid disruption of the student loan program."; (E) in subparagraph (I), by inserting "that, if commenced after September 24, 1998, shall be on the record" after "for a hearing"; and (F) in subparagraph (K)— (i) by striking "and Labor" and inserting "and the Workforce"; and (ii) by striking everything after "guaranty agency system" and inserting a period. (d) PAYMENT FOR LENDER REFERRAL SERVICES; INCOME-SEN- SITIVE REPAYMENT.— Subsection (e) of section 428 is amended to read as follows: Regulations. "(e) NOTICE OF AVAILABILITY OF INCOME-SENSITIVE REPAYMENT OPTION.— At the time of offering a borrower a loan under this part, and at the time of offering the borrower the option of repaying a loan in accordance with this section, the lender shall provide the borrower with a notice that informs the borrower, in a form prescribed by the Secretary by regulation— "(1) that all borrowers are eligible for income-sensitive repayment, including through loan consolidation under section 428C; "(2) the procedures by which the borrower may elect income-sensitive repayment; and "(3) where and how the borrower may obtain additional information concerning income-sensitive repa3anent.". (e) PAYMENT OF CERTAIN COSTS. — Subsection (f) of section 428 is amended to read as follows: "(f) PAYMENTS OF CERTAIN COSTS.— " (1) PAYMENT FOR CERTAIN ACTIVITIES. — "(A) IN GENERAL.— The Secretary— "(i) for loans originated during fiscal years beginning on or after October 1, 1998, and before October 1, 2003, and in accordance with the provisions of this pgiragraph, shall, except as provided in subparagraph (C), pay to each guaranty agency, a loan processing and issuance fee equal to 0.65 percent of the total
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