3.0.0 1400 2023-01-11T16:47:41Z 2023-01-11T16:47:41Z Senate S S 2007-05-15 110 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2007-05-15T20:11:59Z 2007-05-15 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S6139-6140) IntroReferral 2007-05-15 Sponsor introductory remarks on measure. (CR S6139) IntroReferral B00100 9 Library of Congress 2007-05-15 Introduced in Senate IntroReferral 10000 9 Library of Congress E000285 Sen. Enzi, Michael B. [R-WY] MICHAEL ENZI R WY B. N A000360 Sen. Alexander, Lamar [R-TN] Lamar Alexander R TN 2007-05-15 True A000109 Sen. Allard, Wayne [R-CO] A. ALLARD R CO WAYNE 2007-05-15 True B001135 Sen. Burr, Richard [R-NC] Richard Burr R NC Mauze 2007-05-15 True I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2007-05-15 True M001153 Sen. Murkowski, Lisa [R-AK] Lisa Murkowski R AK 2007-05-15 True Education Collection of accounts Commerce Consumer education Data banks Debtor and creditor Economics and Public Finance Education of the disadvantaged Educational counseling Federally-guaranteed loans Finance and Financial Sector Government Operations and Politics Government lending Government paperwork Higher education Interest Loan defaults Science, Technology, Communications Social Welfare Student loan funds Student records Students' rights Education 00 2007-05-15 Introduced in Senate 2007-07-03T19:59:21Z 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.

]]> Student Information Means a Positive Loan Experience Act of 2007 Display Title Student Information Means a Positive Loan Experience Act of 2007 Official Title as Introduced A bill to amend the Higher Education Act of 1965 to improve the information and repayment options to student borrowers, and for other purposes. Introduced in Senate IS Short Titles as Introduced Student Information Means a Positive Loan Experience Act of 2007 Introduced in Senate 2007-05-15T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s1400is/xml/BILLS-110s1400is.xml 2007-05-15 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S6139-6140) 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.