; and ; and (iii) by adding at the end the following: (4) any amount provided to the applicant, or on whose behalf funds are disbursed, under an income share agreement, as defined in section 2 of the ISA Student Protection Act of 2023 . ; and (B) in subsection (f)(1), by inserting amounts provided to an individual, or on whose behalf the funds are disbursed, under an income share agreement, as defined in section 2 of the ISA Student Protection Act of 2023 , after income producing property, . (2) Effective date The amendments made by paragraph (1) shall take effect as if included in section 702 of the FAFSA Simplification Act (title VII of division FF of Public Law 116–260 ; 134 Stat. 3191) and in accordance with section 701(b) of such Act. (b) Program participation agreements Section 487(d)(1)(D) of the Higher Education Act of 1965 ( 20 U.S.C. 1094(d)(1)(D) ) is amended— (1) in clause (ii), by striking and after the semicolon; (2) in clause (iii), by inserting and after the semicolon; and (3) by adding at the end the following: (iv) in the case of educational income share agreements (as such term is defined in section 2 of the ISA Student Protection Act of 2023 ) made by a proprietary institution of higher education, only the amount of ISA payments (as defined in such section) received during the applicable institutional fiscal year, to the extent the amount of such payments on the educational income share agreement does not exceed the income share amount financed under such educational income share agreement; . (c) Preferred lender arrangement definitions Section 151 of the Higher Education Act of 1965 ( 20 U.S.C. 1019 ) is amended— (1) by redesignating paragraphs (3), (4), (5), and (6) through (9) as paragraphs (4), (5), (6), and (9) through (12), respectively; (2) by inserting after paragraph (2) the following: (3) Educational ISA The term educational ISA has the meaning given the term in section 2 of the ISA Student Protection Act of 2023 .