703 
‘‘(2) TERM.—An agreement entered into under 
paragraph (1) may require the borrower to remain 
employed as a prosecutor or public defender for less 
than 3 years. 
‘‘(f) AWARD BASIS; PRIORITY.— 
‘‘(1) AWARD
BASIS.—The Attorney General 
shall provide repayment benefits under this sec-
tion— 
‘‘(A) subject to the availability of appro-
priations; and 
‘‘(B) in accordance with paragraph (2), ex-
cept that the Attorney General shall determine 
a fair allocation of repayment benefits among 
prosecutors and defenders, and among employ-
ing entities nationwide. 
‘‘(2) PRIORITY.—In providing repayment bene-
fits under this section in any fiscal year, the Attor-
ney General shall give priority to borrowers— 
‘‘(A) who, when compared to other eligible 
borrowers, have the least ability to repay their 
student loans (considering whether the borrower 
is the beneficiary of any other student loan re-
payment program), as determined by the Attor-
ney General; or 
‘‘(B) who— 
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704 
‘‘(i) received repayment benefits under 
this section during the preceding fiscal 
year; and 
‘‘(ii) have completed less than 3 years 
of the first required period of service speci-
fied for the borrower in an agreement en-
tered into under subsection (d). 
‘‘(g) REGULATIONS.—The Attorney General is au-
thorized to issue such regulations as may be necessary to 
carry out the provisions of this section. 
‘‘(h) REPORT BY INSPECTOR GENERAL.—Not later 
than 3 years after the date of the enactment of this sec-
tion, the Inspector General of the Department of Justice 
shall submit to Congress a report on— 
‘‘(1) the cost of the program authorized under 
this section; and 
‘‘(2) the impact of such program on the hiring 
and retention of prosecutors and public defenders. 
‘‘(i) GAO STUDY.—Not later than one year after the 
date of the enactment of this section, the Comptroller 
General shall conduct a study of, and report to Congress 
on, the impact that law school accreditation requirements 
and other factors have on the costs of law school and stu-
dent access to law school, including the impact of such 
requirements on racial and ethnic minorities. 
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705 
‘‘(j) AUTHORIZATION OF APPROPRIATIONS.—There 
is authorized to be appropriated to carry out this section 
$25,000,000 for each of the fiscal years 2008 through 
2013.’’. 
SEC. 952. NATIONAL CENTER FOR CAMPUS PUBLIC SAFETY. 
(a) IN GENERAL.—The Attorney General of the 
United States is authorized to make grants, through the 
Office of Community Oriented Policing Services, to estab-
lish and operate a National Center for Campus Public 
Safety (referred to in this section as the ‘‘Center’’). The 
Center shall— 
(1) provide quality education and training for 
campus public safety agencies and the agencies’ col-
laborative partners, including campus mental health 
agencies; 
(2) foster quality research to strengthen the 
safety and security of the institutions of higher edu-
cation in the United States; 
(3) serve as a clearinghouse for the identifica-
tion and dissemination of information, policies, pro-
cedures, and best practices relevant to campus pub-
lic safety, including the prevention of violence 
against persons and property and emergency re-
sponse and evacuation procedures; 
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706 
(4) develop protocols, in conjunction with the 
Attorney General, the Secretary of Homeland Secu-
rity, the Secretary of Education, State, local, and 
tribal governments and law enforcement agencies, 
private and nonprofit organizations and associations, 
and other stakeholders, to prevent, protect against, 
respond to, and recover from, natural and man-made 
emergencies or dangerous situations involving an im-
mediate threat to the health or safety of the campus 
community; 
(5) promote the development and dissemination 
of effective behavioral threat assessment and man-
agement models to prevent campus violence; 
(6) coordinate campus safety information and 
resources available from the Department of Justice, 
the Department of Homeland Security, the Depart-
ment of Education, State, local, and tribal govern-
ments and law enforcement agencies, and private 
and nonprofit organizations and associations; 
(7) increase cooperation, collaboration, and con-
sistency in prevention, response, and problem-solving 
methods among law enforcement, mental health, and 
other agencies and jurisdictions serving institutions 
of higher education in the United States; 
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707 
(8) develop standardized formats and models 
for mutual aid agreements and memoranda of un-
derstanding between campus security agencies and 
other public safety organizations and mental health 
agencies; and 
(9) report annually to Congress and the Attor-
ney General on activities performed by the Center 
during the previous 12 months. 
