3.0.0 511 2023-01-11T19:58:44Z 2023-01-11T19:58:44Z Senate S S 2007-02-07 110 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2007-02-07T19:05:11Z 2007-02-07 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. IntroReferral 2007-02-07 Sponsor introductory remarks on measure. (CR S1711) IntroReferral B00100 9 Library of Congress 2007-02-07 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 2007-02-07 True K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES 2007-02-07 True L000304 Sen. Lieberman, Joseph I. [ID-CT] JOSEPH LIEBERMAN ID CT I. 2007-02-07 True B000711 Sen. Boxer, Barbara [D-CA] BARBARA BOXER D CA 2007-02-08 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 2007-02-07 Introduced in Senate 2007-03-01T22:25:46Z Student Borrower Bill of Rights Act of 2007 - Urges the Department of Education to enforce vigorously 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.

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 Federal Direct Consolidation Loans.

Creates a student borrower bill of rights.

Requires the Secretary to limit a federal student loan borrower's monthly payments on the basis of the borrower's income.

Revises the requirement that the Secretary discharge the liability of a permanently and totally disabled borrower by repaying the amount owed on the loan. Requires such a discharge even if a borrower, although not permanently and totally disabled, is unable to engage in any substantial gainful activity because of a medically determinable impairment which can be expected to result in death or last at least 60 continuous months.

Amends federal bankruptcy law to allow discharge of 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 (IHEs) 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 an appeals and settlement process for federal student loan borrowers who suffer economic losses from violation of their rights.

Makes IHEs liable to a federal student loan borrower for the total amount of a student loan if they provide specified prohibited incentives to admissions officers to secure student enrollments or financial aid.

Prohibits participating IHEs from causing unnecessary loan processing delays for borrowers who use lenders they do not recommend or suggest.

]]> Student Borrower Bill of Rights Act of 2007 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 Display Title Student Borrower Bill of Rights Act of 2007 Short Titles as Introduced Student Borrower Bill of Rights Act of 2007 Introduced in Senate 2007-02-07T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s511is/xml/BILLS-110s511is.xml 2007-02-07 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.