[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 2894 Placed on Calendar Senate (PCS)]






                                                       Calendar No. 702
110th CONGRESS
  2d Session
                                S. 2894

                          [Report No. 110-327]

   To establish requirements for private lenders to protect student 
 borrowers receiving private educational loans, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 21, 2008

 Mr. Dodd, from the Committee on Banking, Housing, and Urban Affairs, 
 reported the following original bill; which was read twice and placed 
                            on the calendar

_______________________________________________________________________

                                 A BILL


 
   To establish requirements for private lenders to protect student 
 borrowers receiving private educational loans, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Private Student 
Loan Transparency and Improvement Act of 2007''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
Sec. 3. Regulations.
Sec. 4. Effective dates.
 TITLE I--PREVENTING UNFAIR AND DECEPTIVE PRIVATE EDUCATIONAL LENDING 
            PRACTICES AND ELIMINATING CONFLICTS OF INTEREST

Sec. 101. Amendment to the Truth in Lending Act.
Sec. 102. Civil liability.
Sec. 103. Clerical amendment.
      TITLE II--IMPROVED DISCLOSURES FOR PRIVATE EDUCATIONAL LOANS

Sec. 201. Private educational loan disclosures and limitations.
Sec. 202. Application of Truth in Lending Act to all private 
                            educational loans.
                    TITLE III--COLLEGE AFFORDABILITY

Sec. 301. Community Reinvestment Act credit for low-cost loans.
                      TITLE IV--FINANCIAL LITERACY

Sec. 401. Coordinated education efforts.
         TITLE V--STUDY AND REPORT ON NONINDIVIDUAL INFORMATION

Sec. 501. Study and report on nonindividual information.

SEC. 2. DEFINITIONS.

    As used in this Act--
            (1) the term ``Board'' means the Board of Governors of the 
        Federal Reserve System;
            (2) the term ``covered educational institution''--
                    (A) means any educational institution that offers a 
                postsecondary educational degree, certificate, or 
                program of study (including any institution of higher 
                education); and
                    (B) includes an agent or employee of the 
                educational institution;
            (3) the terms ``Federal banking agencies'' and 
        ``appropriate Federal banking agency'' have the same meanings 
        as in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 
        1813);
            (4) the term ``institution of higher education'' has the 
        same meaning as in section 102 of the Higher Education Act of 
        1965 (20 U.S.C. 1002);
            (5) the term ``postsecondary educational expenses'' means 
        any of the expenses that are included as part of the cost of 
        attendance of a student, as defined under section 472 of the 
        Higher Education Act of 1965 (20 U.S.C. 1087ll);
            (6) the term ``private educational lender'' means--
                    (A) a financial institution, as defined in section 
                3 of the Federal Deposit Insurance Act (12 U.S.C. 1813) 
                that solicits, makes, or extends private educational 
                loans;
                    (B) a Federal credit union, as defined in section 
                101 of the Federal Credit Union Act (12 U.S.C. 1752) 
                that solicits, makes, or extends private educational 
                loans; and
                    (C) any other person engaged in the business of 
                soliciting, making, or extending private educational 
                loans; and
            (7) the term ``private educational loan''--
                    (A) means a loan provided by a private educational 
                lender that--
                            (i) is not made, insured, or guaranteed 
                        under part B of title IV of the Higher 
                        Education Act of 1965 (20 U.S.C. 1070 et seq.); 
                        and
                            (ii) is issued by a private educational 
                        lender expressly for postsecondary educational 
                        expenses to a borrower, regardless of whether 
                        the loan is provided through the educational 
                        institution that the subject student attends or 
                        directly to the borrower from the lender; and
                    (B) does not include an extension of credit under 
                an open end consumer credit plan, a residential 
                mortgage transaction (as those terms are defined in 
                section 103 of the Truth in Lending Act), or any other 
                loan that is secured by real property or a dwelling.

SEC. 3. REGULATIONS.

    The Board shall issue final regulations to implement this Act and 
the amendments made by this Act not later than 180 days after the date 
of enactment of this Act.

SEC. 4. EFFECTIVE DATES.

    This Act and the amendments made by this Act shall become effective 
180 days after the date on which regulations to carry out this Act and 
the amendments made by this Act are issued in final form.