(b) COORDINATION WITH AVAILABLE RESOURCES.— 
In establishing the Center, the Attorney General shall— 
(1) consult with the Secretary of Homeland Se-
curity, the Secretary of Education, and the Attor-
neys General of each State; and 
(2) coordinate the establishment and operation 
of the Center with campus public safety resources 
that may already be available within the Department 
of Homeland Security and the Department of Edu-
cation. 
(c) DEFINITION OF INSTITUTION OF HIGHER EDU-
CATION.—In this section, the term ‘‘institution of higher 
education’’ has the meaning given the term in section 101 
of the Higher Education Act of 1965 (20 U.S.C. 1001). 
(d) AUTHORIZATION
OF APPROPRIATIONS.—There 
are authorized to be appropriated to carry out this section 
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708 
$2,750,000 for each of the fiscal years 2008 and 2009 
and such sums as may be necessary thereafter. 
SEC. 953. PRIVATE LOAN FORGIVENESS. 
Section 209 of title 18, United States Code, is 
amended by adding at the end the following new sub-
section: 
‘‘(i) This section does not prohibit— 
‘‘(1) a public or private institution of higher 
education from providing an officer or employee of 
the executive branch of the United States Govern-
ment, of any independent agency of the United 
States, or of the District of Columbia who is a cur-
rent or former student of such institution, financial 
assistance for the purpose of repaying a student loan 
or providing forbearance of student loan repayment: 
Provided, that such repaying or providing forbear-
ance— 
‘‘(A) is not provided exclusively to officers 
and employees of the executive branch of the 
United States Government, of any independent 
agency of the United States, and of the District 
of Columbia; and 
‘‘(B) is provided to any such officer or em-
ployee— 
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709 
‘‘(i) in accordance with a written, 
published policy of the institution relating 
to repaying or providing forbearance, re-
spectively, for students who perform public 
service; and 
‘‘(ii) under the same terms and condi-
tions as are available under such policy to 
other students of the institution who are 
performing public service and who qualify 
for such repayment or forbearance; and 
‘‘(2) an officer or employee of the executive 
branch of the United States Government, of any 
independent agency of the United States, or of the 
District of Columbia from receiving repayment or 
forbearance permitted under paragraph (1).’’. 
PART E—STEVENSON-WYDLER TECHNOLOGY 
INNOVATION ACT OF 1980 
SEC. 961. ESTABLISHMENT OF PROGRAM. 
Section 5 of the Stevenson-Wydler Technology Inno-
vation Act of 1980 (15 U.S.C. 3704) is amended by insert-
ing the following after subsection (b): 
‘‘(c) MINORITY SERVING INSTITUTION DIGITAL AND 
WIRELESS TECHNOLOGY OPPORTUNITY PROGRAM.— 
‘‘(1) IN GENERAL.—The Secretary shall estab-
lish a Minority Serving Institution Digital and Wire-
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710 
less Technology Opportunity Program to assist eligi-
ble institutions in acquiring, and augmenting their 
use of, digital and wireless networking technologies 
to improve the quality and delivery of educational 
services at eligible institutions. 
‘‘(2) AUTHORIZED ACTIVITIES.—An eligible in-
stitution may use a grant, cooperative agreement, or 
contract awarded under this subsection— 
‘‘(A) to acquire equipment, instrumenta-
tion, networking capability, hardware and soft-
ware, digital network technology, wireless tech-
nology, and infrastructure to further the objec-
tive of the Program described in paragraph (1); 
‘‘(B) to develop and provide training, edu-
cation, and professional development programs, 
including faculty development, to increase the 
use of, and usefulness of, digital and wireless 
networking technology; 
‘‘(C) to provide teacher education, includ-
ing the provision of preservice teacher training 
and in-service professional development at eligi-
ble institutions, library and media specialist 
training, and preschool and teacher aid certifi-
cation to individuals who seek to acquire or en-
hance technology skills in order to use digital 
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711 
and wireless networking technology in the class-
room or instructional process, including instruc-
tion in science, mathematics, engineering, and 
technology subjects; 
‘‘(D) to obtain capacity-building technical 
assistance, including through remote technical 
support, technical assistance workshops, and 
distance learning services; and 
‘‘(E) to foster the use of digital and wire-
less networking technology to improve research 
and education, including scientific, mathe-
matics, engineering, and technology instruction. 
