stitution of higher education shall provide a 
loan statement to the borrower not less than 
once every 3 months during the period during 
which the student attends the institution of 
higher education. 
‘‘(B) CONTENTS OF LOAN STATEMENT.— 
Any loan statement provided to a borrower pur-
suant to subparagraph (A) shall— 
‘‘(i) report the amount of the bor-
rower’s total remaining debt with the pri-
vate educational lender, including any ac-
crued but unpaid interest and capitalized 
interest; and 
‘‘(ii) report the amount of any in-
crease in the borrower’s total debt with the 
private educational lender in the period fol-
lowing the most recent loan statement was 
provided to the borrower. 
‘‘(10) 
NOTIFICATION
OF
PRIVATE
EDU-
CATIONAL LOAN.—Not later than 3 days after a pri-
vate educational lender consummates a private edu-
cation loan with respect to a student attending an 
institution of higher education, such private edu-
cational lender shall notify the institution of higher 
education the student is to attend of the amount of 
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the private education loan the private educational 
lender has extended to such student. 
‘‘(11) ANNUAL
REPORT.—Each private edu-
cational lender shall, each year, submit to the Bu-
reau information about the private education loans 
such private educational lender has entered.’’. 
(b) DEFINITION OF PRIVATE EDUCATION LOAN.— 
Section 140(a)(8)(A) of the Truth in Lending Act (15 
U.S.C. 1650(a)(8)(A)) is amended— 
(1) by redesignating clause (ii) as clause (iii); 
(2) in clause (i), by striking ‘‘and’’ after the 
semicolon; and 
(3) by inserting after clause (i) the following: 
‘‘(ii) is not made, insured, or guaran-
teed under title VII or title VIII of the 
Public Health Service Act (42 U.S.C. 292 
et seq. and 296 et seq.); and’’. 
(c) REGULATIONS.—Not later than 365 days after 
the date of enactment of this Act, the Director of the Bu-
reau of Consumer Financial Protection shall issue rules 
in final form to implement paragraphs (3), (9), and (11) 
of section 128(e) of the Truth in Lending Act, as amended 
by this section. Such regulations shall become effective not 
later than 6 months after their date of issuance. 
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(d) EFFECTIVE DATE.—The amendments made by 
subsections (a) and (b) shall take effect 1 year after the 
date of the enactment of this section. 
(e) REPORT.— 
(1) IN GENERAL.—Not later than 24 months 
after issuing rules under subsection (c), the Director 
of the Bureau of Consumer Financial Protection 
shall submit to the Congress a report about the com-
pliance of private educational lenders and institu-
tions of higher education with section 128(e) of the 
Truth in Lending Act, as amended by this section. 
(2) CONTENTS.—Any report submitted to Con-
gress pursuant to paragraph (1) shall include infor-
mation about the degree to which institutions of 
higher education, in making disclosures to borrowers 
pursuant to section 128(e)(3)(F) of the Truth in 
Lending Act, effectively encourage borrowers to ex-
haust Federal assistance under title IV of the High-
er Education Act of 1965 before entering a private 
educational loan. 
Æ 
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