 TITLE I--PREVENTING UNFAIR AND DECEPTIVE PRIVATE EDUCATIONAL LENDING 
            PRACTICES AND ELIMINATING CONFLICTS OF INTEREST

SEC. 101. AMENDMENT TO THE TRUTH IN LENDING ACT.

    Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is 
amended by adding at the end the following new section:
``Sec. 140. Preventing unfair and deceptive private educational lending 
              practices and eliminating conflicts of interest
    ``(a) Definitions.--As used in this section--
            ``(1) the term `covered educational institution'--
                    ``(A) means any educational institution that offers 
                a postsecondary educational degree, certificate, or 
                program of study (including any institution of higher 
                education); and
                    ``(B) includes an agent or employee of the 
                educational institution;
            ``(2) the term `gift'--
                    ``(A) means any gratuity, favor, discount, 
                entertainment, hospitality, loan, or other item having 
                a monetary value of more than $10, including a gift of 
                services, transportation, lodging, or meals, whether 
                provided in kind, by purchase of a ticket, payment in 
                advance, or reimbursement after the expense has been 
                incurred; and
                    ``(B) does not include--
                            ``(i) standard informational material 
                        related to a loan (such as a brochure);
                            ``(ii) food, refreshments, training, or 
                        informational material furnished to an employee 
                        or agent of a covered educational institution, 
                        as an integral part of a training session or 
                        through participation in an advisory council 
                        that is designed to improve the service of the 
                        lender to the covered educational institution, 
                        if such training or participation contributes 
                        to the professional development of the employee 
                        or agent of the covered educational 
                        institution; or
                            ``(iii) favorable terms, conditions, and 
                        borrower benefits on an educational loan 
                        provided to a student employed by the covered 
                        educational institution;
            ``(3) the term `institution of higher education' has the 
        same meaning as in section 102 of the Higher Education Act of 
        1965 (20 U.S.C. 1002);
            ``(4) the term `postsecondary educational expenses' means 
        any of the expenses that are included as part of the cost of 
        attendance of a student, as defined under section 472 of the 
        Higher Education Act of 1965 (20 U.S.C. 1087ll);
            ``(5) the term `private educational lender' means--
                    ``(A) a financial institution, as defined in 
                section 3 of the Federal Deposit Insurance Act (12 
                U.S.C. 1813) that solicits, makes, or extends private 
                educational loans;
                    ``(B) a Federal credit union, as defined in section 
                101 of the Federal Credit Union Act (12 U.S.C. 1752) 
                that solicits, makes, or extends private educational 
                loans; and
                    ``(C) any other person engaged in the business of 
                soliciting, making, or extending private educational 
                loans;
            ``(6) the term `private educational loan'--
                    ``(A) means a loan provided by a private 
                educational lender that--
                            ``(i) is not made, insured, or guaranteed 
                        under part B of title IV of the Higher 
                        Education Act of 1965 (20 U.S.C. 1070 et seq.); 
                        and
                            ``(ii) is issued by a private educational 
                        lender expressly for postsecondary educational 
                        expenses to a borrower, regardless of whether 
                        the loan is provided through the educational 
                        institution that the subject student attends or 
                        directly to the borrower from the lender; and
                    ``(B) does not include an extension of credit under 
                an open end consumer credit plan, a residential 
                mortgage transaction, or any other loan that is secured 
                by real property or a dwelling; and
            ``(7) the term `revenue sharing' means an arrangement 
        between a covered educational institution and a private 
        educational lender under which--
                    ``(A) a private educational lender provides or 
                issues private educational loans to students attending 
                the covered educational institution or to the parents 
                of such students;
                    ``(B) the covered educational institution 
                recommends to students or others the private 
                educational lender or the private educational loans of 
                the private educational lender; and
                    ``(C) the private educational lender pays a fee or 
                provides other material benefits, including profit or 
                revenue sharing, to the covered educational institution 
                or to the officers, employees, or agents of the covered 
                educational institution in connection with the private 
                educational loans provided to students attending the 
                covered educational institution or a borrower acting on 
                behalf of a student.
    ``(b) Prohibition on Certain Gifts and Arrangements.--A private 
educational lender, including any officer or employee thereof, may not, 
directly or indirectly--
            ``(1) offer or provide any gift to a covered educational 
        institution or a covered educational institution employee, nor 
        may such covered educational institution, officer, or employee 
        receive any such gift, in exchange for any advantage or 
        consideration provided to such private educational lender 
        related to its private educational loan activities; or
            ``(2) engage in revenue sharing with a covered educational 
        institution.
    ``(c) Prohibition on Co-Branding.--A private educational lender may 
not use the name, emblem, mascot, or logo of the covered educational 
institution, or other words, pictures, or symbols readily identified 
with the covered educational institution, in the marketing of private 
educational loans in any way that implies that the covered educational 
institution endorses the private educational loans offered by the 
lender.
    ``(d) Advisory Board Compensation.--Any person who is employed in 
the financial aid office of a covered educational institution, or who 
otherwise has responsibilities with respect to private educational 
loans or other financial aid of the institution, and who serves on an 
advisory board, commission, or group established by a private 
educational lender or group of such lenders shall be prohibited from 
receiving anything of value from the private educational lender or 
group of lenders. Nothing in this subsection shall prohibit the 
reimbursement of reasonable expenses incurred by an employee of a 
covered educational institution as part of their service on an advisory 
board, commission, or group described in this subsection, subject to 
the rules of the Board.
    ``(e) Prohibition on Prepayment or Repayment Fees or Penalty.--It 
shall be unlawful for any private educational lender to impose a fee or 
penalty on a borrower, directly or indirectly, for early repayment or 
prepayment, of any private educational loan.''.

