$1,000,000,000 is made available for loan servicing
What the document says“There shall be available to the Secretary (in addition to any other amounts appropriated under any appropriations Act for administrative costs under this part and part B and out of any money in the Treasury not otherwise appropriated) $1,000,000,000 to be obligated for administrative costs under this part and part B”
The section rewrites paragraph (1) of section 458(a) of the Higher Education Act of 1965 (20 U.S.C. 1087h(a)(1)) making $1,000,000,000 available to the Secretary, on top of other appropriations, for administrative costs under parts B and D including servicing the direct student loan programs, to remain available until expended.
What the document actually says“There shall be available to the Secretary (in addition to any other amounts appropriated under any appropriations Act for administrative costs under this part and part B and out of any money in the Treasury not otherwise appropriated) $1,000,000,000 to be obligated for administrative costs under this part and part B”
One billion dollars goes to the Secretary. It is on top of other money. It pays admin costs for two loan programs.
That includes running the direct loan program. The money stays there until it is spent. The older law is not indexed here.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.