A bill to amend the Higher Education Act of 1965 to require the Commissioner of Education to make payments of interest for eligible students within 30 days of receipt of a proper voucher.

Amends the Higher Education Act of 1965 to require the Commissioner of Education to make Federal interest subsidy and administrative cost allowance payments to holders of loans under such Act on behalf of the borrower within 30 days of receipt by the Commissioner of an itemized voucher in such form as the Commissioner shall by regulation prescribe.