,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #cfab  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,novemb] #ba1         
#bjac,mr4 ,polis 7= himself1 ,ms4       
,s*w>tz1 & ,mr4 ,bi%op ( ,new ,york7    
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,education & !         
,work=ce1 & 9 addition to ! ,committee  
on ,f9ancial ,s]vices1 = a p]iod to be  
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to am5d ! ,tru? 9  
,l5d+ ,act & ! ,high] ,education ,act ( 
#aife to require c]ta9 cr$itors to obta9
 c]tifications f in/itutions ( high]    
education1 & = o!r purposes4  #a4 ,%ort 
title ,?is ,act may be cit$ z ! ,"k     
,be=e ,y ,owe ,private ,/ud5t ,loan ,act
 ( #bjac4  #b4 ,am5dm5ts to ! tru? 9    
l5d+ act  7a7 ,9 g5]al ,section #abh7;e7
 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4  
#afch7;e77 is am5d$-- 7#a7 by /rik+     
p>agraph 7#c7 & ins]t+ ! foll[+3  7#c7  
,in/itutional c]tification requir$  7,a7

 ,9 g5]al ,except z provid$ 9           
subp>agraph 7,b71 be=e a cr$itor may    
issue any funds ) respect to an ext5sion
 ( cr$it describ$ 9 ?is subsection1 !   
cr$itor %all obta9 f ! relevant         
in/itution ( high] education :]e su*    
loan is to be us$ = a /ud5t1 su*        
in/itution's c]tification (-- 7i7 !     
enrollm5t /atus ( ! /ud5t2  7ii7 !      
/ud5t's co/ ( att5dance at ! in/itution 
z det]m9$ by ! in/itution "u "p ,f (    
title ,,iv ( ! ,high] ,education ,act ( 
#aife2 &  7iii7 ! diff]5ce betwe5-- 7,i7
 su* co/ ( att5dance2 &  7,,ii7 !       
/ud5t's e/imat$ f9ancial assi/ance1     
includ+ su* assi/ance receiv$ "u title  
,,iv ( ! ,high] ,education ,act ( #aife 
& o!r f9ancial assi/ance kn[n to !      
in/itution1 z applicable4  7,b7         
,exception ,not)/&+ subp>agraph 7,a71 a 
cr$itor may issue funds ) respect to an 
ext5sion ( cr$it describ$ 9 ?is         
subsection )\t obta9+ f ! relevant      
in/itution ( high] education su*        
in/itution's c]tification if su*        

in/itution fails to provide )9 #ae      
bus9ess days ( ! cr$itor's reque/ = su* 
c]tification-- 7i7 ! reque/$            
c]tification2 or  7ii7 notification t ! 
in/itution has receiv$ ! reque/ =       
c]tification & w ne$ additional "t to   
comply ) ! c]tification reque/4  7,c7   
,loans disburs$ )\t c]tification ,if a  
cr$itor issues funds )\t obta9+ a       
c]tification1 z describ$ 9 subp>agraph  
7,b71 su* cr$itor %all report ! issuance
 ( su* funds 9 a mann] det]m9$ by !     
,director ( ! ,bureau4  2  7#b7 by      
r$esignat+ p>agraphs 7#i71 7#aj71 &     
7#aa7 z p>agraphs 7#aj71 7#aa71 & 7#ab71
 respectively2 &  7#c7 by ins]t+ aft]   
p>agraph 7#h7 ! foll[+3  7#i7 ,provision
 ( in=mation  7,a7 ,provision (         
in=mation to /ud5ts  7i7 ,loan /atem5t  
,a cr$itor t issues any funds ) respect 
to an ext5sion ( cr$it describ$ 9 ?is   
subsection %all s5d loan /atem5ts1 :]e  
su* loan is to be us$ = a /ud5t1 to     
borr[]s ( su* funds n less ?an once e #c
 mon?s dur+ ! "t t su* /ud5t is enroll$ 

at an in/itution ( high] education4     
7ii7 ,cont5ts ( loan /atem5t ,ea*       
/atem5t describ$ 9 clause 7i7 %all--    
7,i7 report ! borr[]'s total rema9+ debt
 to ! cr$itor1 includ+ accru$ b unpaid  
int]e/ & capitaliz$ int]e/2  7,,ii7     
report any debt increases s9ce ! la/    
/atem5t2 &  7,,iii7 li/ ! curr5t int]e/ 
rate = ea* loan4  7,b7 ,notification (  
loans disburs$ )\t c]tification ,on or  
be=e ! date a cr$itor issues any funds )
 respect to an ext5sion ( cr$it describ$
 9 ?is subsection1 ! cr$itor %all notify
 ! relevant in/itution ( high]          
education1 9 writ+1 ( ! am\nt ( !       
ext5sion ( cr$it & ! /ud5t on ^: behalf 
cr$it is ext5d$4 ,! =m ( su* writt5     
notification %all be subject to !       
regulations ( ! ,bureau4  7,c7 ,annual  
report ,a cr$itor t issues funds )      
respect to an ext5sion ( cr$it describ$ 
9 ?is subsection %all prep>e & submit an
 annual report to ! ,bureau conta9+ !   
requir$ in=mation ab\t private /ud5t    
loans to be det]m9$ by ! ,bureau1 9     

