PUBLIC LAW 102-325—JULY 23, 1992 106 STAT. 569 "(f) AUTHORIZATION OF APPROPRIATIONS. —There are authorized to be appropriated to carry out this section $5,000,000 for fiscal year 1993 and such sums as may be necessary for each of the 4 succeeding fiscal years.". PART D—FEDERAL DIRECT LOANS SEC. 451. ESTABLISHMENT OF FEDERAL DIRECT LOAN PROGRAM. Part D of title IV of the Act (20 U.S.C. 1087a et seq.) is amended to read as follows: "PART D—FEDERAL DIRECT LOAN DEMONSTRATION PROGRAM «SEC. 451. PROGRAM AND PAYMENT AUTHORITY. "(a) PROGRAM AUTHORITY.—The Secretary shall, in accordance with the provisions of this part, carry out a loan demonstration program for qualified students and parents at selected institutions of higher education to enable the students to pursue their courses of study at such institutions during the period beginning on July 1, 1994 and ending on June 30, 1998. "(b) PAYMENT AUTHORITY.— "(1) GENERAL AUTHORITY. — The Secretary shall make pay- ments under this part for any fiscal year to institutions of higher education having an agreement under section 454, on the basis of the estimated needs of students at each institution and parents for student or parent loans, taking into consideration the demsind and eligibility of such students and parents for loans under this part. "(2) ENTITLEMENT PROVISION. — An institution of higher education which has an agreement with the Secretary under section 454 shall be deemed to have a contractual right against the United States to receive payments according to that agreement. <<SEC. 452. PAYMENT RULES. "(a) IN GENERAL.— The Secretary shall make payments required by section 451 in such installments as the Secretary determines— "(1) reflect accurately the disbursement of funds for student and parent loans by the institution of higher education, and "(2) will best carry out the objectives of this part. "(b) INITIAL PAYMENTS. —The initial payments for any academic year required by section 451 shall be made available to each institution of higher education not later than 10 days prior to the beginning of the academic year at such institution. "SEC. 453. SELECTION BY THE SECRETARY. "(a) ENTRY REQUIREMENT.—The Secretary shall enter into agreements with institutions of higher education, at which the total loan volume under the FedersJ Stafford Loan program, the Federal Supplemental Loans for Students program, and the Federal PLUS loan program was $500,000,000 in the most recent year for which data is available, to participate in the loan demonstration program to make loans for the period beginning with the academic year beginning on July 1, 1994, and ending with loans made before Jxme 30, 1998. Such agreements shall be concluded not later than January 1, 1994. 20 USC 1087a. Effective date. Termination date. 20 USC 1087b. Contracts. 20 USC 1087c. Effective date. Termination date.
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