,,ii #aac? ,,congress #a/ ,session ,s4 #ahjc ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,decemb] #aa1 #bjac,mr4 ,durb9 7= himself1 ,ms4 ,w>r51 ,mrs4 ,box]1 & ,mr4 ,re$7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,heal?1 ,education1 ,labor1 & ,p5sions ,a ,,bill ,to require c]ta9 protections = /ud5t loan borr[]s1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,/ud5t ,loan ,borr[] ,bill ( ,rights4 #b4 ,tru? 9 ,l5d+ ,act am5dm5ts ,! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afja et seq47 is am5d$-- 7#a7 9 section #abh 7#ae ,u4,s4,c4 #afch7-- 7,a7 9 subsection 7e7-- 7i7 9 p>agraph 7#a77,o71 by /rik+ p>agraph 7#f7 & ins]t+ p>agraph 7#i72 7ii7 9 p>agraph 7#b77,l71 by /rik+ p>agraph 7#f7 & ins]t+ p>agraph 7#i72 7iii7 9 p>agraph 7#d77;,c71 by /rik+ p>agraph 7#g7 & ins]t+ p>agraph 7#aj72 7iv7 by r$esignat+ p>agraphs 7#e7 ?r\gh 7#aa7 z p>agraphs 7#h7 ?r\gh 7#ad71 respectively2 7v7 by ins]t+ aft] p>agraph 7#d7 ! foll[+3 7#e7 ,disclosures be=e fir/ fully amortiz$ paym5t ,n few] ?an #cj days & n m ?an #aej days be=e ! fir/ fully amortiz$ paym5t on a private education loan is due f ! borr[]1 ! private educational l5d] %all disclose to ! borr[]1 cle>ly & conspicu\sly-- 7,a7 ! in=mation describ$ 9-- 7i7 p>agraph 7#b77;,a7 7adju/$1 z necess>y1 = ! rate ( int]e/ 9 effect on ! date ! fir/ fully amortiz$ paym5t on a private education loan is due72 7ii7 subp>agraphs 7,b7 ?r\gh 7,g7 ( p>agraph 7#b72 7iii7 p>agraph 7#b77;,h7 7adju/$1 z necess>y1 = ! rate ( int]e/ 9 effect on ! date ! fir/ fully amortiz$ paym5t on a private education loan is due72 7iv7 p>agraph 7#b77,k72 & 7v7 subp>agraphs 7,o7 & 7,p7 ( p>agraph 7#b72 7,b7 ! s*$ul$ date ^u :i* ! fir/ fully amortiz$ paym5t is due2 7,c7 ! "n ( ! l5d] & s]vic]1 & ! address to :i* communications & paym5ts %\ld be s5t includ+ a telephone numb] & website :]e ! borr[] may obta9 additional in=mation2 7,d7 a description ( alt]native repaym5t plans1 includ+ loan consolidation or ref9anc+1 & s]vicememb] or vet]an b5efits "u ! ,s]vicememb]s ,civil ,relief ,act 7#ej ,u4,s4,c4 ,app4 #eja et seq47 or o!r ,f$]al or ,/ate law relat$ to private education loans2 & 7,e7 a /atem5t t a ,s]vicememb] & ,vet]ans ,liaison designat$ "u p>agraph 7#ae77;,f7 is available to answ] inquiries ab\t s]vicememb] & vet]an b5efits relat$ to private education loans1 includ+ ! toll-free telephone numb] to contact ! ,liaison pursuant to p>agraph 7#ae77;,f74 7#f7 ,disclosures :5 borr[] is #cj days del9qu5t ,n few] ?an #e days aft] a borr[] becomes #cj days del9qu5t on a private education loan1 ! private educational l5d] %all disclose to ! borr[]1 cle>ly & conspicu\sly-- 7,a7 ! date on :i* ! loan w be *>g$-(f 7z def9$ 9 p>agraph 7#ae77;,a77 or assign$ to collections1 includ+ ! consequ5ces ( su* *>ge-(f or assignm5t to collections1 if no paym5t is