; and (2) by inserting before subsection (c) the following: (a) Available direct Perkins ARC annual loan authority There are hereby made available, from funds made available for loans made under part D, not to exceed $6,000,000,000 of annual loan authority for award year 2020–2021 and each succeeding award year until the program is determined by the Secretary to be self-sustaining, to be allocated under subsection (b). (b) Allocation based on previous allocation (1) In general From the amount appropriated pursuant to section 462(b), for each fiscal year, the Secretary shall allocate to each eligible institution an amount equal to not less than 90 percent and not more than 110 percent of the amount that the eligible institution received under this subsection and subsection (a) (as such subsections were in effect with respect to allocations for such fiscal year) for the previous fiscal year for which that institution received funds under this section. (2) Ratable reduction If the amount appropriated for any fiscal year is less than the amount required to be allocated to all institutions under paragraph (1), then the amount of the allocation to each such institution shall be ratably reduced. (3) No previous allocation In the case of an institution that has not received a previous allocation under this section, the Secretary shall allocate funds under this section solely on the basis of the self-help need determination described under subsection (c). . (d) Continued loan servicing Section 466 of the Higher Education Act of 1965 ( 20 U.S.C. 1087ff ) is amended by adding at the end the following: (d) Continued loan servicing The Secretary shall continue to make payments for student loan servicing to institutions of higher education that service outstanding existing Federal Perkins Loans awarded under part E of title IV prior to the date of the enactment of the Perkins Access, Retention, and Completion (ARC) Act. .