Sec. 451. Termination of Federal Direct Loan Program under part D and other conforming amendments
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Section 451 ( 20 U.S.C. 1087a ) is amended— in subsection (a), by adding at the end the following: No sums may be expended after September 30, 2024, with respect to loans under this part for which the first disbursement is after such date. ; and by adding at the end, the following: Notwithstanding subsection
(a)or any other provision of law— no new loans may be made under this part after September 30, 2024; and no funds are authorized to be appropriated, or may be expended, under this Act, or any other Act to make loans under this part for which the first disbursement is after September 30, 2024, except as expressly authorized by an Act of Congress enacted after the date of enactment of the PROSPER Act . No loan may be made under this part to a new borrower for which the first disbursement is after June 30, 2019. Subject to paragraph (3), with respect to a borrower who, as of July 1, 2019, has an outstanding balance of principal or interest owing on a loan made under this part, such borrower may— in the case of such a loan made to the borrower for enrollment in a program of undergraduate education, borrow loans made under this part for any program of undergraduate education through the close of September 30, 2024; in the case of such a loan made to the borrower for enrollment in a program of graduate or professional education, borrow loans made under this part for any program of graduate or professional education through the close of September 30, 2024; and in the case of such a loan made to the borrower on behalf of a dependent student for the student’s enrollment in a program of undergraduate education, borrow loans made under this part on behalf of such student through the close of September 30, 2024. A borrower described in paragraph
(2)who borrows a loan made under part E for which the first disbursement is made on or after July 1, 2019, shall lose the borrower’s eligibility to borrow loans made under this part in accordance with paragraph (2). . Section 453(c)(2)(A) ( 20 U.S.C. 1087c(c)(2)(A) ) is amended by inserting , as in effect on the day before the date of enactment of the after PROSPER Act and pursuant to subsection 461(a), part E . Section 455 ( 20 U.S.C. 1087e ) is amended— in subsection (a)— in paragraph (1), by inserting , and first disbursed before October 1, 2024, after under this part ; and in paragraph (2), by inserting , and first disbursed before October 1, 2024, after under this part ; in subsection (b)(8)— in the section heading, by inserting after and before October 1, 2024 ; 2013 in subparagraph (A), by inserting and before October 1, 2024, after July 1, 2013, ; in subparagraph (B), by inserting and before October 1, 2024, after July 1, 2013, ; in subparagraph (C), by inserting and before October 1, 2024, after July 1, 2013, ; and in subparagraph (D), by inserting and before October 1, 2024, after July 1, 2013, ; in subsection (c)(2)(E), by inserting , and before October 1, 2024 after July 1, 2010 ; in subsection (e)(7), in the matter preceding subparagraph (A), by inserting , as in effect on the day before the date of enactment of the after PROSPER Act and pursuant to subsection 461(a) part E ; in subsection (g)— by inserting , and first disbursed before October 1, 2024, after under this part ; and by adding at the end the following: The authority to make consolidation loans under this subsection expires at the close of September 30, 2024. No loan may be made under this subsection for which the disbursement is on or after October 1, 2024. ; and in subsection (o)— in paragraph (1), by inserting , and before October 1, 2024, after October 1, 2008 ; and in paragraph (2)— by inserting and before October 1, 2024, after October 1, 2008, ; and by inserting , and before October 1, 2024 after October 1, 2008 .
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Sec. 451
Termination of Federal Direct Loan Program under part D and other conforming amendments
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