consultation ) ! ,secret>y ( ,education4
  4  7b7 ,def9ition ( private education 
loan ,section #adj7;a77#g77;,a7 ( !     
,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4       
#afej7;a77#g77;,a77 is am5d$-- 7#a7 by  
r$esignat+ clause 7ii7 z clause 7iii72  
7#b7 9 clause 7i71 by /rik+ & aft] !    
semicolon2 &  7#c7 by add+ aft] clause  
7i7 ! foll[+3  7ii7 is n made1 insur$1  
or gu>ante$ "u title ,,vii or title     
,,viii ( ! ,public ,heal? ,s]vice ,act  
7#db ,u4,s4,c4 #bib et seq4 & #bif et   
seq472 &  4  7c7 ,regulations ,n lat]   
?an #cfe days aft] ! date ( enactm5t (  
?is ,act1 ! ,bureau ( ,consum] ,f9ancial
 ,protection %all issue regulations 9   
f9al =m to implem5t p>agraphs 7#c7 &    
7#i7 ( section #abh7;e7 ( ! ,tru? 9     
,l5d+ ,act 7#ae ,u4,s4,c4 #afch7;e771 z 
am5d$ by subsection 7a74 ,su*           
regulations %all become effective n lat]
 ?an #f mon?s aft] _! date ( issuance4  
#c4 ,am5dm5t to ! high] education act ( 
#aife  7a7 ,am5dm5t to ! high] education
 act ( #aife ,section #dhg7;a7 ( !      

,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajid7;a77 is am5d$ by /rik+  
p>agraph 7#bh7 & ins]t+ ! foll[+3  7#bh7
 7,a7 ,! in/itution %all-- 7i7 ^u !     
reque/ ( a private educational l5d]1    
act+ 9 connection ) an application      
initiat$ by a borr[] = a private        
education loan 9 accordance ) section   
#abh7;e77#c7 ( ! ,tru? 9 ,l5d+ ,act1    
provide c]tification to su* private     
educational l5d]-- 7,i7 t ! /ud5t :o    
initiat$ ! application = ! private      
education loan1 or on ^: behalf !       
application 0 initiat$1 is enroll$ or is
 s*$ul$ to enroll at ! in/itution2      
7,,ii7 ( su* /ud5t's co/ ( att5dance at 
! in/itution z det]m9$ "u "p ,f ( ?is   
title2 &  7,,iii7 ( ! diff]5ce betwe5-- 
7aa7 ! co/ ( att5dance at ! in/itution2 
&  7bb7 ! /ud5t's e/imat$ f9ancial      
assi/ance receiv$ "u ?is title & o!r    
assi/ance kn[n to ! in/itution1 z       
applicable2 &  7ii7 provide !           
c]tification describ$ 9 clause 7i71 or  
notify ! cr$itor t ! in/itution has     

receiv$ ! reque/ = c]tification & w ne$ 
additional "t to comply ) ! c]tification
 reque/-- 7,i7 )9 #ae bus9ess days (    
receipt ( su* c]tification reque/2 &    
7,,ii7 only aft] ! in/itution has       
complet$ ! activities describ$ 9        
subp>agraph 7,b74  7,b7 ,! in/itution   
%all1 ^u receipt ( a c]tification reque/
 describ$ 9 subp>agraph 7,a77i71 & prior
 to provid+ su* c]tification-- 7i7      
det]m9e :e!r ! /ud5t :o initiat$ !      
application = ! private education loan1 
or on ^: behalf ! application 0         
initiat$1 has appli$ = & exhau/$ !      
,f$]al f9ancial assi/ance available to  
su* /ud5t "u ?is title & in=m ! /ud5t   
accord+ly2 &  7ii7 provide ! borr[] ^:  
loan application has prompt$ !          
c]tification reque/ by a private        
education l5d]1 z describ$ 9 subp>agraph
 7,a77i71 ) ! foll[+ in=mation &        
disclosures3 7,i7 ,! availability (1 & !
 borr[]'s pot5tial eligibility =1 ,f$]al
 f9ancial assi/ance "u ?is title1       
includ+ disclos+ ! t]ms1 conditions1    

int]e/ rates1 & repaym5t options &      
programs ( ,f$]al /ud5t loans4  7,,ii7  
,! borr[]'s ability to select a private 
educational l5d] ( ! borr[]'s *oice4    
7,,iii7 ,! impact ( a propos$ private   
education loan on ! borr[]'s pot5tial   
eligibility = o!r f9ancial assi/ance1   
includ+ ,f$]al f9ancial assi/ance "u ?is
 title4  7,,iv7 ,! borr[]'s "r to accept
 or reject a private education loan )9 !
 #cj-;day p]iod foll[+ a private        
educational l5d]'s approval ( a borr[]'s
 application & ab\t a borr[]'s #c-;day  
"r to cancel p]iod4  7,c7 ,= purposes ( 
?is p>agraph1 ! t]ms private educational
 l5d] & private education loan h !      
mean+s giv5 su* t]ms 9 section #adj ( ! 
,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4       
#afej74  4  7b7 ,effective date ,!      
am5dm5t made by subsection 7a7 %all take
 effect on ! effective date ( !         
regulations describ$ 9 section #b7;c74  
#d4 ,report ,n lat] ?an #bd mon?s aft] !
 issuance ( regulations "u section      
#b7;c71 ! ,director ( ! ,bureau (       

,consum] ,f9ancial ,protection & !      
,secret>y ( ,education %all jo9tly      
submit to ,congress a report on !       
compliance ( in/itutions ( high]        
education & private educational l5d]s ) 
section #abh7;e77#c7 ( ! ,tru? 9 ,l5d+  
,act 7#ae ,u4,s4,c4 #afch7;e771 z am5d$ 
by section #b1 & section #dhg7;a77#bh7 (
 ! ,high] ,education ,act ( #aife 7#bj  
,u4,s4,c4 #ajid7;a771 z am5d$ by section
 #c4 ,su* report %all include in=mation 
ab\t ! degree to :i* specific           
in/itutions utilize c]tifications 9     
effectively enc\rag+ ! exhau/ion (      
,f$]al /ud5t loan eligibility & l[]+    
/ud5t private education loan debt4