12 2 STA T .3 311 PUBLIC LA W 11 0– 31 5— AU G .1 4, 200 8‘ ‘ (D)include in st ituti o n a laidas r e v enue to t h e school onl y as f ollo w s
‘‘(i) in the case of loans m ade b ya p roprietary institution of hi g her education on or after J uly 1,20 0 8 and prior to July 1, 2012, the net present value of such loans made by the institution during the applicable institutional fiscal year accounted for on an accrual basis and estimated in accordance with generally accepted accounting principles and related standards and guidance, if the loans — ‘‘( I ) are bona fide as evidenced by enforceable promissory notes
‘‘(II) are issued at intervals related to the institution ’ s enrollment periods; and ‘‘(III) are sub j ect to regular loan repayments and collections; ‘‘(ii) in the case of loans made by a proprietary institution of higher education on or after July 1, 2012, only the amount of loan repayments received during the applicable institutional fiscal year, e x cluding repay - ments on loans made and accounted for as specified in clause (i); and ‘‘(iii) in the case of scholarships provided by a proprietary institution of higher education, only those scholarships provided by the institution in the form of monetary aid or tuition discounts based upon the academic achievements or financial need of students, disbursed during each fiscal year from an established restricted account, and only to the extent that funds in that account represent designated funds from an outside source or from income earned on those funds; ‘‘( E ) in the case of each student who receives a loan on or after July 1, 2008, and prior to July 1, 2011, that is authori z ed under section 4 28 H orthatisa F ederal Direct U nsubsidized S tafford L oan, treat as revenue received by the institution from sources other than funds received under this title, the amount by which the disburse- ment of such loan received by the institution exceeds the limit on such loan in effect on the day before the date of enactment of the Ensuring C ontinued A ccess to Student Loans Act of 2008; and ‘‘(F) exclude from revenues— ‘‘(i) the amount of funds the institution received under part C, unless the institution used those funds to pay a student’s institutional charges; ‘‘(ii) the amount of funds the institution received under subpart 4 of part A; ‘‘(iii) the amount of funds provided by the institu- tion as matching funds for a program under this title; ‘‘(iv) the amount of funds provided by the institu- tion for a program under this title that are re q uired to be refunded or returned; and ‘‘(v) the amount charged for boo k s, supplies, and equipment, unless the institution includes that amount as tuition, fees, or other institutional charges . ‘‘(2) S ANCTIO N S .—
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