A bill to amend the Higher Education Act of 1965.

[AI summary unavailable — showing source text] Amends the Higher Education Act of 1965 to direct the Secretary of Education to deposit in a student loan insurance fund a specified amount (of recovered advances made to State and private student loan funds) during FY 1988. Requires the Secretary, in determining the amount of advances to be repaid by a State or private student loan fund for purposes of this Act, to: (1) consider the solvency and maturity, as determined by the Comptroller General, of the reserve and insurance funds assisted by such advances; and (2) not seek repayment of such advances from States during the period in which they meet specified criteria.…