To amend the Higher Education Act of 1965 to provide more stringent requirements for the Robert T. Stafford Student Loan Program, and for other purposes.

[AI summary unavailable — showing source text] Amends the Higher Education Act of 1965 (HEA) to revise requirements for the Robert T. Stafford Student Loan Program. Revises requirements for guaranty agreements for reimbursing losses. Requires a guaranty agency that receives reimbursement payment from the Secretary of Education (the Secretary) to: (1) assign, within 30 days of payment receipt, to the Secretary the promissory note for the loan on which such payment has been made. Makes such agency liable to the United States for collection costs if the Secretary succeeds in collecting any payment on such note from the borrower. Requires that any funds thus collected be deposited in the student loan insurance fund. Requires a guaranty agency which has made payment on a default claim to file for such reimbursement by the later of: (1) the 45th day after making such payment; or (2) the 270th day after the loan became delinquent with respect to any installment. Prohibits the Secretary from making any such reimbursement to a guaranty agency when a default claim is based on inability to locate the borrower, unless the guaranty agency demonstrates, in the filing for reimbursement, that diligent attempts have been made to locate the borr…