Student Loan Collection Improvement Amendments of 1985

[AI summary unavailable — showing source text] Student Loan Collection Improvement Amendments of 1985 - Title I: Guaranteed Student Loan Program - Amends the Higher Education Act of 1965 (HEA) to revise title IV, part B provisions for the Federal Insured Student Loan (FISL) program and the Guaranteed Student Loan (GSL) program. Revises GSL provisions for agreements with State and nonprofit private institutions for subsidy payments on loans insured under the student loan insurance program of such State or institution to grant lenders the option of requiring endorsement of the loan by a co-signer. Deletes a 15-year limitation on the period of the loan. Revises provisions for disbursement of loans to require that the funds borrowed be disbursed by check: (1) sent to the eligible institution the student attends or plans to attend, and made payable to the order of the student and such institution as copayees, with the endorsement of both parties required; or (2) in cases where the loan is an auxiliary loan to a parent, sent to the borrower and made payable to the order of the borrower, with the endorsement of the borrower required, and a notice of disbursement sent by the lender or the Secretary of Education to the eligible institut…