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Private Student Loan Transparency and Improvement Act of 2007

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

4/21/2008--Introduced.
Private Student Loan Transparency and Improvement Act of 2007 - 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 advantag more...e 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. Sets forth mandatory terms and disclosures governing private educational loans.
Requires the lender to disclose before the loan transaction is consummated the terms governing the interest rate and payments. 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. 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 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.
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Sponsor

• Sen. Christopher Dodd [D, CT]

Committees

• Senate Banking, Housing, and Urban Affairs

Amendments

This bill has no amendments.

Amendments to S.2894

Number	Status	Purpose

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Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
April 21, 2008

Related Issue Areas:

• Students
• Student loan funds
• Student aid
• Signs and symbols
• 25 more
• School personnel
• Restrictive trade practices
• Personal budgets
• Minorities
• Liability (Law)
• Law
• Higher education
• Gifts
• Emblems
• Education
• Debtor and creditor
• Consumers
• Consumer education
• Consumer credit
• Congressional reporting requirements
• Congressional investigations
• Congress
• Conflict of interests
• Community development banking
• Communications
• College costs
• College administration
• Business
• Black colleges
• Finance

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Blog Coverage

April 20, 2008 S. 2894, An original bill to establish requirements for private ...

S. 2894 would establish requirements for private lenders to protect student borrowers receiving private educational loans.... Vote on This Bill: For | Against.

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April 20, 2008 Bill Action: Scheduled for Debate: S. 2894: An original bill to ...

This bill has been added to a schedule of legislation to be considered for debate, or has been recommended by a committee to be considered. [This event matched these trackers: Active Legislation ]

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April 20, 2008 Bill Introduced: S.2894 An original bill to establish requirements ...

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

Source: Open Congress : Senate Banking, Housing,...
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