Student Information Means a Positive Loan Experience Act of 2007

A bill to amend the Higher Education Act of 1965 to improve the information and repayment options to student borrowers, and for other purposes.

5/15/2007--Introduced.
Student Information Means a Positive Loan Experience Act of 2007 - Amends the Higher Education Act of 1965 to give borrowers under the Federal Family Education Loan (FFEL) and Direct Loan (DL) programs the option to delay the repayment of principal on such loans for the first two years that they are in repayment, regardless of their repayment plan. Requires FFEL lenders to offer extended repayment plans to borrowers with $20,000 (currently, $30,000) of FFEL debt. Revises the definition of economic hardship to include individuals whose earnings do not exceed 150% of the poverty line applicable to their family size. Requires lenders that grant FFEL loan deferment or forbearance to inform borrowers of the impact such deferment or forbearance has on the ultimate cost of the loan. Directs lenders to inform borrowers seeking to consolidate loans:
(1) of loan costs and repayment terms, including the ability to prepay or change repayment plans;
(2) whether FFEL or DL repayment-related benefits will be lost;
(3) that certain Federal Perkins Loan (PL) interest-free periods and deferment and cancellation options will be lost;
(4) that other lenders may offer different terms; and
(5) that applying for such loans does not oblige borrowers to take them. Requires schools to inform prospective and enrolled students of the terms and conditions of FFEL, DL, and PL loans. Adds to the exit counseling information schools must provide to student borrowers. Requires certain information regarding:
(1) costs and repayment terms, including the ability to prepay or change repayment plans;
(2) loan forgiveness and forbearance options;
(3) the effects of consolidating such loans; and
(4) the availability of the National Student Loan Data System for use in obtaining information on their loan status.

... morehide bill summarySee Full Bill Text

Sponsor

• Sen. Michael Enzi [R, WY]
• and 5 Co-Sponsors
  • Sen. Lamar Alexander [R, TN]
  • Sen. Wayne Allard [R, CO]
  • Sen. Richard Burr [R, NC]
  • Sen. John Isakson [R, GA]
  • Sen. Lisa Murkowski [R, AK]
  close

Committees

• Senate Health, Education, Labor, and Pensions

Amendments

This bill has no amendments.

Amendments to S.1400

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 15, 2007

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All Bill Actions

• May 15, 2007: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
• May 15, 2007: Sponsor introductory remarks on measure. (CR S6139)
• Introduced on May 15, 2007.

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Related Issue Areas:

• Higher education
• Budgets
• Collection of accounts
• Consumer education
• 18 more
• Consumers
• Data banks
• Debtor and creditor
• Education
• Education of the disadvantaged
• Educational counseling
• Federally-guaranteed loans
• Finance
• Government information
• Government lending
• Government paperwork
• Interest
• Loan defaults
• Student loan funds
• Student records
• Students' rights
• Technology
• Welfare

Data from the Congressional Research Service

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In the News

October 12, 2007 Utah Marquee: Theater

PAINT YOUR WAGON Pioneer Theatre Company, 300 S. 1400 East, Salt Lake City; today at 8 pm; Saturday at 2 and 8 pm; $25 to $49 at 801-581-6961 or ...

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Source: Salt Lake Tribune, United States

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October 08, 2007 3 debates on vouchers planned

The event will be at 7 pm in the Sutherland Moot Courtroom, 332 S. 1400 East. Parking will be available at the U. stadium. Contact munsonm@law.utah.edu.

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Source: Deseret News, UT

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October 06, 2007 Bierstadt 1863 landscape of Salt Lake Valley on exhibit

... contemporary Western artists are on display through next weekend at the Loge Gallery of Pioneer Memorial Theatre, 300 S. 1400 East, Salt Lake City. ...

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Source: Salt Lake Tribune, United States

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Blog Coverage

September 05, 2008 Allocation of Wastewater Treatment Assistance: Formula and Other ...

In the 109th Congress, legislation to extend CWA infrastructure financing was approved by the Senate Environment and Public Works Committee (S. 1400, S.Rept. 109-186). It included changes to the allotment process. ...

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Source: RFF Library Blog

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March 25, 2008 David Hernandez: American Idol wannabe auditons for Rent

THE HEIRESS Pioneer Theatre Company; Simmons Pioneer Memorial Theater, 300 S. 1400 East, Salt Lake City; 7:30 pm; $21 to $39; children K-12 are half-price on Tuesdays; 801-581-6961; www.pioneertheatre.org. ...

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Source: Angels Tears - Movie Actor Edward Chen...

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January 29, 2008 [usef_nepal] Scholarship Announcements-66

380 S. 1400 East Salt Lake City, UT 84112 All applications must be postmarked by February 15, 2008. Date: Friday, Feb 15th, 2008 @ 10:00am ********************************************************************* ...

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Source: Scholarships

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