‘‘(3) 
APPLICATION
AND
REVIEW
PROCE-
DURES.— 
‘‘(A) IN GENERAL.—To be eligible to re-
ceive a grant, cooperative agreement, or con-
tract under this subsection, an eligible institu-
tion shall submit an application to the Sec-
retary at such time, in such manner, and con-
taining such information as the Secretary may 
require. Such application, at a minimum, shall 
include a description of how the funds will be 
used, including a description of any digital and 
wireless networking technology to be acquired, 
and a description of how the institution will en-
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712 
sure that digital and wireless networking will be 
made accessible to, and employed by, students, 
faculty, and administrators. The Secretary, con-
sistent with subparagraph (C) and in consulta-
tion with the advisory council established under 
subparagraph (B), shall establish procedures to 
review such applications. The Secretary shall 
publish the application requirements and review 
criteria in the Federal Register, along with a 
statement describing the availability of funds. 
‘‘(B) ADVISORY COUNCIL.—The Secretary 
shall establish an advisory council to advise the 
Secretary on the best approaches to encourage 
maximum participation by eligible institutions 
in the program established under paragraph 
(1), and on the procedures to review proposals 
submitted to the program. In selecting the 
members of the advisory council, the Secretary 
shall consult with representatives of appropriate 
organizations, including representatives of eligi-
ble institutions, to ensure that the membership 
of the advisory council includes representatives 
of minority businesses and eligible institution 
communities. The Secretary shall also consult 
with experts in digital and wireless networking 
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713 
technology to ensure that such expertise is rep-
resented on the advisory council. 
‘‘(C) REVIEW PANELS.—Each application 
submitted under this subsection by an eligible 
institution shall be reviewed by a panel of indi-
viduals selected by the Secretary to judge the 
quality and merit of the proposal, including the 
extent to which the eligible institution can effec-
tively and successfully utilize the proposed 
grant, cooperative agreement, or contract to 
carry out the program described in paragraph 
(1). The Secretary shall ensure that the review 
panels include representatives of minority serv-
ing institutions and others who are knowledge-
able about eligible institutions and technology 
issues. The Secretary shall ensure that no indi-
vidual assigned under this subsection to review 
any application has a conflict of interest with 
regard to that application. The Secretary shall 
take into consideration the recommendations of 
the review panel in determining whether to 
award a grant, cooperative agreement, or con-
tract to an eligible institution. 
‘‘(D) INFORMATION DISSEMINATION.—The 
Secretary shall convene an annual meeting of 
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714 
eligible institutions receiving grants, cooperative 
agreements, or contracts under this subsection 
to foster collaboration and capacity-building ac-
tivities among eligible institutions. 
‘‘(E) 
MATCHING
REQUIREMENT.—The 
Secretary may not award a grant, cooperative 
agreement, or contract to an eligible institution 
under this subsection unless such institution 
agrees that, with respect to the costs incurred 
by the institution in carrying out the program 
for which the grant, cooperative agreement, or 
contract was awarded, such institution shall 
make available, directly, or through donations 
from public or private entities, non-Federal con-
tributions in an amount equal to one-quarter of 
the grant, cooperative agreement, or contract 
awarded by the Secretary, or $500,000, which-
ever is the lesser amount. The Secretary shall 
waive the matching requirement for any institu-
tion or consortium with no endowment, or an 
endowment that has a current dollar value 
lower than $50,000,000. 
‘‘(F) AWARDS.— 
‘‘(i) LIMITATION.—An eligible institu-
tion that receives a grant, cooperative 
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715 
agreement, or contract under this sub-
section that exceeds $2,500,000 shall not 
be eligible to receive another grant, cooper-
ative agreement, or contract. 