SEC. 102. CIVIL LIABILITY.

    Section 130 of the Truth in Lending Act (15 U.S.C. 1640) is 
amended--
            (1) in subsection (a)--
                    (A) in paragraph (3), by inserting ``or section 
                128(e)(6)'' after ``section 125''; and
                    (B) in the fourth sentence of the undesignated 
                matter at the end--
                            (i) by striking ``125 or'' and inserting 
                        ``125,''; and
                            (ii) by inserting ``or of section 128(e),'' 
                        before ``or for failing''; and
            (2) in subsection (e), by inserting before the first 
        period, the following: ``or, in the case of a violation 
        involving a private educational loan, 1 year from the date on 
        which the first regular payment of principal is due under the 
        loan''.

SEC. 103. CLERICAL AMENDMENT.

    The table of sections for chapter 2 of title I of the Truth in 
Lending Act (15 U.S.C. 1631 et seq.) is amended by adding at the end 
the following:

``140. Preventing unfair and deceptive private educational lending 
                            practices and eliminating conflicts of 
                            interest.''.

      TITLE II--IMPROVED DISCLOSURES FOR PRIVATE EDUCATIONAL LOANS

SEC. 201. PRIVATE EDUCATIONAL LOAN DISCLOSURES AND LIMITATIONS.

