S. 1262 · 110th Congress
Student Loan Accountability and Disclosure Reform Act
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
EnziSponsor7 cosponsors · 7 R
6 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Student Loan Accountability and Disclosure Reform Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 (the Act) to expand prohibitions on guaranty agencies operating under the Federal Family Education Loan (FFEL) program by prohibiting their offering specified inducements to institutions of higher education (IHE) or lenders to…
What it does: CRS summary · Introduced in Senate · May 2, 2007
Student Loan Accountability and Disclosure Reform Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 (the Act) to expand prohibitions on guaranty agencies operating under the Federal Family Education Loan (FFEL) program by prohibiting their offering specified inducements to institutions of higher education (IHE) or lenders to secure business or providing certain services for such institutions without appropriate compensation.
Requires lenders to provide student loan applicants with certain written information regarding: (1) loan conditions; (2) their possible qualification for title IV assistance; (3) the method for determining the applicable interest rate; and (4) whether the loans provided exceed a student's attendance costs.
Directs the Secretary of Education and the Secretary of the Treasury to review the private educational loan market to identify possible discriminatory lending practices affecting students who qualify for a simplified needs test or application process.
Expands the activities disqualifying lenders from participation in the FFEL program, including: (1) offering specified inducements to IHEs; (2) performing certain uncompensated services for IHEs; and (3) entering into certain business arrangements with students or school financial aid employees.
Establishes a private loan exception to the prohibition IHE certification of a student's eligibility to borrow amounts in excess of those allowable under the FFEL program.
Requires limitation, suspension, or termination of an IHE's participation in title IV loan programs for noncompliance with a student loan code of conduct prohibiting IHEs or their financial aid employees from accepting certain inducements from, or entering into certain business arrangements with, lenders.
Bans IHEs from designating preferred lenders; but allows lenders to submit a standard electronic template to IHEs regarding loan conditions which will then be made available to students and their parents.
Terminates the authority of a school to serve as a lender or a lender to serve as a school trustee under the FFEL program.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Student Loan Accountability and Disclosure Reform Act
Latest action (May 2, 2007): Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S5500-5502)
Policy area: Education · Origin: Senate · Introduced: May 2, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.