made2 7,b7 ! m9imum paym5t t ! borr[] mu/ make to avoid ! loan be+ *>g$ (f 7z def9$ 9 p>agraph 7#ae77;,a77 or assign$ to collection1 & ! m9imum paym5t t ! borr[] mu/ make to br+ ! loan curr5t2 7,c7 a /atem5t in=m+ ! borr[] t a paym5t ( less ?an ! m9imum paym5t describ$ 9 subp>agraph 7,b7 c\ld result 9 ! loan be+ *>g$ (f 7z def9$ 9 p>agraph 7#ae77;,a77 or assign$ to collection2 & 7,d7 a /atem5t t a ,s]vicememb] & ,vet]ans ,liaison designat$ "u p>agraph 7#ae77;,f7 is available to answ] inquiries ab\t s]vicememb] & vet]an b5efits relat$ to private education loans1 includ+ ! toll-free telephone numb] to contact ! ,liaison pursuant to p>agraph 7#ae77;,f74 7#g7 ,disclosures :5 borr[] is hav+ difficulty mak+ paym5t or is #fj days del9qu5t 7,a7 ,9 g5]al ,n few] ?an #e days aft] a borr[] notifies a private educational l5d] t ! borr[] is hav+ difficulty mak+ paym5t or a borr[] becomes #fj days del9qu5t on a private education loan1 ! private educational l5d] %all-- 7i7 complete a full review ( ! borr[]'s private education loan & make a reasonable ef=t to obta9 ! in=mation necess>y to det]m9e-- 7,i7 if ! borr[] is eligible = an alt]native repaym5t plan1 includ+ loan consolidation or ref9anc+2 & 7,,ii7 if ! borr[] is eligible = s]vicememb] or vet]an b5efits "u ! ,s]vicememb]s ,civil ,relief ,act 7#ej ,u4,s4,c4 ,app4 #eja et seq47 or o!r ,f$]al or ,/ate law relat$ to private education loans2 7ii7 provide ! borr[]1 9 writ+1 9 simple & und]/&able t]ms1 in=mation ab\t alt]native repaym5t plans & b5efits = :i* ! borr[] is eligible1 includ+ all t]ms1 conditions1 & fees or co/s associat$ ) su* repaym5t plan1 pursuant to p>agraph 7#h77;,d72 7iii7 all[ ! borr[] n less ?an #cj days to apply = an alt]native repaym5t plan or b5efits1 if eligible2 & 7iv7 notify ! borr[] t a ,s]vicememb] & ,vet]ans ,liaison designat$ "u p>agraph 7#ae77;,f7 is available to answ] inquiries ab\t s]vicememb] & vet]an b5efits relat$ to private education loans1 includ+ ! toll-free telephone numb] to contact ! ,liaison pursuant to p>agraph 7#ae77;,f74 7,b7 ,=be>ance or def]m5t ,if a borr[] notifies ! private educational l5d] t a long-t]m alt]native repaym5t plan is n ne$$1 ! private educational l5d] may comply ) ?is p>agraph by provid+ ! borr[]1 9 writ+1 9 simple & und]/&able t]ms1 in=mation ab\t =be>ance or def]m5t options1 includ+ all t]ms1 conditions1 & fees or co/s associat$ ) su* options pursuant to p>agraph 7#h77;,d74 7,c7 ,notification process 7i7 ,9 g5]al ,ea* private educational l5d] %all e/abli% a process1 9 accordance subp>agraph 7,a71 = a borr[] to notify ! l5d] t-- 7,i7 ! borr[] is hav+ difficulty mak+ paym5ts on a private education loan2 & 7,,ii7 a long-t]m alt]native repaym5t plan is n ne$$4 7ii7 ,consum] f9ancial protection bureau requirem5ts ,! ,director ( ! ,consum] ,f9ancial ,protection ,bureau1 