S.Amdt. 2096

SA 2096. Mrs. SHAHEEN submitted an amendment intended to be proposed
by her to the bill S. 2155, to promote economic growth, provide
tailored regulatory relief, and enhance consumer protections, and for
other purposes; which was ordered to lie on the table; as follows:

At the end of title III, insert the following:

SEC. 308. SIMPLIFYING ACCESS TO STUDENT LOAN INFORMATION.

(a) Amendment to the Truth in Lending Act.--
(1) In general.--Section 128(e) of the Truth in Lending Act
(15 U.S.C. 1638(e)) is amended by adding at the end the
following:
``(12) National student loan data system.--
``(A) In general.--Each private educational lender shall,
in accordance with title V of the Gramm-Leach-Bliley Act (15
U.S.C. 6801 et seq.)--
``(i) submit to the Secretary of Education for inclusion in
the National Student Loan Data System established under
section 485B of the Higher Education Act of 1965 (20 U.S.C.
1092b) information regarding each private education loan made
by such lender that will allow for the electronic exchange of
data between borrowers of private education loans and the
System; and
``(ii) in carrying out clause (i), ensure the privacy of
private education loan borrowers.
``(B) Information to be submitted.--The information
regarding private education loans required under subparagraph
(A) to be included in the National Student Loan Data System
shall include the following if determined appropriate by the
Secretary of Education:
``(i) The total amount and type of each such loan made,
including outstanding interest and outstanding principal on
such loan.
``(ii) The interest rate of each such loan made.
``(iii) Information regarding the borrower that the
Secretary of Education determines is necessary to ensure the
electronic exchange of data between borrowers of private
education loans and the System.
``(iv) Information, including contact information,
regarding the lender that owns the loan.
``(v) Information, including contact information, regarding
the servicer that is handling the loan.
``(vi) Information concerning the date of any failure to
repay a loan according to the terms agreed to in the
promissory note, such as a default on the loan, and the
collection of the loan, including any information concerning
the repayment status of that loan.
``(vii) Information regarding any instance in which the
borrower has been allowed to temporarily stop making payments
or to temporarily reduce monthly payment amounts for a
specified period, such as a deferment or forbearance granted
on the loan.
``(viii) The date of the completion of repayment by the
borrower of the loan.
``(ix) Any other information determined by the Secretary of
Education to be necessary for the operation of the National
Student Loan Data System.
``(C) Update.--Each private educational lender shall update
the information regarding private education loans required
under subparagraph (A) to be included in the National Student
Loan Data System on the same schedule as information is
updated under the System under section 485B of the Higher
Education Act of 1965 (20 U.S.C. 1092b).''.
(2) Effective date.--The amendment made by paragraph (1)
shall apply to private education loans that are made for the
2018-2019 academic year or later.
(b) Amendment to the Higher Education Act of 1965.--Section
485B of the Higher Education Act of 1965 (20 U.S.C. 1092b) is
amended--
(1) in subsection (d)--
(A) by redesignating paragraphs (5) and (6) as paragraphs
(6) and (7), respectively; and
(B) by inserting after paragraph (4) the following:
``(5) ensuring that the data system--
``(A) displays for borrowers the date the borrower's
information was last updated;
``(B) includes a statement that the most accurate and up-
to-date information can be found by contacting the borrower's
loan servicer; and
``(C) includes contact information for each loan
servicer;''; and
(2) by adding at the end the following:
``(i) Private Education Loans.--
``(1) In general.--Not later than 1 year after the date of
enactment of this subsection, the National Student Loan Data
System established pursuant to subsection (a) shall contain
the information required to be included under section
128(e)(12) of the Truth in Lending Act (15 U.S.C.
1638(e)(12)).
``(2) Cosigner.--Notwithstanding any other provision of
law, the Secretary shall ensure that any cosigner of a
private education loan for which information is included in
the National Student Loan Data System--
``(A) is able to access the information in such System with
respect to such private education loan in a separate account
for such cosigner; and
``(B) does not have access to any information in such
System with respect to any loan for which the cosigner has
not cosigned.
``(3) Privacy.--The Secretary shall ensure that a private
educational lender--
``(A) has access to the National Student Loan Data System
only to submit information for such System regarding the
private education loans of such lender; and
``(B) may not see information in the System regarding the
loans of any other lender.
``(j) Additional Nslds Functionalities.--Not later than 1
year after the date of enactment of this subsection, the
Secretary shall establish--
``(1) a functionality within the National Student Loan Data
System established pursuant to subsection (a) that enables a
student borrower of a loan made, insured, or guaranteed under
this title to input information necessary for the estimation
of repayment amounts under the various repayment plans
available to the borrower of such loan to compare such
repayment plans; and
``(2) a functionality within the National Student Loan Data
System established pursuant to subsection (a) that
facilitates the reporting of student enrollment status
information to private educational lenders who have reported
open loans for such students.''.
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