787 
(2) evaluate the effectiveness of such programs in 
terms of measured results, including positive behav-
ioral 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 evalua-
tions. 
(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 sub-
section shall include a description of progress made in 
enhancing financial education with respect to student 
understanding of financial aid, including the pro-
grams and evaluations required by this section. 
(3) APPEARANCE BEFORE CONGRESS.—The Sec-
retary shall, upon request, provide testimony before 
the Committee on Banking, Housing, and Urban Af-
fairs of the Senate concerning the report required by 
this subsection. 
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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’’) con-
duct 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 re-
sults in less favorable rates for such borrowers; 
and 
(B) impacts the types of private educational 
loan products and rates available at certain in-
stitutions of higher education, including a com-
parison of such impact— 
(i) on private and public institutions; 
and 
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(ii) on historically Black colleges and 
universities (defined for purposes of this sec-
tion as a ‘‘part B institution’’, within the 
meaning of section 322 of the Higher Edu-
cation 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 re-
port to Congress on the results of the study required by this 
section. 
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 
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supervisory agency shall consider, as a factor, low-cost edu-
cational loans provided by the financial institution to low- 
income borrowers.’’. 
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Union Calendar No. 305 
110TH CONGRESS 
1ST SESSION 
H. R. 4137 
[Report No. 110–500, Part 1] 
A BILL 
To amend and extend the Higher Education Act of 
1965, and for other purposes. 
DECEMBER 19, 2007 
Reported from the Committee on Education and Labor 
with an amendment, committed to the Committee of 
the Whole House on the State of the Union, and or-
dered to be printed 
DECEMBER 19, 2007 
Committees on the Judiciary, Science and Technology, 
and Financial Services discharged; committed to the 
Committee of the Whole House on the State of the 
Union and ordered to be printed 
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