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PUBLIC LAW 103-66—AUG. 10, 1993 107 STAT. 345 "SEC. 464. AGREEMENTS WITH INSTITUTIONS. 20 USC 1087d. "(a) PARTICIPATION AGREEMENTS.—An agreement with any institution of higher education for participation in the direct student loan program under this part shall— (1) provide for the establishment and maintenance of a direct student loan program at the institution under which the institution will— "(A) identify eligible students who seek student finan- cial assistance at such institution in accordance with sec- tion 484; "(B) estimate the need of each such student as required by part F of this title for an academic year, except that, any loan obtained by a student under this part with the same terms as loans made under section 428H (except as otherwise provided in this part), or a loan obtained by a parent under this part with the same terms as loans made under section 428B (except as otherwise provided in this part), or obtained under any State-sponsored or private loan program, may be used to offset tne expected family contribution of the student for that year; **(C) provide a statement that certifies the eligibility of any student to receive a loan imder this part that is not in excess of the annual or aggregate limit applicable to such loan, except that the institution may, in exceptional circumstances identified by the Secretary, refuse to certify a statement that permits a student to receive a loan under this part, or certify a loan amount that is less than the student's determination of need (as determined under part F of this title), if the reason for such action is documented and provided in written form to such student; "(D) set forth a schedule for disbursement of the pro- ceeds of the loan in instollments, consistent with the requirements of section 428G; and "(E) provide timely and accurate information— (i) concerning the status of student borrowers (and students on whose behalf parents borrow under this part) while such students are in attendance at the institution and concerning any new information of which the institution becomes aware for such students (or their parents) after such borrowers leave the institution, to the Secretory for the servicing and collecting of loans made under this part; and "(ii) if the institution does not have an agreement with the Secretory under subsection (b), concerning student eligibility and need, as determined under sub- paragraphs (A) and (B), to the Secretary as needed for the alternative origination of loans to eligible stu- dento and parents in accordance with this part; "(2) provide assurances that the institution will comply with requirements estoblished by the Secretory relating to stu- dent loan information with respect to loans made under this part; ''(S) provide that the institution accepts responsibility and financial liability stemming from its failure to perform its func- tions pursuant to the agreement; "(4) provide that studente at the institution and their par- ente (witn respect to such students) will be eligible to paitici-