    Section 128 of the Truth in Lending Act (15 U.S.C. 1638) is amended 
by adding at the end the following:
    ``(e) Terms and Disclosure With Respect to Private Educational 
Loans.--
            ``(1) Disclosures required in private educational loan 
        applications and solicitations.--In any application for a 
        private educational loan, or a solicitation for a private 
        educational loan without requiring an application, the lender 
        shall disclose to the borrower, clearly and conspicuously--
                    ``(A) the potential range of rates of interest 
                applicable to the private educational loan;
                    ``(B) whether the rate of interest applicable to 
                the private educational loan is fixed or variable;
                    ``(C) limitations on interest rate adjustments, 
                both in terms of frequency and amount, or the lack 
                thereof;
                    ``(D) requirements for a co-borrower, including any 
                changes in the applicable interest rates without a co-
                borrower;
                    ``(E) potential finance charges, late fees, 
                penalties, and adjustments to principal, based on 
                defaults or late payments of the borrower;
                    ``(F) fees or range of fees applicable to the 
                private educational loan;
                    ``(G) the term of the private educational loan;
                    ``(H) whether interest will accrue while the 
                student to whom the private educational loan relates is 
                enrolled at an institution of higher education;
                    ``(I) payment deferral options, including whether 
                the deferment would apply to interest or principal, or 
                both;
                    ``(J) general eligibility criteria for the private 
                educational loan;
                    ``(K) an example of the total cost of the private 
                educational loan over the life of the loan--
                            ``(i) which shall be calculated using the 
                        principal amount and the maximum rate of 
                        interest actually offered by the lender; and
                            ``(ii) calculated both with and without 
                        capitalization of interest, if that is an 
                        option for postponing interest payments;
                    ``(L) a statement that an institution of higher 
                education may have school-specific educational loan 
                benefits and terms not detailed on the disclosure form;
                    ``(M) that the borrower may qualify for Federal 
                financial assistance through a program under title IV 
                of the Higher Education Act of 1965, in lieu of, or in 
                addition to, a loan from a non-Federal source;
                    ``(N) the interest rates available with respect to 
                such Federal financial assistance through a program 
                under title IV of the Higher Education Act of 1965;
                    ``(O) that, as provided in paragraph (5)--
                            ``(i) the borrower shall have up to 30 
                        calendar days following the date on which the 
                        application for the private educational loan is 
                        approved and the borrower receives the 
                        disclosure documents required under this 
                        subsection for the loan to accept the terms of 
                        the private educational loan and consummate the 
                        transaction; and
                            ``(ii) except for changes based on 
                        adjustments to the index used for a loan, the 
                        rates and terms of the loan may not be changed 
                        by the lender during that 30-day period; and
                    ``(P) such other information as the Board shall 
                prescribe, by rule, as necessary or appropriate for 
                consumers to make informed borrowing decisions.
            ``(2) Disclosures at the time of private educational loan 
        approval.--Subject to the rules of the Board, contemporaneously 
        with the approval of a private educational loan application, 
        and before the loan transaction is consummated, the lender 
        shall disclose to the borrower, clearly and conspicuously--
                    ``(A) the applicable rate of interest in effect on 
                the date of approval;
                    ``(B) whether the rate of interest applicable to 
                the private educational loan is fixed or variable;
                    ``(C) limitations on interest rate adjustments, 
                both in terms of frequency and amount, or the lack 
                thereof;
                    ``(D) the initial approved principal amount;
                    ``(E) applicable finance charges, late fees, 
                penalties, and adjustments to principal, based upon 
                borrower defaults or late payments;
                    ``(F) the maximum term under the private 
                educational loan program;
                    ``(G) an estimate of the total amount for 
                repayment, at both the interest rate in effect on the 
                date of approval and at the maximum possible rate of 
                interest actually offered by the lender, to the extent 
                that such maximum rate may be determined, or if not, a 
                good faith estimate thereof;
                    ``(H) any principal and interest payments required 
                while the student to whom the private educational loan 
                relates is enrolled at an institution of higher 
                education and interest which will accrue during such 
                enrollment;
                    ``(I) payment deferral options, including whether 
                the deferment would apply to interest or principal, or 
                both;
                    ``(J) whether monthly payments are graduated;
                    ``(K) that, as provided in paragraph (5)--
                            ``(i) the borrower shall have up to 30 
                        calendar days following the date on which the 
                        application for the private educational loan is 
