Simplifying Access to Student Loan Information Act of 2022
Bill: S.5256 | Sponsor: Sen. Shaheen, Jeanne (D-NH)
Policy area: Education

Summary:
Simplifying Access to Student Loan Information Act of 2022
This bill expands the National Student Loan Data System (NSLDS) to include information about private education loans.
Specifically, the bill requires private educational lenders to submit to the NSLDS information regarding private education loans made to borrowers, including the outstanding balances and interest rates of such loans. Currently, only federal student loan information is available in the NSLDS.
The bill requires the Department of Education to

To increase students' and borrowers' access to student loan information 
             within the National Student Loan Data System.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Simplifying Access to Student Loan 
Information Act of 2022''.

SEC. 2. AMENDMENT TO THE TRUTH IN LENDING ACT.

    (a) In General.--Section 128(e) of the Truth in Lending Act (15 
U.S.C. 1638(e)) is amended by adding at the end the following:
            ``(12) National student loan data system.--
                    ``(A) In general.--Each private educational lender 
                shall--
                            ``(i) submit to the Secretary of Education 
                        for inclusion in the National Student Loan Data 
                        System established under section 485B of the 
                        Higher Education Act of 1965 (20 U.S.C. 1092b) 
                        information regarding each private education 
                        loan made by such lender that will allow for 
                        the electronic exchange of data between 
                        borrowers of private education loans and the 
                        System; and
                            ``(ii) in carrying out clause (i), ensure 
                        the privacy of private education loan 
                        borrowers.
                    ``(B) Information to be submitted.--The information 
                regarding private education loans required under 
                subparagraph (A) to be included in the National Student 
                Loan Data System shall include the following if 
                determined appropriate by the Secretary of Education:
                            ``(i) The total amount and type of each 
                        such loan made, including outstanding interest 
                        and outstanding principal on such loan.
                            ``(ii) The interest rate of each such loan 
                        made.
                            ``(iii) Information regarding the borrower 
                        that the Secretary of Education determines is 
                        necessary to ensure the electronic exchange of 
                        data between borrowers of private education 
                        loans and the System.
                            ``(iv) Information, including contact 
                        information, regarding the lender that owns the 
                        loan.
                            ``(v) Information, including contact 
                        information, regarding the servicer that is 
                        handling the loan.
                            ``(vi) Information concerning the date of 
                        any default on the loan and the collection of 
                        the loan, including any information concerning 
                        the repayment status of any defaulted loan.
                            ``(vii) Information regarding any deferment 
                        or forbearance granted on the loan.
                            ``(viii) The date of the completion of 
                        repayment by the borrower of the loan.
                            ``(ix) Any other information determined by 
                        the Secretary of Education to be necessary for 
                        the operation of the National Student Loan Data 
                        System.
                    ``(C) Update.--Each private educational lender 
                shall update the information regarding private 
                education loans required under subparagraph (A) to be 
                included in the National Student Loan Data System on 
                the same schedule as information is updated under the 
                System under section 485B of the Higher Education Act 
                of 1965 (20 U.S.C. 1092b).''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to private education loans that are made for the 2023-2024 
academic year or later.

SEC. 3. AMENDMENT TO THE HIGHER EDUCATION ACT OF 1965.

    Section 485B of the Higher Education Act of 1965 (20 U.S.C. 1092b) 
is amended by adding at the end the following:
    ``(j) Private Education Loans.--
            ``(1) In general.--Not later than 1 year after the date of 
        enactment of the Simplifying Access to Student Loan Information 
        Act of 2022, the National Student Loan Data System established 
        pursuant to subsection (a) shall contain the information 
        required to be included under section 128(e)(12) of the Truth 
        in Lending Act (15 U.S.C. 1638(e)(12)).
            ``(2) Cosigner.--Notwithstanding any other provision of 
        law, the Secretary shall ensure that any cosigner of a private 
        education loan for which information is included in the 
        National Student Loan Data System--
                    ``(A) is able to access the information in such 
                System with respect to such private education loan in a 
                separate account for such cosigner; and
                    ``(B) does not have access to any information in 
                such System with respect to any loan for which the 
                cosigner has not cosigned.
            ``(3) Privacy.--The Secretary shall ensure that a private 
        educational lender--
                    ``(A) has access to the National Student Loan Data 
                System only to submit information for such System 
                regarding the private education loans of such lender; 
                and
                    ``(B) may not see information in the System 
                regarding the loans of any other lender.
    ``(k) Repayment Options.--Not later than 1 year after the date of 
enactment of the Simplifying Access to Student Loan Information Act of 
2022, the Secretary shall establish a functionality within the National 
Student Loan Data System established pursuant to subsection (a) that 
enables a student borrower of a loan made, insured, or guaranteed under 
this title to input information necessary for the estimation of 
repayment amounts under the various repayment plans available to the 
borrower of such loan to compare such repayment plans.''.
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