[Congressional Record Volume 160, Number 89 (Tuesday, June 10, 2014)]
[Senate]
[Pages S3550-S3551]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 3232. Mrs. SHAHEEN submitted an amendment intended to be proposed 
by her to the bill S. 2432, to amend the Higher Education Act of 1965 
to provide for the refinancing of certain Federal student loans, and 
for other purposes; which was ordered to lie on the table; as follows:

       At the end of the bill, add the following:

              TITLE IV--NATIONAL STUDENT LOAN DATA SYSTEM

     SEC. 401. NATIONAL STUDENT LOAN DATA SYSTEM.

       (a) Amendment to the Truth in Lending Act.--
       (1) In general.--Section 128(e) of the Truth in Lending Act 
     (15 U.S.C. 1638(e)) is amended by adding at the end the 
     following:
       ``(12) National student loan data system.--
       ``(A) In general.--Each private educational lender shall--
       ``(i) submit to the Secretary of Education for inclusion in 
     the National Student Loan Data System established under 
     section 485B of the Higher Education Act of 1965 (20 U.S.C. 
     1092b) information regarding each private education loan made 
     by such lender that will allow for the electronic exchange of 
     data between borrowers of private education loans and the 
     System; and
       ``(ii) in carrying out clause (i), ensure the privacy of 
     private education loan borrowers.
       ``(B) Information to be submitted.--The information 
     regarding private education loans required under subparagraph 
     (A) to be included in the National Student Loan Data System 
     shall include the following if determined appropriate by the 
     Secretary of Education:
       ``(i) The total amount and type of each such loan made, 
     including outstanding interest and outstanding principal on 
     such loan.
       ``(ii) The interest rate of each such loan made.
       ``(iii) Information regarding the borrower that the 
     Secretary of Education determines is necessary to ensure the 
     electronic exchange of data between borrowers of private 
     education loans and the System.
       ``(iv) Information, including contact information, 
     regarding the lender that owns the loan.
       ``(v) Information, including contact information, regarding 
     the servicer that is handling the loan.
       ``(vi) Information concerning the date of any default on 
     the loan and the collection of the loan, including any 
     information concerning the repayment status of any defaulted 
     loan.
       ``(vii) Information regarding any deferment or forbearance 
     granted on the loan.
       ``(viii) The date of the completion of repayment by the 
     borrower of the loan.
       ``(ix) Any other information determined by the Secretary of 
     Education to be necessary for the operation of the National 
     Student Loan Data System.
       ``(C) Update.--Each private educational lender shall update 
     the information regarding private education loans required 
     under subparagraph (A) to be included in the National Student 
     Loan Data System on the same schedule as information is 
     updated under the System under section 485B of the Higher 
     Education Act of 1965 (20 U.S.C. 1092b).''.
       (2) Effective date.--The amendment made by paragraph (1) 
     shall apply to private education loans that were made for the 
     2011-2012 academic year or later.

[[Page S3551]]

       (b) Amendment to the Higher Education Act of 1965.--Section 
     485B of the Higher Education Act of 1965 (20 U.S.C. 1092b) is 
     amended by adding at the end the following:
       ``(i) Private Education Loans.--
       ``(1) In general.--The National Student Loan Data System 
     established pursuant to subsection (a) shall contain the 
     information required to be included under section 128(e)(12) 
     of the Truth in Lending Act (15 U.S.C. 1638(e)(12)).
       ``(2) Cosigner.--Notwithstanding any other provision of 
     law, the Secretary shall ensure that any cosigner of a 
     private education loan for which information is included in 
     the National Student Loan Data System--
       ``(A) is able to access the information in such System with 
     respect to such private education loan; and
       ``(B) does not have access to any information in such 
     System with respect to any loan for which the cosigner has 
     not cosigned.
       ``(3) Privacy.--The Secretary shall ensure that a private 
     educational lender--
       ``(A) has access to the National Student Loan Data System 
     only to submit information for such System regarding the 
     private education loans of such lender; and
       ``(B) may not see information in the System regarding the 
     loans of any other lender.
       ``(j) Repayment Options.--The Secretary shall establish a 
     functionality within the National Student Loan Data System 
     established pursuant to subsection (a) that enables a student 
     borrower of a loan made, insured, or guaranteed under this 
     title to input information necessary for the estimation of 
     repayment amounts under the various repayment plans available 
     to the borrower of such loan to compare such repayment 
     plans.''.

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