                        approved and the borrower receives the 
                        disclosure documents required under this 
                        subsection for the loan to accept the terms of 
                        the private educational loan and consummate the 
                        transaction; and
                            ``(ii) except for changes based on 
                        adjustments to the index used for a loan, the 
                        rates and terms of the loan may not be changed 
                        by the lender during that 30-day period;
                    ``(L) that the borrower may qualify for Federal 
                financial assistance through a program under title IV 
                of the Higher Education Act of 1965, in lieu of, or in 
                addition to, a loan from a non-Federal source;
                    ``(M) the interest rates available with respect to 
                such Federal financial assistance through a program 
                under title IV of the Higher Education Act of 1965;
                    ``(N) the maximum monthly payment, calculated using 
                the maximum rate of interest actually offered by the 
                lender, to the extent that such maximum rate may be 
                determined, or if not, a good faith estimate thereof; 
                and
                    ``(O) such other information as the Board shall 
                prescribe, by rule, as necessary or appropriate for 
                consumers to make informed borrowing decisions.
            ``(3) Disclosures at the time of private educational loan 
        consummation.--Subject to the rules of the Board, 
        contemporaneously with the consummation of a private 
        educational loan, the lender shall make each of the disclosures 
        described in subparagraphs (A) through (J) and (L) through (O) 
        of paragraph (2) to the borrower.
            ``(4) Format of disclosures.--Disclosures required under 
        paragraphs (1), (2), and (3) shall appear in a clearly legible, 
        uniform format, subject to section 122(c).
            ``(5) Effective period of approved rate of interest and 
        loan terms.--
                    ``(A) In general.--With respect to a private 
                educational loan, the borrower shall have the right to 
                accept the terms of the loan and consummate the 
                transaction at any time within 30 calendar days 
                following the date on which the application for the 
                private educational loan is approved and the borrower 
                receives the disclosure documents required under this 
                subsection for the loan, and the rates and terms of the 
                loan may not be changed by the lender during that 
                period, subject to the rules of the Board.
                    ``(B) Prohibition on changes.--Except for changes 
                based on adjustments to the index used for a loan, the 
                rates and terms of the loan may not be changed by the 
                lender prior to the earlier of--
                            ``(i) the date of acceptance of the terms 
                        of the loan and consummation of the transaction 
                        by the borrower, as described in subparagraph 
                        (A); or
                            ``(ii) the expiration of the 30-day period 
                        referred to in subparagraph (A).
                    ``(C) Prohibition on disbursement.--No funds may be 
                disbursed with respect to a private educational loan 
                until acceptance of the loan by the borrower under 
                subparagraph (A) and the expiration of the 3-day period 
                under paragraph (6).
            ``(6) Right to cancel.--With respect to a private 
        educational loan, the borrower may cancel the loan, without 
        penalty to the borrower, at any time within 3 business days of 
        the date on which the loan is consummated, subject to the rules 
        of the Board. No funds may be transferred to the borrower 
        during that 3-day period.
            ``(7) Definitions.--For purposes of this subsection--
                    ``(A) the term `institution of higher education' 
                has the same meaning as in section 102 of the Higher 
                Education Act of 1965 (20 U.S.C. 1002);
                    ``(B) the term `private educational lender' means--
                            ``(i) a financial institution, as defined 
                        in section 3 of the Federal Deposit Insurance 
                        Act (12 U.S.C. 1813) that solicits, makes, or 
                        extends private educational loans;
                            ``(ii) a Federal credit union, as defined 
                        in section 101 of the Federal Credit Union Act 
                        (12 U.S.C. 1752) that solicits, makes, or 
                        extends private educational loans; and
                            ``(iii) any other person engaged in the 
                        business of soliciting, making, or extending 
                        private educational loans; and
                    ``(C) the term `private educational loan'--
                            ``(i) means a loan provided by a private 
                        educational lender that--
                                    ``(I) is not made, insured, or 
                                guaranteed under part B of title IV of 
                                the Higher Education Act of 1965 (20 
                                U.S.C. 1070 et seq.); and
                                    ``(II) is issued by a private 
                                educational lender expressly for 
                                postsecondary educational expenses to a 
                                borrower, regardless of whether the 
                                loan is provided through the 
                                educational institution that the 
                                subject student attends or directly to 
                                the borrower from the lender; and
                            ``(ii) does not include an extension of 
                        credit under an open end consumer credit plan, 
                        a residential mortgage transaction, or any 
                        other loan that is secured by real property or 
                        a dwelling.''.

