; (B) in paragraph (3)(A), by inserting before July 1, 2019 after students ; (C) in paragraph (4), by striking thereon— and all that follows and inserting thereon, if the institution has failed to maintain an acceptable collection record with respect to such loan, as determined by the Secretary in accordance with criteria established by regulation, the Secretary may require the institution to assign such note or agreement to the Secretary, without recompense; ; and (D) in paragraph (5), by striking and the Secretary shall apportion and all that follows through in accordance with section 462 and inserting and the Secretary shall return a portion of funds from loan repayments to the institution as specified in section 466(b) ; (2) by amending subsection (b) to read as follows: (b) Administrative expenses An institution that has entered into an agreement under subsection (a) shall be entitled, for each fiscal year during which it services student loans from a student loan fund established under such agreement, to a payment in lieu of reimbursement for its expenses in servicing student loans made before July 1, 2019. Such payment shall be equal to 0.50 percent of the outstanding principal and interest balance of such loans being serviced by the institution as of September 30 of each fiscal year. ; and (3) by adding at the end the following: (f) Contents of agreements for loans made On or after july 1, 2019 An agreement with any institution of higher education that elects to participate in the Federal Direct Perkins Loan program under section 455A shall provide— (1) for the establishment and maintenance of a Direct Perkins Loan program at the institution under which the institution shall use loan authority allocated under section 462A to make loans to eligible students attending the institution; (2) that the institution, unless otherwise specified in this subsection, shall operate the program consistent with the requirements of agreements established under section 454