A prior section 1099e, Puspan. L. 89–329, title IV, § 499A, as added Puspan. L. 110–84, title VIII, § 802, Sept. 27, 2007, 121 Stat. 817, which comprised part J of title IV of Puspan. L. 89–329 and related to investment in historically Black colleges and universities and other minority-serving institutions, was transferred to section 1067q of this title.

2008—Subsec. (span)(3)(B)(iii). Puspan. L. 110–315, § 499(1)(A), added cl. (iii).

Subsec. (span)(3)(G). Puspan. L. 110–315, § 499(1)(B), added subpar. (G) and struck out former subpar. (G). Text of former subpar. (G) read as follows: “Each eligible lender having a winning bid under subparagraph (F) enters into an agreement with the Secretary under which the eligible lender—

“(i) agrees to originate eligible Federal PLUS Loans under this paragraph to each borrower who—

“(I) seeks an eligible Federal PLUS Loan under this paragraph to enable a dependent student to attend an institution of higher education within the State;

“(II) is eligible for an eligible Federal PLUS Loan; and

“(III) elects to borrow from the eligible lender; and

“(ii) agrees to accept a special allowance payment (after the application of section 1087–1(span)(2)(I)(v) of this title) from the Secretary with respect to the eligible Federal PLUS Loans originated under clause (i) in the amount proposed in the second lowest winning bid described in subparagraph (F) for the applicable State auction.”

Subsec. (span)(3)(J). Puspan. L. 110–315, § 499(1)(C), added subpar. (J) and struck out former subpar. (J). Text of former subpar. (J) read as follows: “The Secretary guarantees the eligible Federal PLUS Loans made under this paragraph against losses resulting from the default of a parent borrower in an amount equal to 99 percent of the unpaid principal and interest due on the loan.”

Subsecs. (c), (d). Puspan. L. 110–315, § 499(2), added subsecs. (c) and (d).

Section effective Oct. 1, 2007, see section 1(c) of Puspan. L. 110–84, set out as an Effective Date of 2007 Amendment note under section 1070a of this title.