ing ‘‘, loans made under parts D and E, and 
private education loans (in accordance with sub-
section (i))’’; 
(B) in subsection (f), by inserting ‘‘FOR 
FEDERAL LOANS’’ after ‘‘DATA REPORTING’’; 
and 
(C) by adding at the end the following: 
‘‘(i) PRIVATE EDUCATION LOAN REPORTING.—The 
Secretary shall include in the National Student Loan Data 
System the information regarding private education loans 
that the Director of the Consumer Financial Protection 
Bureau, in coordination with the Secretary, determines 
necessary 
to 
be 
included 
pursuant 
to 
section 
128(e)(9)(B)(ii) of the Truth in Lending Act (15 U.S.C. 
1638(e)(9)(B)(ii)).’’. 
(3) EFFECTIVE DATE.—The amendments made 
by paragraphs (1) and (2) shall take effect on the 
effective date of the regulations described in sub-
section (b)(3). 
(b) AMENDMENTS
TO
THE TRUTH
IN LENDING 
ACT.— 
(1) IN GENERAL.—Section 128(e) of the Truth 
in Lending Act (15 U.S.C. 1638(e)) is amended— 
(A) by striking paragraph (3) and insert-
ing the following: 
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‘‘(3) 
INSTITUTIONAL
CERTIFICATION
RE-
QUIRED.— 
‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (B), before a private educational 
lender may issue any funds with respect to a 
private education loan, the private educational 
lender shall obtain, from the relevant institution 
of higher education where such loan is to be 
used for a student, a certification in accordance 
with section 485(a)(28)(A) of the Higher Edu-
cation 
Act 
of 
1965 
(20 
U.S.C. 
1094(a)(28)(A))— 
‘‘(i) confirming that the student is en-
rolled or is scheduled to enroll at the insti-
tution; and 
‘‘(ii) stating— 
‘‘(I) the student’s cost of attend-
ance at the institution, as determined 
by the institution under part F of title 
IV of the Higher Education Act of 
1965 (20 U.S.C. 1087kk et seq.); and 
‘‘(II) the difference between— 
‘‘(aa) such cost of attend-
ance; and 
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‘‘(bb) the student’s esti-
mated financial assistance, in-
cluding such assistance received 
under title IV of the Higher Edu-
cation Act of 1965 (20 U.S.C. 
1070 et seq.) and other financial 
assistance known to the institu-
tion, as applicable. 
‘‘(B) 
TIMING.—Pursuant 
to 
section 
485(a)(28)(A) of the Higher Education Act of 
1965 (20 U.S.C. 1094(a)(28)(A)), a private 
education lender shall receive the certification 
described in subparagraph (A) within 15 days 
of a request by the private education lender, 
unless the institution of higher education noti-
fies the private educational lender pursuant to 
section 485(a)(28)(A)(ii) of such Act that addi-
tional time is needed. 
‘‘(C) ADDITIONAL REQUIREMENTS.—Upon 
receiving the certification described in subpara-
graph (A) for a private education loan, the pri-
vate educational lender— 
‘‘(i) may proceed to issue funds with 
respect to the private education loan; and 
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‘‘(ii) after issuing the private edu-
cation loan, shall— 
‘‘(I) notify the institution of 
higher education involved that the pri-
vate education loan has been issued to 
the borrower, and the amount of such 
loan; and 
‘‘(II) provide the Director of the 
Consumer Financial Protection Bu-
reau and the Secretary of Education 
with the information described in 
paragraph (9)(B).’’; 
(B) by redesignating paragraphs (9), (10), 
and (11) as paragraphs (10), (11), and (12), 
respectively; and 
(C) by inserting after paragraph (8) the 
following: 
‘‘(9) PROVISION OF INFORMATION.— 
‘‘(A) PROVISION OF INFORMATION TO BOR-
ROWERS.— 
‘‘(i) LOAN
STATEMENTS.—A private 
educational lender that issues any funds 
with respect to a private education loan 
shall— 
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‘‘(I) send loan statements, if the 
loan is to be used for a student, to 
borrowers of the funds not less than 
once every 3 months during the time 
that the student is enrolled at an in-
stitution of higher education; and 
‘‘(II) in the case of a private edu-
cation loan that includes a cosigner, 
annually send a loan statement to the 
borrower’s cosigner, notifying the co-
signer of the terms, conditions, and 
status of such private education loan. 
‘‘(ii) CONTENTS
OF
LOAN
STATE-
MENT.—Each 
statement 
described 
in 
clause (i) shall— 
‘‘(I) report the borrower’s total 
remaining debt to the private edu-
cational lender, including accrued but 
unpaid interest and capitalized inter-
est; 
‘‘(II) report any debt increases 
since the last statement; and 
‘‘(III) list the current interest 
rate for each loan. 
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100 
‘‘(B) PROVISION
OF
INFORMATION
TO 
FEDERAL AGENCIES.— 
‘‘(i) INFORMATION FROM LENDER.— 
Each private educational lender shall— 
‘‘(I) submit to the Director of the 
Consumer Financial Protection Bu-
reau and the Secretary of Education 
such information regarding a private 
education loan as may be determined 
necessary by the Director and the 
Secretary under clause (ii) for inclu-
sion in the National Student Loan 
Data System under section 485B(i) of 
the Higher Education Act of 1965 (20 
U.S.C. 1092b(i)); and 
‘‘(II) prepare and submit an an-
nual report to the Consumer Finan-
cial Protection Bureau regarding the 
private education loans issued by the 
private educational lender. 
‘‘(ii) PROMULGATION
OF
REGULA-
TIONS.—Not later than 1 year after the 
date of enactment of the Affordable Loans 
for Any Student Act, the Director of the 
Consumer Financial Protection Bureau, in 
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