S. 1354 · 116th Congress
Student Loan Borrower Bill of Rights
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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DurbinSponsor9 cosponsors · 9 D
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Reed
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Warren
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Brown
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Harris
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Merkley
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Blumenthal
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Klobuchar
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Duckworth
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Smith2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill places additional requirements on postsecondary educational lenders and servicers and provides certain consumer protections to borrowers.
What it does: CRS summary · Introduced in Senate · May 7, 2019
Student Loan Borrower Bill of Rights
This bill places additional requirements on postsecondary educational lenders and servicers and provides certain consumer protections to borrowers.
Specifically, postsecondary educational lenders and servicers must provide borrowers with additional disclosures (1) before their first fully amortized payment is due, (2) when the borrower is identified as at risk of default, (3) when the borrower is delinquent on payments or has difficulty making payments, and (4) when a loan is transferred or sold.
Further, servicers and lenders must (1) respond to borrower inquiries, (2) establish repayment specialists to assist borrowers who are at risk of default, (3) designate a service member and veterans liaison, and (4) make borrower loan information available in a secure electronic form. Servicers and lenders are prohibited from using mandatory arbitration clauses or class action restrictions.
The bill also (1) standardizes the application and allocation of payments among multiple loans, and (2) limits when borrowers may be subject to late fees.
Additionally, institutions of higher education must certify private education loans prior to a lender consummating a loan with a borrower.
The bill directs the Department of Education to (1) establish a student loan servicing interagency working group, which must make recommendations and develop policy direction related to servicing contracts; and (2) establish a centralized point of access for all borrowers, which must include account information and payment processing.
The Consumer Financial Protection Bureau must develop and issue model forms to allow borrowers to compare alternative repayment options, forbearance, and deferment options.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Student Loan Borrower Bill of Rights
Latest action (May 7, 2019): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Policy area: Education · Origin: Senate · Introduced: May 7, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.