S. 2894 (110th): Private Student Loan Transparency and Improvement Act of 2007

Introduced:
Apr 21, 2008 (110th Congress, 2007–2009)
Status:
Died (Reported by Committee)
Sponsor
Christopher Dodd
Senator from Connecticut
Party
Democrat
Text
Read Text »
Last Updated
Apr 21, 2008
Length
28 pages
 
Status

This bill was introduced on April 21, 2008, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 21, 2008
Reported by Committee Apr 21, 2008
 
Full Title

An original bill to establish requirements for private lenders to protect student borrowers receiving private educational loans, and for other purposes.

Summary

No summaries available.

Cosponsors
none
Committees

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


4/21/2008--Reported to Senate without amendment.
Private Student Loan Transparency and Improvement Act of 2007 -
Title I - Preventing Unfair and Deceptive Private Educational Lending Practices and Eliminating Conflicts of Interest
Section 101 -
Amends the Truth in Lending Act to prohibit a private educational lender from: (1) offering or providing any gift to specified educational institutions or their personnel in exchange for any advantage or consideration provided to such lender related to its educational loan activities; or (2) engaging in revenue sharing with such institutions.
Prohibits such lender from marketing loans in any way that implies the institution endorses the lender's private educational loans (co-branding).
Prohibits an employee in the financial aid office of an educational institution who has responsibilities regarding financial aid, and also serves on an advisory group established by a lender, from receiving anything of value from such lender.
States it is unlawful for a lender to impose a fee or penalty for early repayment or prepayment of any private educational loan.
Subjects violations of this Act to civil liability.
Title II - Improved Disclosures for Private Educational Loans
Section 201 -
Sets forth mandatory terms and disclosures governing private educational loans, including applications and solicitations without the requirement of an application.
Requires the lender to disclose before the loan transaction is consummated the terms governing the interest rate and payments.
Applies the Truth in Lending Act to all private educational loans.
Title III - College Affordability
Section 301 -
Requires the appropriate federal financial supervisory agency to give a private educational lender credit toward meeting community credit needs, for purposes of the Community Reinvestment Act of 1977, for making low-cost private educational loans to low-income borrowers.
Title IV: Financial Literacy
Section 401 -
Directs the Secretary of the Treasury to engage in specified coordinated education efforts to enhance financial literacy among students at institutions of higher education.
Directs the Financial Literacy and Education Commission to report to Congress on the state of financial education among students at institutions of higher education.
Title V - Study and Report on Nonindividual Information
Section 501 -
Directs the Comptroller General to study and report to Congress on the impact on borrowers of the inclusion of nonindividual factors, including cohort default rate, accreditation, and graduation rate at institutions of higher education, used in the underwriting criteria to determine the pricing of private educational loans.
Requires such study to examine: (1) whether and to what extent the inclusion of nonindividual factors increases access to such loans for borrowers who lack credit history; or results in less favorable rates for them; and (2) affects the types of private educational loan products and rates available at certain institutions of higher education.
Requires also an assessment of the extent to which the use of nonindividual factors in underwriting may have a disparate impact on the pricing of private educational loans, based on gender, race, income level, and institution of higher education.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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