3.0.0 486 2023-01-11T19:59:04Z 2023-01-11T19:59:04Z Senate S S 2007-02-01 110 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2007-02-02T00:47:33Z Student Loan Sunshine Act 110 890 HR 2007-06-05 Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness. Identical bill CRS 2007-02-01 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 S1534-1536) IntroReferral 2007-02-01 Sponsor introductory remarks on measure. (CR S1533-1534) IntroReferral B00100 9 Library of Congress 2007-02-01 Introduced in Senate IntroReferral 10000 9 Library of Congress K000105 Sen. Kennedy, Edward M. [D-MA] EDWARD KENNEDY D MA MOORE N D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2007-02-01 True C001041 Sen. Clinton, Hillary Rodham [D-NY] HILLARY CLINTON D NY R 2007-02-01 True H000206 Sen. Harkin, Tom [D-IA] THOMAS HARKIN D IA RICHARD 2007-02-01 True R000361 Sen. Rockefeller, John D., IV [D-WV] JAY ROCKEFELLER D WV 2007-02-01 True K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES 2007-02-01 True S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2007-02-01 True S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. 2007-02-08 False B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2007-03-05 False O000167 Sen. Obama, Barack [D-IL] Barack Obama D IL 2007-04-12 False F000061 Sen. Feingold, Russell D. [D-WI] RUSSELL FEINGOLD D WI D. 2007-04-17 False Education Advertising Collection of accounts College costs Colleges Commerce Congress Congressional investigations Congressional reporting requirements Consumer complaints Consumer education Debtor and creditor Deceptive advertising Directories Economics and Public Finance Federal aid to education Federally-guaranteed loans Fees Finance and Financial Sector Fines (Penalties) Gifts Government Operations and Politics Government lending Government paperwork Government publicity Higher education Inspectors general Interest rates Law Loan defaults Marketing Scholarships School personnel Signs and symbols Student aid Student loan funds Education 00 2007-02-01 Introduced in Senate 2007-02-23T22:36:33Z Student Loan Sunshine Act - Amends the Higher Education Act of 1965 to require each lender entering into an educational loan arrangement with a postsecondary school to: (1) report annually to the Secretary of Education specified information concerning such arrangement; (2) inform borrowers of their loan options under title IV (Student Assistance) before extending private educational loans for attendance at such school; and (3) be barred by such school from marketing such loans in a manner implying the school's endorsement.

Directs the Secretary to report to specified congressional committees on the adequacy of educational loan information provided to borrowers, including a model format for lender use in providing annual loan information to the Secretary and covered schools.

Requires any school that provides prospective borrowers with private educational loan information to: (1) include information on their title IV assistance eligibility; and (2) compare and distinguish private loans from title IV loans.

Bars lenders or guarantors of educational loans from offering gifts to school employees or agents.

Directs the Comptroller General to study the effect loan arrangements and lender inducements to schools have on loan terms.

Imposes conditions on school maintenance of preferred lender lists, requiring that lenders be listed on the basis of the benefits they provide borrowers.

Amends the Truth in Lending Act to require lenders of private educational loans to provide specified information to prospective borrowers and, if the loan equals or exceeds $1,000, notify the relevant school of the proposed loan. Requires such schools to notify the prospective borrower whether and to what extent such loan exceeds the student's attendance costs, after considering other assistance the student has or is eligible to receive.

]]> Student Loan Sunshine Act Official Title as Introduced A bill to establish requirements for lenders and institutions of higher education in order to protect students and other borrowers receiving educational loans. Introduced in Senate IS Display Title Student Loan Sunshine Act Short Titles as Introduced Student Loan Sunshine Act Introduced in Senate 2007-02-01T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s486is/xml/BILLS-110s486is.xml 2007-02-01 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S1534-1536) 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.