Emergency Student Loan Consolidation Act of 1983

[AI summary unavailable — showing source text] Emergency Student Loan Consolidation Act of 1983 - Amends part B (Federal, State, and Private Programs of Low-Interest Insured Loans to Students in Institutions of Higher Education) of title IV (Student Assistance) of the Higher Education Act of 1965 (HEA) to add new provisions for student loan consolidation. Directs the Secretary of Education (or a State or nonprofit private institution or organization with which the Secretary has an agreement under provisions for Federal payments to reduce interest costs) to enter into agreements with the Student Loan Marketing Association (Sallie Mae) and specified eligible commercial lenders to provide consolidation loans to eligible borrowers. Provides for such consolidation of student loans made, insured, or guaranteed under part B or under part E (Direct Loans to Students in Institutions of Higher Education). Requires that such consolidation loans be covered by a properly issued certificate of insurance. Provides that loans covered by a certificate of insurance issued by a State or nonprofit private institution or organization shall be considered to be insured loans for purposes of Federal reimbursements, but that no administrative cost allo…