Student Loan Accountability and Disclosure Reform Act

A bill to protect students receiving student loans, and for other purposes.

5/2/2007--Introduced.
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.


... morehide bill summarySee Full Bill Text

Sponsor

• Sen. Michael Enzi [R, WY]
• and 7 Co-Sponsors
  • Sen. Lamar Alexander [R, TN]
  • Sen. Wayne Allard [R, CO]
  • Sen. Richard Burr [R, NC]
  • Sen. Orrin Hatch [R, UT]
  • Sen. John Isakson [R, GA]
  • Sen. Lisa Murkowski [R, AK]
  • Sen. Pat Roberts [R, KS]
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Committees

• Senate Health, Education, Labor, and Pensions

Amendments

This bill has no amendments.

Amendments to S.1262

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
May 02, 2007

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All Bill Actions

• May 02, 2007: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
• May 02, 2007: Sponsor introductory remarks on measure. (CR S5499-5500)
• Introduced on May 02, 2007.
• May 02, 2007: Introductory remarks on measure. (CR S5499-5500)

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Related Issue Areas:

• Higher education
• Budgets
• Civil rights
• Collection of accounts
• 37 more
• College administration
• College costs
• Colleges
• Conflict of interests
• Congressional reporting requirements
• Consultants
• Consumer education
• Consumers
• Discrimination in consumer credit
• Education
• Educational technology
• Equipment and supplies
• Ethics
• Federal aid to education
• Fees
• Finance
• Fines (Penalties)
• Gifts
• Government information
• Government paperwork
• Governmental investigations
• Information technology
• Interest rates
• Law
• Loan defaults
• School personnel
• Securities
• Stocks
• Student aid
• Student loan funds
• Students' rights
• Technology
• Telecommunication
• Transportation
• Travel costs
• Trusts and trustees
• Web sites

Data from the Congressional Research Service

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Blog Coverage

February 24, 2008 The Witherfield Dialogues, Pt.2

Me: Also, I’m so glad you addressed S.1262, that hard fought TEQ Act. The one which Hillary co-sponsored with Frist. Do you know who else was a co-sponsor??? That’s right. Barack Obama, he and five other democratic senators. ...

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May 01, 2007 Bill Action: Introduced: S. 1262: A bill to protect students ...

Sen. Michael Enzi [R-WY] introduced this bill. [This event matched these monitors: Active Legislation ]

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