12 2 STA T .3 33 0PUBLIC LA W 110 – 31 5— AU G .1 4, 200 8‘ ‘ (IV)Anyother en f or c e m ent a ct i on the S ec - retary i s a u thori z e d to ta k e under p art B.’ ’
and ( C ) b y strikin g subparagraph ( J ) and inserting the fo l lo w ing
‘‘(J) GUAR A NTE EA G A I N S T LO SSES. —E ach eligible F ed- eral PLU S Loan originated under this paragraph shall be insured by a guaranty agency in accordance with part B , e x cept that, notwithstanding section 428 (b)( 1 )(G), such insurance shall be in an amount e q ual to 9 9 percent of the unpaid principal and interest due on the loan.’’; and (2) by adding at the end the following new subsections: ‘‘(c) R E Q UIRE D INITIAL E V ALUATION.— T he Secretary and Sec- retary of the Treasury shall j ointly conduct an e v aluation, in con- sultation with the O ffice of M anagement and Budget, the Congres- sional Budget Office, and the Comptroller General, of the pilot program carried out by the Secretary under this section. The evalua- tion shall determine— ‘‘(1) the extent of the savings to the Federal Government that are generated through the pilot program, compared to the cost the Federal Government would have incurred in oper- ating the PLUS loan program under section 428B in the absence of the pilot program; ‘‘(2) the number of lenders that participated in the pilot program, and the extent to which the pilot program generated competition among lenders to participate in the auctions under the pilot program; ‘‘( 3 ) the number and volume of loans made under the pilot program in each State; ‘‘(4) the effect of the transition to and operation of the pilot program on the ability of— ‘‘(A) lenders participating in the pilot program to origi- nate loans made through the pilot program smoothly and efficiently; ‘‘(B) institutions of higher education participating in the pilot program to disburse loans made through the pilot program smoothly and efficiently; and ‘‘(C) parents to obtain loans made through the pilot program in a timely and efficient manner; ‘‘( 5 ) the differential impact, if any, of the auction among the States, including between rural and non-rural States; and ‘‘( 6 ) the feasibility of using the mechanism piloted to operate the other loan programs under part B of this title. ‘‘(d) RE P ORTS.— ‘‘(1) IN GENERAL.—The Secretary and the Secretary of the Treasury shall submit to the authorizing committees— ‘‘(A) not later than September 1, 2 0 10, a preliminary report regarding the findings of the evaluation described in subsection (c); ‘‘(B) not later than September 1, 2012, an interim report regarding such findings; and ‘‘(C) not later than September 1, 2013, a final report regarding such findings. ‘‘(2) CONTENTS.—The Secretary shall include, in each report required under subparagraphs (A), (B), and (C) of paragraph (1), any recommendations, that are based on the findings of the evaluation under subsection (c), for—
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