12 2 STA T .3 2 6 3 PUBLIC LA W 11 0– 31 5— AU G .1 4, 200 8madeun de rthisp art fo r w hi c h the first dis b ursement is made on or after O ctober 1,20 0 8.‘ ‘ ( 2 )CONS O LIDAT ION LOANS. —I nthecaseofan y conso l ida - tion loan made under this part that is disbursed on or after October 1, 2008, interest shall not accrue pursuant to this subsection only on such portion of such loan as was used to repay a loan made under this part for which the first disbursement is made on or after October 1, 2008. ‘‘( 3 ) E LI G I B L EM ILITA RY BORRO W ER.—In this subsection, the term ‘eli g ible military borrower ’ means an indi v idual who— ‘‘( A )(i) is serving on active duty during a war or other military operation or national emergency
or ‘‘(ii) is performing q ualifying N ational G uard duty during a war or other military operation or national emer- gency; and ‘‘( B ) is serving in an area of hostilities in which service qualifies for special pay under section 310 of title 3 7 , U nited S tates Code. ‘‘( 4 ) L IMITATION.—An individual who qualifies as an eligible military borrower under this subsection may receive the benefit of this subsection for not more than 6 0 months.’’. (e) D IS C LOS U RES.—Section 4 5 5 (as amended by this section) (20 U.S.C. 1087e) is further amended by adding at the end the following
‘‘(p) DISCLOSURES.—Each institution of higher education with which the Secretary has an agreement under section 453, and each contractor with which the Secretary has a contract under section 456, shall, with respect to loans under this part and in accordance with such regulations as the Secretary shall prescribe, comply with each of the requirements under section 433 that apply to a lender with respect to a loan under part B.’’. SEC.452 . FUND SF ORA D MI NIS T RATI V EE XP ENSES. Section 458(a) (20 U.S.C. 1087h(a)) is amended— (1) in paragraph (2)— (A) in the heading of such paragraph, by stri k ing ‘‘ 201 1’’ and inserting ‘‘201 4 ’’; and (B) by striking ‘‘2011’’ and inserting ‘‘2014’’; and (2) in paragraph (3), by striking ‘‘2011’’ and inserting ‘‘2014’’. SEC. 45 3 . G UARANT Y AGENCY RESPONSI B I L ITIES AND PAYMENTS
REPORTS AND COST ESTIMATES. Section 45 9 Aofthe H igher Education Act of 1965 (20 U.S.C. 1087i – 1) is amended— (1) by redesignating subsection (d) as subsection (f); and (2) by inserting after subsection (c) the following: ‘‘(d) GUARANTY AGENCY R ES P ONSIBILITIES AND P AYMENTS.—Not- withstanding any other provision of this Act, beginning on the date on which the Secretary purchases a loan under this section— ‘‘(1) the guaranty agency that insured such loan shall cease to have any obligations, responsibilities, or rights (including rights to any payment) under this Act for any activity related to the administration of such loan that is carried out or required to be carried out on or after the date of such purchase; and ‘‘(2) the insurance issued by such agency pursuant to sec- tion 428(b) for such loan shall cease to be effective with respect Regulations.
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