PUBLIC LAW 103-66—AUG. 10, 1993 107 STAT. 343 (a) and (b) of section 454 for any academic year, except that the Secretary shall exercise such discretion so as to achieve the following goals: "(A) for academic year 1994-1995, loans made under this part shall represent 5 percent of the new student loan volume for such year;
- (B) for academic year 1995-1996, loans made under
this part shall represent 40 percent of the new student loan volimie for such year; "(C) for academic years 1996-1997 and 1997-1998, loans made under this part shall represent 50 percent of the new student loan volume for such years; and
- (D) for the academic year that begins in fiscal year
1998, loans made under this part shall represent 60 percent of the new student loan volume for such year. "(3) EXCEPTION.— The Secretary may exceed the percentage {:;oals described in subparagraphs (C) or (D) of paragraph (2) 'if the Secretary determines that a higher percentage is warranted by the number of institutions of higher education that desire to participate in the program under this part and that meet the eligibility requirements for such participation. "(4) NEW STUDENT LOAN VOLUME. —For the purpose of this subsection, the term 'new student loan volume' means the estimated sum of all loans (other than consolidation loans) that will be made, insured or guaranteed under this part and gart B in the year for which the determination is made. The ecretary shall base the estimate described in the preceding sentence on the most recent program data available. "(b) SELECTION CRITERIA. — "(1) APPLICATION. — Each institution of higher education desiring to participate in the direct student loan program under this part shall submit an application satisfactory to the Secretary containing such information and assurances as the Secretary may require. "(2) SELECTION PROCEDURE.— The Secretary shall select Contracts. institutions for participation in the direct student loan program under this part, and shall enter into agreements with such institutions under section 454(a), from among those institutions that submit the applications described in paragraph (1), and meet such other eligibility requirements as the Secretary shall prescribe, by, to the extent possible— "(A)(i) categorizing such institutions according to anticipated loan volume, length of academic program, control of the institution, highest degree ofTered, size of student enrollment, geographic location, annual loan volume, and default experience; and " (ii) beginning in academic year 1995-1996 selecting institutions that are reasonably representative of each of the categories described pursuant to clause (i); and "(B) if the Secretary determines it necessary to carry out the purposes of this part, selecting additional institutions. " (c) SELECTION CRITERIA FOR ORIGINATION.— "(1) IN GENERAL. — The Secretary may enter into a supplemental agreement with an institution (or a consortium of such institutions) that— "(A) has an agreement under subsection 454(a);
�
