Mandatory spending for administrative costs of operating the student aid programs

Paragraph (3) of section 458(a) (20 U.S.C. 1087h(a)(3)) is amended to read as follows: (3) Funds for administrative costs (A) In general Each fiscal year, there shall be available to the Secretary from funds not otherwise appropriated, funds to be obligated for administrative costs under this part, including the costs of the student loan program under this part, except that the total expenditures by the Secretary under this subparagraph shall not exceed 5 percent of the amount of the average outstanding Federal student loan portfolio under this part for the preceding fiscal year. (B) Availability Funds made available under subparagraph (A) shall remain available until expended. The Secretary is authorized to use funds available under this paragraph for a fiscal year for a subsequent fiscal year. (C) Budget No funds may be expended under this paragraph unless the Secretary includes in the annual budget request of the Department to Congress a detailed description of— (i) the specific activities for which the funds made available by this paragraph have been used in the most recent fiscal year; (ii) the activities and costs planned for the fiscal year for which the request is made; and (iii) the projection of activities and costs for the fiscal year immediately following the fiscal year for which administrative expenses under this paragraph are made available..