‘‘(ii) CONSORTIA.—Grants, coopera-
tive agreements, and contracts may only be 
awarded to eligible institutions. Eligible in-
stitutions may seek funding under this 
subsection for consortia which may include 
other eligible institutions, a State or a 
State education agency, local education 
agencies, institutions of higher education, 
community-based organizations, national 
nonprofit organizations, or businesses, in-
cluding minority businesses. 
‘‘(iii) PLANNING GRANTS.—The Sec-
retary may provide funds to develop stra-
tegic plans to implement such grants, co-
operative agreements, or contracts. 
‘‘(iv) INSTITUTIONAL DIVERSITY.—In 
awarding grants, cooperative agreements, 
and contracts to eligible institutions, the 
Secretary shall ensure, to the extent prac-
ticable, that awards are made to all types 
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716 
of institutions eligible for assistance under 
this subsection. 
‘‘(v) 
NEED.—In 
awarding 
funds 
under this subsection, the Secretary shall 
give priority to the institution with the 
greatest demonstrated need for assistance. 
‘‘(G) ANNUAL
REPORT
AND
EVALUA-
TION.— 
‘‘(i) 
ANNUAL
REPORT
REQUIRED 
FROM RECIPIENTS.—Each institution that 
receives a grant, cooperative agreement, or 
contract awarded under this subsection 
shall provide an annual report to the Sec-
retary on its use of the grant, cooperative 
agreement, or contract. 
‘‘(ii) INDEPENDENT
ASSESSMENT.— 
Not later than 6 months after the date of 
enactment of this subsection, the Secretary 
shall enter into a contract with the Na-
tional Academy of Public Administration 
to conduct periodic assessments of the pro-
gram. The Assessments shall be conducted 
once every 3 years during the 10-year pe-
riod following the enactment of this sub-
section. The assessments shall include an 
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717 
evaluation of the effectiveness of the pro-
gram in improving the education and 
training of students, faculty and staff at 
eligible institutions that have been awarded 
grants, cooperative agreements, or con-
tracts under the program; an evaluation of 
the effectiveness of the program in improv-
ing access to, and familiarity with, digital 
and wireless networking technology for stu-
dents, faculty, and staff at all eligible insti-
tutions; an evaluation of the procedures es-
tablished under paragraph (3)(A); and rec-
ommendations for improving the program, 
including recommendations concerning the 
continuing need for Federal support. In 
carrying out its assessments, the National 
Academy of Public Administration shall re-
view the reports submitted to the Secretary 
under clause (i). 
‘‘(iii) REPORT TO CONGRESS.—Upon 
completion of each independent assessment 
carried out under clause (ii), the Secretary 
shall transmit the assessment to Congress 
along with a summary of the Secretary’s 
plans, if any, to implement the rec-
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718 
ommendations of the National Academy of 
Public Administration. 
‘‘(H) DEFINITIONS.—In this subsection: 
‘‘(i) DIGITAL
AND
WIRELESS
NET-
WORKING
TECHNOLOGY.—The term ‘dig-
ital and wireless networking technology’ 
means 
computer 
and 
communications 
equipment and software that facilitates the 
transmission of information in a digital 
format. 
‘‘(ii) ELIGIBLE
INSTITUTION.—The 
term ‘eligible institution’ means an institu-
tion that is— 
‘‘(I) a historically Black college 
or university that is a part B institu-
tion, as defined in section 322(2) of 
the Higher Education Act of 1965 (20 
U.S.C. 1061(2)), an institution de-
scribed in section 326(e)(1)(A), (B), 
or (C) of that Act (20 U.S.C. 
1063b(e)(1)(A), (B), or (C)), or a 
consortium of institutions described in 
this subparagraph; 
‘‘(II) a Hispanic-serving institu-
tion, as defined in section 502(a)(5) 
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719 
of the Higher Education Act of 1965 
(20 U.S.C. 1101a(a)(5)); 
‘‘(III) a tribally controlled college 
or university, as defined in section 
316(b)(3) of the Higher Education 
Act of 1965 (20 U.S.C. 1059c(b)(3)); 
‘‘(IV) an Alaska Native-serving 
institution under section 317(b) of the 
Higher Education Act of 1965 (20 
U.S.C. 1059d(b)); 
‘‘(V) a Native Hawaiian-serving 
institution under section 317(b) of the 
Higher Education Act of 1965 (20 
U.S.C. 1059d(b)); or 
‘‘(VI) an institution of higher 
education (as defined in section 365 
of the Higher Education Act of 1965 
(20 U.S.C. 1067k)) with an enroll-
ment of needy students (as defined in 
section 312(d) of the Higher Edu-
cation Act of 1965 (20 U.S.C. 
1058(d))). 
‘‘(iii) INSTITUTION OF HIGHER EDU-
CATION.—The term ‘institution of higher 
education’ has the meaning given the term 
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720 
in section 101 of the Higher Education 
Act of 1965 (20 U.S.C. 1001). 
‘‘(iv) LOCAL
EDUCATIONAL
AGEN-
CY.—The term ‘local educational agency’ 
has the meaning given the term in section 
9101 of the Elementary and Secondary 
Education Act of 1965 (20 U.S.C. 7801). 
‘‘(v) MINORITY BUSINESS.—The term 
‘minority business’ includes HUBZone 
small business concerns (as defined in sec-
tion 3(p) of the Small Business Act (15 
U.S.C. 632(p))). 
‘‘(vi) 
MINORITY
INDIVIDUAL.—The 
term ‘minority individual’ means an Amer-
ican Indian, Alaskan Native, Black (not of 
Hispanic origin), Hispanic (including per-
sons of Mexican, Puerto Rican, Cuban and 
Central or South American origin), or Pa-
cific Islander individual. 
‘‘(vii) STATE.—The term ‘State’ has 
the meaning given the term in section 
9101 of the Elementary and Secondary 
Education Act of 1965 (20 U.S.C. 7801). 
‘‘(viii) STATE
EDUCATIONAL
AGEN-
CY.—The term ‘State educational agency’ 
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721 
has the meaning given the term in section 
9101 of the Elementary and Secondary 
Education 
Act 
of 
1965 
(20 
U.S.C. 
7801).’’. 
SEC. 962. AUTHORIZATION OF APPROPRIATIONS. 
There are authorized to be appropriated to the Sec-
retary of Commerce to carry out section 5(c) of the Ste-
venson-Wydler Technology Innovation Act of 1980— 
(1) $250,000,000 for fiscal year 2008; and 
(2) such sums as may be necessary for each of 
the fiscal years 2009 through 2012. 
TITLE 
X—PRIVATE 
STUDENT 
LOAN 
TRANSPARENCY 
AND 
IMPROVEMENT 
SECTION 1001. SHORT TITLE. 
This title may be cited as the ‘‘Private Student Loan 
Transparency and Improvement Act of 2007’’. 
SEC. 1002. DEFINITIONS. 
As used in this title— 
(1) the term ‘‘Board’’ means the Board of Gov-
ernors of the Federal Reserve System; 
(2) the term ‘‘covered educational institu-
tion’’— 
(A) means any educational institution that 
offers a postsecondary educational degree, cer-
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722 
tificate, or program of study (including any in-
stitution 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 De-
posit Insurance Act (12 U.S.C. 1813); 
(4) the term ‘‘institution of higher education’’ 
has the same meaning as in section 102 of the High-
er Education Act of 1965 (20 U.S.C. 1002); 
(5) the term ‘‘postsecondary educational ex-
penses’’ means any of the expenses that are included 
as part of the cost of attendance of a student, as de-
fined under section 472 of the Higher Education Act 
of 1965 (20 U.S.C. 1087ll); 
(6) the term ‘‘private educational lender’’ 
means any creditor (as defined in section 103 of the 
Truth in Lending Act) which solicits, makes, or ex-
tends 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 guaran-
teed under part B of title IV of the Higher 
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723 
Education Act of 1965 (20 U.S.C. 1070 et 
seq.); and 
(ii) is issued by a private educational 
lender expressly for postsecondary edu-
cational expenses to a student, or the par-
ent of the student, regardless of whether 
the loan involves enrollment certification 
by the educational institution that the stu-
dent attends, or whether the loan is pro-
vided 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 resi-
dential 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. 1003. REGULATIONS. 
The Board shall issue final regulations to implement 
this title and the amendments made by this title not later 
than 180 days after the date of enactment of this title. 
SEC. 1004. EFFECTIVE DATES. 
This title and the amendments made by this title 
shall become effective 180 days after the date on which 
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724 
regulations to carry out this title and the amendments 
made by this title are issued in final form. 
Subtitle A—Preventing Unfair and 
Deceptive Private Educational 
Lending Practices and Elimi-
nating Conflicts of Interest 
SEC. 1011. AMENDMENT TO THE TRUTH IN LENDING ACT. 
(a) IN GENERAL.—Chapter 2 of the Truth in Lend-
ing Act (15 U.S.C. 1631 et seq.) is amended by adding 
at the end the following new section: 
‘‘§ 140. Preventing unfair and deceptive private edu-
cational lending practices and elimi-
nating conflicts of interest 
‘‘(a) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
‘‘(1) COVERED EDUCATIONAL INSTITUTION.— 
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) GIFT.—The term ‘gift’— 
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‘‘(A) means any gratuity, favor, discount, 
entertainment, hospitality, loan, or other item 
having a monetary value of more than a de 
minimis amount, including a gift of services, 
transportation, lodging, or meals, whether pro-
vided in kind, by purchase of a ticket, payment 
in advance, or reimbursement after the expense 
has been incurred; 
‘‘(B) does not include— 
‘‘(i) standard informational material 
related to a loan or financial literacy (such 
as a brochure); 
‘‘(ii) food, refreshments, training, or 
informational material furnished to an em-
ployee or agent of a covered educational in-
stitution, as an integral part of a training 
session that is designed to improve the 
service of the private educational lender to 
the covered educational institution, if such 
training contributes to the professional de-
velopment 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 cov-
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726 
ered educational institution if such terms, 
conditions, or benefits are comparable to 
those provided to all students of the insti-
tution; and 
‘‘(C) includes a gift to a family member of 
an officer, employee, or agent of a covered insti-
tution, or a gift to any other individual based 
on that individual’s relationship with the offi-
cer, employee, or agent, if— 
‘‘(i) the gift is given with the knowl-
edge and acquiescence of the officer, em-
ployee, or agent; and 
‘‘(ii) the officer, employee, or agent 
has reason to believe the gift was given be-
cause of the official position of the officer, 
employee, or agent. 
‘‘(3) INSTITUTION OF HIGHER EDUCATION.— 
the term ‘institution of higher education’ has the 
same meaning as in section 102 of the Higher Edu-
cation Act of 1965 (20 U.S.C. 1002). 
‘‘(4) 
POSTSECONDARY
EDUCATIONAL
EX-
PENSE.—The term ‘postsecondary educational ex-
penses’ means any of the expenses that are included 
as part of the cost of attendance of a student, as de-
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729 
the covered educational institution or a bor-
rower acting on behalf of a student. 
‘‘(b) PROHIBITION
ON CERTAIN GIFTS
AND AR-
RANGEMENTS.—A private educational lender, including 
any officer or employee thereof, may not, directly or indi-
rectly— 
‘‘(1) offer or provide any gift to a covered edu-
cational institution or a covered educational institu-
tion employee, nor may such covered educational in-
stitution, officer, or employee receive any such gift, 
in exchange for any advantage or consideration pro-
vided 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 cov-
ered 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) BAN ON PARTICIPATION ON ADVISORY COUN-
CILS.— 
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730 
‘‘(1) IN
GENERAL.—An officer, employee, or 
agent who is employed in the financial aid office of 
a covered institution, or who otherwise has respon-
sibilities with respect to private educational loans, 
shall not serve on or otherwise participate with advi-
sory councils of private educational lenders or affili-
ates of such lenders. 
‘‘(2) RULES OF CONSTRUCTION.—No provision 
of this subsection shall be construed as— 
‘‘(A) prohibiting private educational lend-
ers from seeking advice from covered institu-
tions or groups of covered institutions (includ-
ing through telephonic or electronic means, or 
a meeting) in order to improve products and 
services for borrowers, to the extent that no 
gifts or compensation (including for transpor-
tation, lodging, or related expenses) are pro-
vided by private educational lenders in connec-
tion with seeking this advice from such institu-
tions; or 
‘‘(B) prohibiting an employee, officer, or 
agent of a covered institution from serving on 
the board of directors of a private educational 
lender, if required by State law. 
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731 
‘‘(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 bor-
rower, directly or indirectly, for early repayment or pre-
payment, of any private educational loan.’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
for chapter 2 of the Truth in Lending Act is amended 
by inserting after the item relating to section 139 the fol-
lowing new item: 
‘‘140. Preventing unfair and deceptive private educational lending practices and 
eliminating conflicts of interest.’’. 
SEC. 1012. 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 sec-
tion 128(e)(8)’’ after ‘‘section 125’’; and 
(B) in the fourth sentence of the undesig-
nated 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 viola-
tion involving a private educational loan, 1 year 
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732 
from the date on which the first regular payment of 
principal is due under the loan’’. 
Subtitle B—Improved Disclosures 
for Private Educational Loans 
SEC. 1021. 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 new 
subsection: 
‘‘(e) TERMS AND DISCLOSURE WITH RESPECT TO 
PRIVATE EDUCATIONAL LOANS.— 
‘‘(1) DISCLOSURES REQUIRED IN PRIVATE EDU-
CATIONAL
LOAN
APPLICATIONS
AND
SOLICITA-
TIONS.—In any application for a private educational 
loan, or a solicitation for a private educational loan 
without requiring an application, the creditor shall 
disclose to the borrower, clearly and conspicuously— 
‘‘(A) the potential range of rates of inter-
est applicable to the private educational loan; 
‘‘(B) whether the rate of interest applica-
ble to the private educational loan is fixed or 
variable; 
‘‘(C) limitations on interest rate adjust-
ments, both in terms of frequency and amount, 
or the lack thereof; 
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733 
‘‘(D) requirements for a co-borrower, in-
cluding 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 pri-
vate 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 
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734 
rate of interest actually offered by the 
creditor; and 
‘‘(ii) calculated both with and without 
capitalization of interest, if that is an op-
tion for postponing interest payments; 
‘‘(L) a statement that an institution of 
higher education may have school-specific edu-
cational 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 re-
spect to such Federal financial assistance 
through a program under title IV of the Higher 
Education Act of 1965; 
‘‘(O) that the consumer may obtain addi-
tional information concerning such Federal fi-
nancial assistance from their institution of 
higher education or at the website of the De-
partment of Education; 
‘‘(P) that, as provided in paragraph (6)— 
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735 
‘‘(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 ad-
justments to the index used for a loan, the 
rates and terms of the loan may not be 
changed by the creditor during that 30-day 
period; and 
‘‘(Q) such other information as the Board 
shall prescribe, by rule, as necessary or appro-
priate for consumers to make informed bor-
rowing decisions. 
‘‘(2) WRITTEN
ACKNOWLEDGMENT
OF
RE-
CEIPT.—In each case in which a disclosure is pro-
vided pursuant to paragraph (1) and an application 
initiated, a creditor shall obtain a written acknowl-
edgment from the consumer that the consumer has 
read and understood the disclosure. 
‘‘(3) DISCLOSURES AT THE TIME OF PRIVATE 
EDUCATIONAL
LOAN
APPROVAL.—Subject to the 
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737 
may be determined, or if not, a good faith esti-
mate thereof; 
‘‘(H) any principal and interest payments 
required while the student to whom the private 
educational loan relates is enrolled at an insti-
tution 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 grad-
uated; 
‘‘(K) that, as provided in paragraph (7)— 
‘‘(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 ad-
justments to the index used for a loan, the 
rates and terms of the loan may not be 
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738 
changed by the creditor 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 re-
spect to such Federal financial assistance 
through a program under title IV of the Higher 
Education Act of 1965; 
‘‘(N) the maximum monthly payment, cal-
culated using the maximum rate of interest ac-
tually offered by the creditor, 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 appro-
priate for consumers to make informed bor-
rowing decisions. 
‘‘(4) PROVISION OF INFORMATION.—Before a 
creditor may issue any funds with respect to an ex-
tension of credit described in paragraph (1) for an 
amount equal to more than $1,000, the creditor 
shall notify the relevant institution of higher edu-
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739 
cation, in writing, of the proposed extension of credit 
and the amount thereof. 
