; and (B) in subparagraph (C), by striking training and inserting education ; (3) by striking paragraph (7); and (4) by redesignating paragraph (8) as paragraph (7). 454. Loan cancellation for teachers Section 460(b)(1)(A) ( 20 U.S.C. 1087j(b)(1)(A) ) is amended by striking that qualifies under section 465(a)(2)(A) for loan cancellation for Perkins loan recipients who teach in such schools or locations and inserting described in section 420N(b)(1)(B) . E Federal ONE Loans 461. Wind-down of Federal Perkins Loan Program (a) In general Except as otherwise provided in this section and notwithstanding section 462, the provisions of part E of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1087aa et seq.), as in effect on the day before the date of enactment of this Act, are deemed to be incorporated in this subsection as though set forth fully in this subsection, and shall have the same force and effect as on such day. (b) Close-Out audits (1) In general In the case of an institution of higher education that desires to have a final audit of its participation under the program under part E of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1087aa et seq.), as in effect pursuant to subsection (a), at the same time as its annual financial and compliance audit under section 487(c) of such Act ( 20 U.S.C. 1094(c) ), such institution shall submit to the Secretary a request, in writing, for such an arrangement not later than 60 days after the institution terminates its participation under such program. (2) Termination of participation For purposes of this subsection, an institution shall be considered to have terminated its participation under the program described in paragraph (1), if the institution— (A) (i) has made a determination not to service and collect student loans made available from funds under part E of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1087aa et seq.), as in effect pursuant to subsection (a); or (ii) has completed the servicing and collection of such student loans