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--Reported to Senate without amendment. (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Private Student Loan Transparency and Improvement Act of 2007 - Title I: Preventing Unfair and Deceptive Private Educational Lending Practices and Eliminating Conflicts of Interest -
(Sec. 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 -
(Sec. 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 -
(Sec. 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
(Sec. 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 -
(Sec. 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.


... morehide bill summary

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

Bill Status

Make a Bill Status Widget

	OpenCongress widgets allow you to display information about bills and issue areas on your own website or blog. First, select which bill or issue you want to track, then customize the appearance of the panel, and finally paste a simple chunk of HTML into your site. Now your community will have an easy, up-to-date way to track the status of important bills and issues in Congress.

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

Show All Actions (3 actions)Hide Actions

All Bill Actions

• Introduced on Apr 21, 2008.
• Apr 21, 2008: Committee on Banking, Housing, and Urban Affairs. Original measure reported to Senate by Senator Dodd. With written report No. 110-327.
• Added to calendar on Apr 21, 2008: Placed on Senate Legislative Calendar under General Orders. Calendar No. 702..

---

Related Issue Areas:

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

Data from the Congressional Research Service

Users tracking S.2894 (2) are also tracking:

Show More User Statistics... Hide User Statistics

In the News

We are not currently finding any news articles on this topic using our daily automated search of Google News. However, if you know of a relevant news article to display here, OpenCongress site editors have the ability to add it manually. Simply e-mail us the web address of this page and the web address of your suggested news article: We'll post relevant links as quickly as possible. Also, if this topic is important to you, you could write a letter to the editor -- if a news article refers this specific topic by name, a link to that news article is likely to appear here soon.

Information made available by:

Blog Coverage

September 30, 2008 August 2008 New Materials

Call No: Y 1.1/5:110-327, Title: Private Student Loan Transparency and Improvement Act of 2008 : report (to accompany S. 2894). Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. ...

Was this article useful? Yes or No

Source: Government Documents

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

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.

Was this article useful? Yes or No

Source: WashingtonWatch.com - Welcome to WashingtonWatc...

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

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 ]

Was this article useful? Yes or No

Source: Active Legislation -- Tracked by govtrack.us

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

1 more posts...
See most useful blog posts

Information made available by: