88 STAT. ]
PUBLIC LAW 93-269-APR. 18, 1974
89
cable to such student together with the institution's estimate of other expenses reasonably related to attendance at such institution, including, but not limited to, the cost of room and board, reasonable commuting costs, and costs for books; "(ii) a student's estimated financial assistance means, for the period for which the loan is sought, the amount of assistance such student will receive under parts A, C, and E of this title, plus J^^^^^^^^^J^' other scholarship, grant, or loan assistance; "(iii) the term 'eligible institution' when used with respect to a student is the eligible institution at which the student has been accepted for enrollment or, in the case of a student who is in attendance at such an institution is in good standing (as determined by such institution); "(iv) the determination of need and the amount of a loan recommended by an eligible institution under subparagraph (B) (ii) and the amount of loans in excess of $2,000 recommended by an eligible institution under subparagraph (B)(i) ( II) with respect to a student shall be determined by subtracting from the estimated cost of attendance at such institution the total of the expected family contribution with respect to such student (as determined by means other than one formulated by the Commissioner under subpart 1 of part A of this title) plus any other resources or student financial assistance reasonably available to such student. " (D) I n addition, the Commissioner shall pay an administrative c^sTaUotTncl^ cost allowance in the amount established by paragraph (3)(B) of this subsection with respect to loans to any student without regard to the borrower's need. For the purposes of this paragraph, the adjusted family income of a student shall be determined pursuant to regulations of the Commissioner in effect at the time of the execution of the note or written agreement evidencing the loan. Such regulations shall provide for taking into account such factors, including family size, as the Commissioner deems appropriate. I n the absence of fraud by the lender, such determination of the need of a student under this paragraph shall be final insofar as it concerns the obligation of the Commissioner to pay the holder of a loan a portion of the interest on the loan.". SEC. 3. Section 428(a) of the Higher Education Act of 1965, as students, finanamended by this Act, is amended by adding at the end thereof the "'AJI^^^.^T'. following new paragraph: "(7) Nothing in this or any other Act shall be construed to prohibit or require unless otherwise specifically provided by law, a lender to evaluate the total financial situation of a student making application for a loan under this part, or to counsel a student with respect to any such loan, or to make a decision based on such evaluation and counseling with respect to the dollar amount of any such loan.". SEC. 4. Clause (H) of paragraph 428(b)(1) of the Higher Education Act of 1965 is amended to read as follows: 20 USC 1078. " (H) provides that the benefits of the loan insurance program will not be denied any student who is eligible for interest benefits under section 428(a)(1) and (2) except in the case of loans made by an instrumentality of a State or eligible institution;". SEC. 5. Section 2(a)(7) of the Emergency Insured Student Loan Act of 1969 is amended by striking out "July 1, 1974" and inserting 20 USC 1078a. in lieu thereof "July 1, 1975". SEC. 6. The amendments made by section 2 shall be effective forty- f "us^'^iors'^* five days after enactment of this Act and be applicable to a loan for note. which a guarantee commitment is made on or after that date. Approved April 18, 1974.
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