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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jun 5, 1975.
Higher Education Reconstruction Finance Corporation Act - Title I: General Provisions - Defines the terms used in this Act. Title II: Higher Education Reconstruction Finance Corporation - Establishes the Higher Education Reconstruction Finance Corporation to make loans to institutions of higher education for programs and activities initiated before the date of enactment of this Act. Requires, with a procedure for making exceptions, that no institution of higher education seeking such a loan shall increase any costs of education to students at such institutions during the academic year which begins during the calendar year in which such loan is made. Establishes, and specifies the membership and functions, and powers of, a Board of Directors to manage the Corporation. Provides for the auditing and reporting of audits of the accounts of the Corporation in each fiscal year. Directs the Corporation to report to the President and the Congress with respect to its operations and activities. Authorizes the appropriation of sums necessary to carry out the purposes of this Act.