Federal ledger simply by maintaining and investing in a home mortgage. 3. Program to expand access to mortgages to eligible creditworthy homebuyers with Federal student loan debt (a) Establishment From amounts appropriated pursuant to subsection (g), the Secretary of the Department of Housing and Urban Development and the Director of the Federal Housing Finance Agency shall jointly establish and carry out a pilot demonstration program to provide assistance to eligible applicants in purchasing eligible properties. (b) Eligible applicants To be eligible for the program established in this Act, an applicant— (1) shall have an outstanding balance of principal or interest owing on a loan made, insured, or guaranteed under title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070 et seq.)