SEC. 202. APPLICATION OF TRUTH IN LENDING ACT TO ALL PRIVATE 
              EDUCATIONAL LOANS.

    Section 104(3) of the Truth in Lending Act (15 U.S.C. 1603(3)) is 
amended by inserting ``and other than private educational loans (as 
that term is defined in section 140(a))'' after ``consumer''.

                    TITLE III--COLLEGE AFFORDABILITY

SEC. 301. COMMUNITY REINVESTMENT ACT CREDIT FOR LOW-COST LOANS.

    (a) In General.--The appropriate Federal financial supervisory 
agency shall give a private educational lender credit toward meeting 
the credit needs of its community for purposes of the Community 
Reinvestment Act of 1977, for making low-cost private educational loans 
to low-income borrowers.
    (b) Regulations.--The Board shall develop regulations determining 
which private educational loans are available for the credit under this 
section.
    (c) Definition.--As used in this section, the term ``appropriate 
Federal financial supervisory agency'' has the same meaning as in 
section 803 of the Community Reinvestment Act of 1977 (12 U.S.C. 2902).

                      TITLE IV--FINANCIAL LITERACY

SEC. 401. COORDINATED EDUCATION EFFORTS.

    (a) In General.--The Secretary of the Treasury (in this section 
referred to as the ``Secretary''), in coordination with the Secretary 
of Education, the Secretary of Agriculture (with respect to land grant 
covered educational institutions), and any other appropriate agency 
that is a member of the Financial Literacy and Education Commission 
established under the Financial Literacy and Education Improvement Act 
(20 U.S.C. 9701 et seq.), shall seek to enhance financial literacy 
among students at institutions of higher education through--
            (1) the development of initiatives, programs, and curricula 
        that improve student awareness of the short- and long-term 
        costs associated with educational loans and other debt assumed 
        while in college, their repayment obligations, and their rights 
        as borrowers; and
            (2) assisting such students in navigating the financial aid 
        process.
    (b) Duties.--For purposes of this section, the Secretary, working 
in conjunction with the Secretary of Education, the Secretary of 
Agriculture, and the Financial Literacy and Education Commission, 
shall--
            (1) identify programs that promote or enhance financial 
        literacy for college students, with specific emphasis on 
        programs that impart the knowledge and ability for students to 
        best navigate the financial aid process, including those that 
        involve partnerships between nonprofit organizations, colleges 
        and universities, State and local governments, and student 
        organizations;
            (2) evaluate the effectiveness of such programs in terms of 
        measured results, including positive behavioral change among 
        college students;
            (3) promote the programs identified as being the most 
        effective; and
            (4) encourage institutions of higher education to implement 
        financial education programs for their students, including 
        those that have the highest evaluations.
    (c) Report.--
            (1) In general.--Not later than 2 years after the date of 
        enactment of this Act, the Financial Literacy and Education 
        Commission shall submit a report to Congress on the state of 
        financial education among students at institutions of higher 
        education.
            (2) Content.--The report required by this subsection shall 
        include a description of progress made in enhancing financial 
        education with respect to student understanding of financial 
        aid, including the programs and evaluations required by this 
        section.
            (3) Appearance before congress.--The Secretary shall, upon 
        request, provide testimony before the Committee on Banking, 
        Housing, and Urban Affairs of the Senate concerning the report 
        required by this subsection.

         TITLE V--STUDY AND REPORT ON NONINDIVIDUAL INFORMATION

SEC. 501. STUDY AND REPORT ON NONINDIVIDUAL INFORMATION.

    (a) Study.--The Comptroller General of the United States (in this 
section referred to as the ``Comptroller'') conduct a study--
            (1) on the impact on and benefits to 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;
            (2) to examine whether and to what extent the inclusion of 
        such nonindividual factors--
                    (A) increases access to private educational loans 
                for borrowers who lack credit history or results in 
                less favorable rates for such borrowers; and
                    (B) impacts the types of private educational loan 
                products and rates available at certain institutions of 
                higher education, including a comparison of such 
                impact--
                            (i) on private and public institutions; and
                            (ii) on historically Black colleges and 
                        universities (defined for purposes of this 
                        section as a ``part B institution'', within the 
                        meaning of section 322 of the Higher Education 
                        Act of 1965 (20 U.S.C. 1061)) and other 
                        colleges and universities; and
            (3) to assess the extent to which the use of such 
        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.
    (b) Report.--Not later than 1 year after the date of enactment of 
this Act, the Comptroller shall submit a report to Congress on the 
results of the study required by this section.
                                                       Calendar No. 702

110th CONGRESS

  2d Session

                                S. 2894

                          [Report No. 110-327]

_______________________________________________________________________

                                 A BILL

   To establish requirements for private lenders to protect student 
 borrowers receiving private educational loans, and for other purposes.

_______________________________________________________________________

                             April 21, 2008

                 Read twice and placed on the calendar