Skip to main content
S 445 114th Congress Senate Finance and Financial Sector Consumer credit Government information and archives Student aid and college costs

Simplifying Access to Student Loan Information Act of 2015

Introduced: February 10, 2015 Introduced by: Shaheen, Jeanne Democratic · New Hampshire See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 10, 2015
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Feb 10, 2015
Introduced in Senate
 Plain-English summary Congressional Research Service

Simplifying Access to Student Loan Information Act of 2015

Amends the Truth in Lending Act to require private educational lenders to submit to the Secretary of Education information regarding each private education loan they make.

Requires that such information: (1) be placed in the National Student Loan Data System (System), and (2) allow for the electronic exchange of data between the borrowers of those loans and the System. (The System currently contains information regarding loans made, insured, or guaranteed under the Federal Family Education Loan program and loans made under the William D. Ford Federal Direct Loan and Federal Perkins Loan programs.)

Requires the private education loan information to include, if determined appropriate by the Secretary:

  • the total amount and type of each loan;
  • the interest rate on each loan;
  • information regarding the borrower that the Secretary deems necessary to ensure the electronic exchange of data between the borrower and the System;
  • contact information regarding the lender and servicer of each loan;
  • information concerning the date of any default on the loan and the collection of the loan, including any information concerning the repayment status of any defaulted loan; and
  • the date the borrower completes repayment.

Requires private educational lenders to ensure the privacy of borrowers and update the loan information they submit to the System on the same schedule as information is updated under the System.

Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require the Secretary to ensure that: (1) a cosigner of a private education loan for which information is included in the System has access only to that information, and (2) a private educational lender has access to the System only to submit information regarding the lender's loans.

Directs the Secretary to establish a functionality within the System that enables student borrowers of loans made, insured, or guaranteed under title IV to input the information necessary to compare the repayment plans available to them under that title.

What's happening now February 10, 2015

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1