554 
‘‘(d) NO INCLUSION IN AGGREGATE LIMITS.—The 
amount of a Federal Direct Refinanced Private Loan, or 
a Federal Direct Consolidated Loan to the extent such 
loan was used to repay a Federal Direct Refinanced Pri-
vate Loan, shall not be included in calculating a bor-
rower’s annual or aggregate loan limits under section 428 
or 428H. 
‘‘(e) NO ELIGIBILITY FOR SERVICE-RELATED RE-
PAYMENT.—A Federal Direct Refinanced Private Loan, or 
any Federal Direct Consolidation Loan to the extent such 
loan was used to repay a Federal Direct Refinanced Pri-
vate Loan, shall not be eligible for any loan repayment 
or loan forgiveness program under section 428K, 428L, 
or 460 or for the repayment plan for public service em-
ployees under section 455(m). 
‘‘(f) PRIVATE EDUCATIONAL LENDER REPORTING 
REQUIREMENT.— 
‘‘(1) REPORTING
REQUIRED.—The Secretary, 
in consultation with the Secretary of the Treasury 
and the Director of the Bureau of Consumer Finan-
cial Protection, shall establish a requirement that 
private educational lenders report the data described 
in paragraph (2) to the Secretary, to Congress, to 
the Secretary of the Treasury, and to the Director 
of the Bureau of Consumer Financial Protection, in 
VerDate Sep 11 2014 
23:01 Oct 22, 2019
Jkt 099200
PO 00000
Frm 00554
Fmt 6652
Sfmt 6201
E:\BILLS\H4674.IH
H4674
555 
order to allow for an assessment of the private edu-
cation loan market. 
‘‘(2) CONTENTS
OF
REPORTING.—The data 
that private educational lenders shall report in ac-
cordance with paragraph (1) shall include each of 
the following about private education loans (as de-
fined in section 140(a) of the Truth in Lending Act 
(15 U.S.C. 1650(a))): 
‘‘(A) The total amount of private education 
loan debt the lender holds. 
‘‘(B) The total number of private edu-
cation loan borrowers the lender serves. 
‘‘(C) The average interest rate on the out-
standing private education loan debt held by the 
lender. 
‘‘(D) The proportion of private education 
loan borrowers who are in default on a loan 
held by the lender. 
‘‘(E) The proportion of the outstanding 
private education loan volume held by the lend-
er that is in default. 
‘‘(F) The proportions of outstanding pri-
vate education loan borrowers who are 30, 60, 
and 90 days delinquent. 
VerDate Sep 11 2014 
23:01 Oct 22, 2019
Jkt 099200
PO 00000
Frm 00555
Fmt 6652
Sfmt 6201
E:\BILLS\H4674.IH
H4674
556 
‘‘(G) The proportions of outstanding pri-
vate education loan volume that is 30, 60, and 
90 days delinquent. 
‘‘(g) NOTIFICATION
TO
BORROWERS.—The Sec-
retary, in coordination with the Secretary of the Treasury 
and the Director of the Bureau of Consumer Financial 
Protection, shall undertake a campaign to alert borrowers 
about the availability of private student loan refinancing 
under this section.’’. 
PART E—FEDERAL PERKINS LOANS 
SEC. 4401. AUTHORIZATION OF APPROPRIATIONS FOR PER-
KINS LOAN. 
Section 461(b) of the Higher Education Act of 1965 
(20 U.S.C. 1087aa(b)) is amended— 
(1) by striking ‘‘(1) IN GENERAL.—’’; 
(2) by striking paragraphs (2) and (3); and 
(3) by redesignating subparagraphs (A), (B), 
and (C) as paragraphs (1), (2), and (3), respectively. 
SEC. 4402. ALLOCATION OF FUNDS FOR PERKINS LOAN. 
Section 462 of the Higher Education Act of 1965 (20 
U.S.C. 1087bb) is amended— 
(1) in subsection (a)(1), by striking ‘‘From’’ 
and inserting ‘‘For any fiscal year before fiscal year 
2021, from’’; and 
VerDate Sep 11 2014 
23:01 Oct 22, 2019
Jkt 099200
PO 00000
Frm 00556
Fmt 6652
Sfmt 6201
E:\BILLS\H4674.IH
H4674
557 
(2) in subsection (i)(1), by striking ‘‘for any fis-
cal year,’’ and inserting ‘‘for any fiscal year before 
fiscal year 2021,’’. 
SEC. 4403. FEDERAL DIRECT PERKINS LOAN ALLOCATION. 
Part E of title IV of the Higher Education Act of 
1965 (20 U.S.C. 1087aa et seq.) is amended by inserting 
after section 462 the following: 
‘‘SEC. 462A. FEDERAL DIRECT PERKINS LOAN ALLOCATION. 
‘‘(a) PURPOSES.—The purposes of this section are— 
‘‘(1) to allocate, among eligible and partici-
pating institutions (as such terms are defined in this 
section), the authority to make Federal Direct Per-
kins Loans under section 455A with a portion of the 
annual loan authority described in subsection (b)(1); 
and 
‘‘(2) to make funds available, in accordance 
with section 452, to each participating institution 
from a portion of the annual loan authority de-
scribed in subsection (b), in an amount not to exceed 
the sum of an institution’s allocation of funds under 
subparagraph (B) of subsection (b)(1) to enable 
each such institution to make Federal Direct Per-
kins Loans to eligible students at the institution. 
‘‘(b) AVAILABLE DIRECT PERKINS ANNUAL LOAN 
AUTHORITY.— 
VerDate Sep 11 2014 
23:01 Oct 22, 2019
Jkt 099200
PO 00000
Frm 00557
Fmt 6652
Sfmt 6201
E:\BILLS\H4674.IH
H4674
558 
‘‘(1) AVAILABILITY AND ALLOCATIONS.— 
‘‘(A) IN
GENERAL.—There are hereby 
made available, from funds made available for 
loans made under part D, not to exceed 
$2,400,000,000 of annual loan authority for 
award year 2021–2022 and each succeeding 
award year, to be allocated as provided in sub-
paragraph (B). 
‘‘(B) ALLOCATION FORMULA.—Except as 
provided in paragraphs (3), (4), and (5), for 
each award year, the Secretary shall allocate an 
amount to each participating institution that is 
equal to— 
‘‘(i) 100 percent of the institutional 
undergraduate student need (as deter-
mined under subparagraph (C)) for the 
preceding award year; and 
‘‘(ii) 25 percent of the institutional 
graduate student need (as determined 
under subparagraph (D)) for the preceding 
award year. 
‘‘(C) 
INSTITUTIONAL
UNDERGRADUATE 
STUDENT
NEED
CALCULATION.—The institu-
tional undergraduate student need for a partici-
VerDate Sep 11 2014 
23:01 Oct 22, 2019
Jkt 099200
PO 00000
Frm 00558
Fmt 6652
Sfmt 6201
E:\BILLS\H4674.IH
H4674
559 
pating institution for an award year shall be 
equal to the sum of the following: 
‘‘(i) An amount equal to 50 percent of 
the amount that bears the same proportion 
to the amount made available under sub-
paragraph (A) for such award year as the 
total amount of Federal Pell Grant funds 
awarded at the participating institution for 
the preceding award year bears to the total 
amount of Federal Pell Grant funds 
awarded at all participating institutions for 
the preceding award year. 
‘‘(ii) An amount equal to 50 percent 
of the amount that bears the same propor-
tion to the amount made available under 
subparagraph (A) for such award year as 
the total amount of the undergraduate stu-
dent need at the participating institution 
for the preceding award year bears to the 
total amount of undergraduate student 
need at all participating institutions for 
the preceding award year. 
‘‘(D) INSTITUTIONAL GRADUATE STUDENT 
NEED
CALCULATION.—The institutional grad-
uate student need for a participating institution 
VerDate Sep 11 2014 
23:01 Oct 22, 2019
Jkt 099200
PO 00000
Frm 00559
Fmt 6652
Sfmt 6201
E:\BILLS\H4674.IH
H4674