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education, used in the underwriting criteria to determine the 
pricing of private education loans; 
(2) to examine whether and to what extent the inclusion 
of such nonindividual factors— 
(A) increases access to private education loans for bor-
rowers who lack credit history or results in less favorable 
rates for such borrowers; and 
(B) affects the types of private education loan products 
and rates available at certain institutions of higher edu-
cation, including a comparison of such impact— 
(i) on private and public institutions; and 
(ii) on historically Black colleges and universities 
and institutions of higher education; and 
(3) to assess the extent to which the use of such nonindi-
vidual factors in underwriting may have a disparate impact 
on the pricing of private education loans, based on gender, 
race, income level, and covered educational institution. 
(c) REPORT.—Not later than one year after the date of enact-
ment of this Act, the Comptroller General of the United States 
shall submit a report to the Committee on Banking, Housing, and 
Urban Affairs and the Committee on Health, Education, Labor, 
and Pensions of the Senate and the Committee on Financial Services 
of the House of Representatives on the results of the study required 
by this section. 
SEC. 1123. FEASIBILITY STUDY FOR STUDENT LOAN CLEARINGHOUSE. 
(a) IN GENERAL.—Not later than 18 months after the date 
of enactment of this Act, the Comptroller General of the United 
States shall conduct a study of the feasibility of developing a 
national student loan clearinghouse on the website of the Depart-
ment of Education that would provide for one or more of the 
following: 
(1) A registry of real-time information on Federal student 
loans (including loans under parts B and D of title IV of 
the Higher Education Act of 1965 (20 U.S.C. 1071 et seq. 
and 1087a et seq.) and private education loans (as defined 
in section 140 of the Truth in Lending Act)), for both under-
graduate and graduate students, and parents of students, for 
use by prospective borrowers or any person desiring information 
regarding available interest rates, fees, and other terms from 
lenders. 
(2) A mechanism whereby prospective borrowers could be 
matched with lenders that offer highly competitive products 
and loan servicing quality, including any procedures and safe-
guards necessary to minimize potentially adverse effects of 
multiple inquiries into participating borrowers’ credit histories 
recorded by consumer reporting agencies. 
(3) Options concerning the establishment and ongoing 
maintenance of such a system, including whether such a system 
should be operated by one or more entities, and methods to 
finance such a system at no or minimal cost to consumers 
and the Government. 
(4) Other features that could help prospective borrowers 
make informed decisions in selecting lenders from whom to 
obtain Federal and private education loans.
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(b) CONSULTATION.—In conducting the study under subsection 
(a), the Comptroller General of the United States shall consult 
with— 
(1) the Secretary of Education; 
(2) the Federal Trade Commission; 
(3) representatives of student loan borrowers; 
(4) representatives from institutions of higher education, 
including financial aid administrators, registrars, business offi-
cers, and student affairs officials; 
(5) Federal and private educational lenders (as defined 
in section 140 of the Truth in Lending Act), loan servicers, 
and guaranty agencies; and 
(6) other appropriate entities with relevant experience. 
(c) REPORT.—Not later than two years after the date of enact-
ment of this Act, the Comptroller General of the United States 
shall submit to the authorizing committees a report on the study 
conducted under subsection (a). 
SEC. 1124. STUDY ON DEPARTMENT OF EDUCATION OVERSIGHT OF 
INCENTIVE COMPENSATION BAN. 
(a) IN GENERAL.—Not later than 18 months after the date 
of enactment of this Act, the Comptroller General of the United 
States shall— 
(1) conduct a study of efforts by the Secretary of Education 
to enforce the provisions of section 487(a)(20) of the Higher 
Education Act of 1965 (20 U.S.C. 1094(a)(20)); and 
(2) submit to the authorizing committees a report that 
provides the results of such study. 
(b) CONTENT OF REPORT.—The report submitted under sub-
section (a) shall include— 
(1) an analysis of the nature, extent, and effectiveness 
of the Secretary of Education’s activities to enforce the provi-
sions of section 487(a)(20) of the Higher Education Act of 1965 
(20 U.S.C. 1094(a)(20)); 
(2) the number of institutions of higher education for which 
investigations were initiated by the Secretary for potential vio-
lations of such section since 1998; 
(3) in cases where violations of such section by institutions 
of higher education were substantiated by the Secretary— 
(A) the names of such institutions; 
(B) the nature of the violations; and 
(C) the penalty, if any, imposed by the Secretary for 
such violations; 
(4) an analysis of the impact of the ‘‘safe harbor’’ regulations 
under section 668.14(b)(22)(ii)(A) through (L) of title 34, Code 
of Federal Regulations, promulgated under such section 
487(a)(20), on the number and nature of cases examined by 
the Secretary for potential violations of such section 487(a)(20), 
including whether the number of cases examined by the Sec-
retary has increased or decreased since such regulations went 
into effect; 
(5) information on the extent to which the Secretary has 
considered efforts by States to examine unethical or unlawful 
student recruitment or admissions practices by institutions of 
higher education, including practices that violate the provisions 
of such section 487(a)(20); and
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(6) information on the extent to which the Secretary 
reviews publicly-available documents, such as filings to the 
Securities and Exchange Commission, to monitor the compli-
ance of institutions of higher education with the provisions 
of such section 487(a)(20). 
SEC. 1125. DEFINITION OF AUTHORIZING COMMITTEES. 
For purposes of this title, the term ‘‘authorizing committees’’ 
has the meaning given such term in section 103 of the Higher 
Education Act of 1965, as amended by this Act. 
Speaker of the House of Representatives. 
Vice President of the United States and
President of the Senate.