; (3) in section 496(c)(3)(A) (20 U.S.C. 1099b(c)(3)(A)), by striking section 487(f) and inserting section 487(e) ; and (4) in section 498(k)(1) (20 U.S.C. 1099c(k)(1)), by striking section 487(f) and inserting section 487(e) . 102. Process for for-profit institutions to convert to nonprofit or public status (a) Conversion process Part B of title I (20 U.S.C. 1011 et seq.) is further amended by adding at the end the following: 124. Process for for-profit institutions to convert to nonprofit or public status (a) Determination (1) In general In any case where the Secretary determines that a for-profit institution of higher education, as defined in section 102(b), meets the applicable requirements of subsection (b), the Secretary shall approve the conversion of the institution of higher education to a nonprofit or public institution of higher education for not more than a 5-year period. (2) Periodic review For each for-profit institution that is converted under this section to a nonprofit or public institution of higher education, the Secretary shall— (A) review the determination not less than once every 5 years; and (B) at the conclusion of a review described in subparagraph (A)— (i) in a case where the Secretary determines the institution continues to meet the requirements of this section, approve the institution’s status as a nonprofit institution of higher education or public institution of higher education for an additional period not to exceed 5 years; and (ii) in a case where the Secretary determines the institution no longer meets the requirements, classify the institution as a for-profit institution. (b) Requirements To be eligible to convert to a nonprofit or public institution of higher education, a for-profit institution of higher education shall submit an application to the Secretary that demonstrates that— (1) the institution, as of the date of the application, meets the definition of a nonprofit or public institution of higher education