Sec. 426. Sunset of cohort default rate and other conforming changes
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Section 430(e) ( 20 U.S.C. 1080(e) ) is amended by adding at the end the following: The Secretary shall not be subject to the requirements of this subsection after the transition period described in section 481B(e)(3). . Section 435 ( 20 U.S.C. 1085 ) is amended— in subsection (a)— in paragraph (1), by striking section 102 and inserting sections 101 and 102 ; and by adding at the end the following: No institution shall be subject to paragraph
(2)after the transition period described in section 481B(e)(3). ; in subsection (m), by adding at the end the following: During the transition period, the cohort default rate for an institution shall be calculated in the manner described in section 481B(e)(1). The Secretary shall not be subject, and no institution shall be subject, to the requirements of this subsection after the transition period. In this paragraph, the term transition period has the meaning given the term in section 481B(e)(3). ; and in subsection (o)(1), by inserting , as in effect on the day before the date of enactment of the after PROSPER Act and pursuant to section 461(a) of such Act part E .
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