3.0.0 3255 2023-01-13T04:50:55Z 2023-01-13T04:50:55Z Senate S S 2006-05-26 109 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2006-05-26T15:02:27Z 2006-05-26 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. IntroReferral 2006-05-26 Sponsor introductory remarks on measure. (CR S5344) IntroReferral B00100 9 Library of Congress 2006-05-26 Introduced in Senate IntroReferral 10000 9 Library of Congress C001041 Sen. Clinton, Hillary Rodham [D-NY] HILLARY CLINTON D NY R N M000702 Sen. Mikulski, Barbara A. [D-MD] BARBARA MIKULSKI D MD ANN 2006-05-26 True B000711 Sen. Boxer, Barbara [D-CA] BARBARA BOXER D CA 2006-06-06 False K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES 2006-06-06 False L000550 Sen. Landrieu, Mary L. [D-LA] MARY LANDRIEU D LA 2006-06-06 False L000304 Sen. Lieberman, Joseph I. [D-CT] JOSEPH LIEBERMAN D CT I. 2006-06-14 False Education Administrative remedies Bankruptcy Collection of accounts Commerce Consumer credit Counseling Debtor and creditor Earnings Fees Finance and Financial Sector Government Operations and Politics Government publicity Governmental investigations Higher education Interest rates Labor and Employment Law Loan defaults Social Welfare Student loan funds Education 00 2006-05-26 Introduced in Senate 2006-06-29T13:57:14Z Student Borrower Bill of Rights Act of 2006 - Urges the Department of Education to vigorously enforce rules requiring lenders to complete lender verification certificates in a timely manner for borrowers seeking to consolidate loans.

Amends the Higher Education Act of 1965 to require specified loan participants under the Federal Family Education Loan (FFEL) and Federal Perkins Loan programs to disclose to each national credit bureau organization any on-time payments made for such loans and their status as student loans.

Repeals the single holder rule which requires borrowers to apply to their current lenders for FFEL consolidation loans.

Offers Federal Direct Consolidation Loans (FDCLs) to borrowers who are unable to obtain insured FFEL consolidation loans with income-sensitive repayment terms.

Requires FFEL consolidation loan borrowers or lenders to pay the Department 1% of the balance owed on the sum of such loans to obtain a subsequent FFEL consolidation loan. Allows borrowers to refinance FDCLs.

Creates a student borrower bill of rights requiring lenders to provide student borrowers with specified loan information at specified periods of time. Urges the Department to distribute a training manual and provide technical assistance to those counseling borrowers concerning the repayment of federal student loans.

Limits, on the basis of a borrower's income, the monthly payment amount required of federal student loan borrowers. Discharges such borrowers' loan liability if they cannot engage in any substantial gainful activity due to a medically determinable impairment which can be expected to result in death or last at least 60 continuous months. Amends federal bankruptcy law to discharge certain educational benefit overpayments, repayments, and student loan debt.

Directs the Secretary to study the interest rates and fees charged to private student loan borrowers. Limits the collection fee on defaulted federal student loans and the total interest and fees that can be imposed on such loan borrowers.

Requires institutions of higher education that enroll students receiving assistance, and tout the employment prospects of their graduates, to make information publicly available concerning graduates' employment, earnings, and loan defaults. Establishes a settlement and appeals process for federal student loan borrowers who suffer economic losses from violation of their rights. Makes institutions of higher education liable for the total amount of a federal student loan if they provide incentives to admissions officers to secure student enrollments or financial aid. Requires lenders to provide borrowers with an easy and unbiased means of designating an overpayment as a prepayment or payment against federal student loan principal.

]]> Student Borrower Bill of Rights Act of 2006 Display Title Student Borrower Bill of Rights Act of 2006 Official Title as Introduced A bill to provide student borrowers with basic rights, including the right to timely information about their loans and the right to make fair and reasonable loan payments, and for other purposes. Introduced in Senate IS Short Titles as Introduced Student Borrower Bill of Rights Act of 2006 Introduced in Senate 2006-05-26T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s3255is/xml/BILLS-109s3255is.xml 2006-05-26 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.