II 

114TH CONGRESS 

1ST SESSION S. 445 

To increase students’ and borrowers’ access to student loan information 

within the National Student Loan Data System. 

IN THE SENATE OF THE UNITED STATES 

FEBRUARY 10, 2015 

Mrs. SHAHEEN (for herself and Mrs. GILLIBRAND) introduced the following 

bill; which was read twice and referred to the Committee on Banking, 

Housing, and Urban Affairs 

A BILL 

To increase students’ and borrowers’ access to student loan 

information within the National Student Loan Data System. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Simplifying Access to 

5 Student Loan Information Act of 2015’’. 

6 SEC. 2. AMENDMENT TO THE TRUTH IN LENDING ACT. 

7 (a) IN GENERAL.—Section 128(e) of the Truth in 

8 Lending Act (15 U.S.C. 1638(e)) is amended by adding 

9 at the end the following: 


emcdonald on DSK67QTVN1PROD with BILLS
2 

•S 445 IS

1 ‘‘(12) NATIONAL STUDENT LOAN DATA SYS2 TEM.— 

3 ‘‘(A) IN GENERAL.—Each private edu4 cational lender shall— 

5 ‘‘(i) submit to the Secretary of Edu6 cation for inclusion in the National Stu7 dent Loan Data System established under 

8 section 485B of the Higher Education Act 

9 of 1965 (20 U.S.C. 1092b) information re10 garding each private education loan made 

11 by such lender that will allow for the elec12 tronic exchange of data between borrowers 

13 of private education loans and the System; 

14 and 

15 ‘‘(ii) in carrying out clause (i), ensure 

16 the privacy of private education loan bor17 rowers. 

18 ‘‘(B) INFORMATION TO BE SUBMITTED.— 

19 The information regarding private education 

20 loans required under subparagraph (A) to be 

21 included in the National Student Loan Data 

22 System shall include the following if determined 

23 appropriate by the Secretary of Education: 

24 ‘‘(i) The total amount and type of 

25 each such loan made, including outstandVerDate Sep 11 2014 23:26 Feb 18, 2015 Jkt 049200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S445.IS S445

emcdonald on DSK67QTVN1PROD with BILLS
3 

•S 445 IS

1 ing interest and outstanding principal on 

2 such loan. 

3 ‘‘(ii) The interest rate of each such 

4 loan made. 

5 ‘‘(iii) Information regarding the bor6 rower that the Secretary of Education de7 termines is necessary to ensure the elec8 tronic exchange of data between borrowers 

9 of private education loans and the System. 

10 ‘‘(iv) Information, including contact 

11 information, regarding the lender that 

12 owns the loan. 

13 ‘‘(v) Information, including contact in14 formation, regarding the servicer that is 

15 handling the loan. 

16 ‘‘(vi) Information concerning the date 

17 of any default on the loan and the collec18 tion of the loan, including any information 

19 concerning the repayment status of any de20 faulted loan. 

21 ‘‘(vii) Information regarding any 

22 deferment or forbearance granted on the 

23 loan. 

24 ‘‘(viii) The date of the completion of 

25 repayment by the borrower of the loan. 


emcdonald on DSK67QTVN1PROD with BILLS
4 

•S 445 IS

1 ‘‘(ix) Any other information deter2 mined by the Secretary of Education to be 

3 necessary for the operation of the National 

4 Student Loan Data System. 

5 ‘‘(C) UPDATE.—Each private educational 

6 lender shall update the information regarding 

7 private education loans required under subpara8 graph (A) to be included in the National Stu9 dent Loan Data System on the same schedule 

10 as information is updated under the System 

11 under section 485B of the Higher Education 

12 Act of 1965 (20 U.S.C. 1092b).’’. 

13 (b) EFFECTIVE DATE.—The amendment made by 

14 subsection (a) shall apply to private education loans that 

15 were made for the 2011–2012 academic year or later. 

16 SEC. 3. AMENDMENT TO THE HIGHER EDUCATION ACT OF 

17 1965. 

18 Section 485B of the Higher Education Act of 1965 

19 (20 U.S.C. 1092b) is amended by adding at the end the 

20 following: 

21 ‘‘(i) PRIVATE EDUCATION LOANS.— 

22 ‘‘(1) IN GENERAL.—Not later than 1 year after 

23 the date of enactment of the Simplifying Access to 

24 Student Loan Information Act of 2015, the National 

25 Student Loan Data System established pursuant to 


emcdonald on DSK67QTVN1PROD with BILLS
5 

•S 445 IS

1 subsection (a) shall contain the information required 

2 to be included under section 128(e)(12) of the Truth 

3 in Lending Act (15 U.S.C. 1638(e)(12)). 

4 ‘‘(2) COSIGNER.—Notwithstanding any other 

5 provision of law, the Secretary shall ensure that any 

6 cosigner of a private education loan for which infor7 mation is included in the National Student Loan 

8 Data System— 

9 ‘‘(A) is able to access the information in 

10 such System with respect to such private edu11 cation loan in a separate account for such co12 signer; and 

13 ‘‘(B) does not have access to any informa14 tion in such System with respect to any loan for 

15 which the cosigner has not cosigned. 

16 ‘‘(3) PRIVACY.—The Secretary shall ensure that 

17 a private educational lender— 

18 ‘‘(A) has access to the National Student 

19 Loan Data System only to submit information 

20 for such System regarding the private education 

21 loans of such lender; and 

22 ‘‘(B) may not see information in the Sys23 tem regarding the loans of any other lender. 

24 ‘‘(j) REPAYMENT OPTIONS.—Not later than 1 year 

25 after the date of enactment of the Simplifying Access to 


emcdonald on DSK67QTVN1PROD with BILLS
6 

•S 445 IS

1 Student Loan Information Act of 2015, the Secretary 

2 shall establish a functionality within the National Student 

3 Loan Data System established pursuant to subsection (a) 

4 that enables a student borrower of a loan made, insured, 

5 or guaranteed under this title to input information nec6 essary for the estimation of repayment amounts under the 

7 various repayment plans available to the borrower of such 

8 loan to compare such repayment plans.’’. 

Æ 


emcdonald on DSK67QTVN1PROD with BILLS