Higher Education Loan Program Act of 1991

[AI summary unavailable — showing source text] Higher Education Loan Program Act of 1991 - Amends the Higher Education Act of 1965 (HEA) to establish a Federal Direct Loans program as part D of title IV of HEA. (Eliminates the current part D, Income Contingent Direct Loans Demonstration Project.) Directs the Secretary of Education (the Secretary) to carry out such Federal direct loan program (the program) for qualified students at institutions of higher education during the period beginning on July 1, 1993. Directs the Secretary to make program payments for any fiscal year to: (1) each institution of higher education having a program agreement; and (2) the lending agent if such an institution designates one. Requires such payments to be made on the basis of the estimated needs of the institution's students, considering their demand and eligibility for subsidized and unsubsidized direct loans under the program. Sets forth program payment rules, in general and for initial payments. Declares that an institution with an approved application and agreement with the Secretary shall be deemed to have a contractual obligation (entitlement) from the United States for making the program payments specified in that application. Sets forth r…