‘‘(5) DISCLOSURES AT THE TIME OF PRIVATE 
EDUCATIONAL
LOAN
CONSUMMATION.—Subject to 
the regulations prescribed by the Board, contem-
poraneously with the consummation of a private edu-
cational loan, the creditor shall make each of the 
disclosures described in subparagraphs (A) through 
(J) and (L) through (O) of paragraph (3) to the 
borrower. 
‘‘(6) FORMAT
OF
DISCLOSURES.—Disclosures 
required under paragraphs (1), (3), and (5) shall ap-
pear in a clearly legible, uniform format, subject to 
section 122(c). 
‘‘(7) EFFECTIVE PERIOD OF APPROVED RATE 
OF INTEREST AND LOAN TERMS.— 
‘‘(A) IN GENERAL.—With respect to a pri-
vate 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 dis-
closure documents required under this sub-
section for the loan, and the rates and terms of 
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740 
the loan may not be changed by the creditor 
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 creditor 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 pe-
riod 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 (7). 
‘‘(8) 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 
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741 
Board. No funds may be transferred to the borrower 
during that 3-day period. 
‘‘(9) DEFINITIONS.—For purposes of this sub-
section, the following definitions shall apply: 
‘‘(A) 
INSTITUTION
OF
HIGHER
EDU-
CATION.—The term ‘institution of higher edu-
cation’ has the same meaning as in section 102 
of the Higher Education Act of 1965 (20 
U.S.C. 1002). 
‘‘(B) PRIVATE
EDUCATIONAL
LENDER.— 
The term ‘private educational lender’ means 
any creditor engaged in the business of solic-
iting, making, or extending private educational 
loans. 
‘‘(C) PRIVATE EDUCATIONAL LOAN.—The 
term ‘private educational loan’— 
‘‘(i) means a loan provided by a pri-
vate 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 edu-
cational lender expressly for postsec-
ondary educational expenses to a stu-
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742 
dent, or the parent of the student, re-
gardless of whether the loan involves 
enrollment certification by the edu-
cational institution that the student 
attends, or whether the loan is pro-
vided through the educational institu-
tion 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 reverse mortgage transaction, a 
residential mortgage transaction, or any 
other loan that is secured by real property 
or a dwelling.’’. 
SEC. 1022. 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 sec-
tion 140(a))’’ after ‘‘consumer’’. 
Subtitle C—Financial Literacy 
SEC. 1031. COORDINATED EDUCATION EFFORTS. 
(a) IN GENERAL.—The Secretary of the Treasury (in 
this section referred to as the ‘‘Secretary’’), in coordina-
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744 
ships between nonprofit organizations, colleges and 
universities, State and local governments, and stu-
dent organizations; 
(2) evaluate the effectiveness of such programs 
in terms of measured results, including positive be-
havioral 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 eval-
uations. 
(c) REPORT.— 
(1) IN GENERAL.—Not later than 2 years after 
the date of enactment of this title, the Financial Lit-
eracy and Education Commission shall submit a re-
port 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 sec-
tion. 
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745 
(3) APPEARANCE
BEFORE
CONGRESS.—The 
Secretary shall, upon request, provide testimony be-
fore the Committee on Banking, Housing, and 
Urban Affairs of the Senate concerning the report 
required by this subsection. 
Subtitle D—Study and Report on 
Nonindividual Information 
SEC. 1041. STUDY AND REPORT ON NONINDIVIDUAL INFOR-
MATION. 
(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 pri-
vate 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 bor-
rowers; and 
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746 
(B) impacts the types of private edu-
cational loan products and rates available at 
certain institutions of higher education, includ-
ing 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 edu-
cational 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 title, the Comptroller shall submit 
a report to Congress on the results of the study required 
by this section. 
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747 
Subtitle E—Incentives For Low- 
Cost Educational Loans 
SEC. 1051. CRA CREDIT FOR LOW-COST EDUCATIONAL 
LOANS. 
Section 804 of the Community Reinvestment Act of 
1977 (12 U.S.C. 2903) is amended by adding at the end 
the following new subsection: 
‘‘(d) LOW-COST EDUCATIONAL LOANS.—In assessing 
and taking into account, under subsection (a), the record 
of a financial institution, the appropriate Federal financial 
supervisory agency shall consider, as a factor, low-cost 
educational loans provided by the financial institution to 
low-income borrowers.’’. 
Æ 
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