; and (2) by inserting , as in effect on the day before the date of enactment of the PROSPER Act , after 462 . 494. Administrative expenses Section 489(a) ( 20 U.S.C. 1096(a) ) is amended— (1) in the second sentence— (A) by striking subpart 3 of part A or part C, and inserting part C ; and (B) by striking or under part E of this title ; and (2) in the third sentence— (A) by striking its grants to students under subpart 3 of part A, ; and (B) by striking , and the principal amount of loans made during such fiscal year from its student loan fund established under part E, excluding the principal amount of any such loans which the institution has referred under section 463(a)(4)(B) . 494A. Repeal of advisory committee Section 491 ( 20 U.S.C. 1098 ) is repealed. 494B. Regional meetings and negotiated rulemaking Section 492 ( 20 U.S.C. 1098a ) is amended— (1) by redesignating subsections (c) and (d) as subsections (f) and (g), respectively