9 consultation ) ! ,secret>y ( ,education1 %all promulgate rules e/abli%+ m9imum /&>ds = private educational l5d]s 9 c>ry+ out ! requirem5ts ( ?is p>agraph & a model =m = borr[]s to notify private educational l5d]s ( ! in=mation "u ?is p>agraph4 2 7vi7 9 p>agraph 7#h71 z r$esignat$ by clause 7iv71 by add+ at ! end ! foll[+3 7,d7 ,model disclosure =m = alt]native repaym5t plans1 =be>ance1 & def]m5t options ,n lat] ?an #b ye>s aft] ! date ( enactm5t ( ! ,/ud5t ,loan ,borr[] ,bill ( ,rights1 ! ,director ( ! ,consum] ,f9ancial ,protection ,bureau1 9 consultation ) ! ,secret>y ( ,education1 %all develop & issue model =ms to all[ borr[]s to comp>e alt]native repaym5t plans1 =be>ance1 & def]m5t options ) ! borr[]'s exi/+ repaym5t plan ) respect to a private education loan4 ,su* =ms %all include ! foll[+3 7i7 ,! total am\nt to be paid ov] ! life ( ! loan4 7ii7 ,! total am\nt 9 int]e/ to be paid ov] ! life ( ! loan4 7iii7 ,! mon?ly paym5t am\nt4 7iv7 ,! expect$ pay-(f date4 7v7 ,relat$ fees & co/s4 7vi7 ,eligibility requirem5ts1 & h[ ! borr[] c apply = ! alt]native repaym5t plan1 =be>ance1 or def]m5t option4 7vii7 ,any consequ5ces1 includ+ ! loss ( eligibility = alt]native repaym5t plans1 =be>ance1 or def]m5t options4 2 7vii7 9 p>agraph 7#aa71 z r$esignat$ by clause 7iv71 by /rik+ p>agraph 7#g7 & ins]t+ p>agraph 7#aj72 7viii7 9 p>agraph 7#ad71 z r$esignat$ by clause 7iv71 by /rik+ p>agraph 7#e7 & ins]t+ p>agraph 7#h72 & 7ix7 by add+ at ! end ! foll[+3 7#ae7 ,/ud5t loan borr[] bill ( rights 7,a7 ,def9itions ,9 ?is p>agraph3 7i7 ,borr[] ,! t]m borr[] means ! p]son to :om a private education loan is ext5d$4 7ii7 ,*>ge (f ,! t]m *>ge (f means *>ge to pr(it & loss1 or subject to any simil> action4 7iii7 ,private education loan ,! t]m private education loan has ! mean+ giv5 ! t]m 9 section #adj7;a74 7iv7 ,s]vic] ,! t]m s]vic] means ! p]son responsible = ! s]vic+ ( a private education loan1 includ+ any ag5t ( su* p]son or ! p]son :o makes1 owns1 or holds a loan if su* p]son also s]vices ! loan4 7v7 ,s]vic+ ,! t]m s]vic+ means-- 7,i7 receiv+ any s*$ul$ p]iodic paym5ts f a borr[] pursuant to ! t]ms ( a private education loan2 7,,ii7 mak+ ! paym5ts ( pr9cipal & int]e/ & su* o!r paym5ts ) respect to ! am\nts receiv$ f ! borr[]1 z may be requir$ pursuant to ! t]ms ( ! loan2 & 7,,iii7 p]=m+ o!r adm9i/rative s]vices ) respect to ! loan4 7,b7 ,sale1 transf]1 or assignm5t ,if ! sale1 o!r transf]1 or assignm5t ( a private education loan results 9 a *ange 9 ! id5tity ( ! p>ty to :om ! borr[] mu/ s5d subsequ5t paym5ts or direct any communications conc]n+ ! loan-- 7i7 ! transf]or %all-- 7,i7 notify ! borr[]1 9 writ+1 9 simple & und]/&able t]ms1 n few] ?an #de days be=e transf]r+ a legally en=ceable "r to receive paym5t f ! borr[] on su* loan1 (-- 7aa7 ! sale or o!r transf]2 7bb7 ! id5tity ( ! transf]ee2 7cc7 ! "n & address ( ! p>ty to :om subsequ5t paym5ts or communications mu/ be s5t2 7dd7 ! telephone numb]s & websites ( bo? ! transf]or & ! transf]ee2 7ee7 ! effective date ( ! sale1 transf]1 or assignm5t2 7ff7 ! date on :i* ! transf]or s]vic] w /op accept+ paym5t2 & 7gg7 ! date on :i* ! transf]ee s]vic] w beg9 accept+ paym5t2 & 7,,ii7 =w>d any paym5t f a borr[] ) respect to su* private education loan to ! transf]ee s]vic]1 imm$iately ^u receiv+ su* paym5t1 dur+ ! #fj-;day p]iod beg9n+ on ! date on :i* ! transf]or s]vic] /ops accept+ paym5t ( su* private education loan2 & 7ii7 ! transf]ee %all-- 7,i7 notify ! borr[]1 9 writ+1 9 simple & und]/&able t]ms1 n few] ?an #de days be=e acquir+ a legally en=ceable "r to receive paym5t f ! borr[] on su* loan1 (-- 7aa7 ! sale or o!r transf]2 7bb7 ! id5tity ( ! transf]ee2 7cc7 ! "n & address ( ! p>ty to :om subsequ5t paym5ts or communications mu/ be s5t2 7dd7 ! telephone numb]s & websites ( bo? ! transf]or & ! transf]ee2 7ee7 ! effective date ( ! sale1 transf]1 or assignm5t2 7ff7 ! date on :i* ! transf]or w /op accept+ paym5t2 & 7gg7 ! date on :i* ! transf]ee w beg9 accept+ paym5t2 7,,ii7 accept z on-"t & may n impose any late fee or f9ance *>ge = any paym5t f a borr[] ) respect to su* private education loan t is =w>d$ f ! transf]or s]vic] dur+ ! #fj-;day p]iod beg9n+ on ! date on :i* ! transf]or s]vic] /ops accept+ paym5t1 if ! transf]or s]vic] receives su* paym5t on or be=e ! applicable due date1 includ+ any grace p]iod2 7,,iii7 provide borr[]s a simple1 onl9e process = transf]r+ exi/+ electronic fund transf] au?ority2 & 7,,iv7 honor any promotion or b5efit (f]$ to ! borr[] or adv]tis$ by ! previ\s own] or transf]or s]vic] ( su* private education loan4 7,c7 ,mat]ial *ange 9 mail+ address or proc$ure = h&l+ paym5ts ,if a s]vic] makes a *ange 9 ! mail+ address1 (fice1 or proc$ures = h&l+ paym5ts ) respect to any private education loan1 & su* *ange causes a delay 9 ! cr$it+ ( ! acc\nt ( ! borr[] made dur+ ! #fj-;day p]iod foll[+ ! date on :i* su* *ange took effect1 ! s]vic] may n impose any late fee or f9ance *>ge = a late paym5t on su* private education loan4 7,d7 ,application ( paym5ts 7i7 ,9 g5]al ,unless o!rwise direct$ by ! borr[]1 ^u receipt ( a paym5t1 ! s]vic] %all apply am\nts fir/ to ! int]e/ & fees ow$ on ! paym5t due date1 & !n to ! pr9cipal balance ( ! private education loan be>+ ! highe/ annual p]c5tage rate1 & !n to ea* successive int]e/ & fees & !n pr9cipal balance be>+ ! next highe/ annual p]c5tage rate1 until ! paym5t is exhau/$4 ,a borr[] may in/ruct or expressly au?orize ! s]vic] to apply paym5ts 9 a diff]5t mann]4 7ii7 ,application ( excess am\nts ,unless o!rwise direct$ by ! borr[]1 ^u receipt ( a paym5t1 ! s]vic] %all apply am\nts 9 excess ( ! m9imum paym5t am\nt fir/ to ! int]e/ & fees ow$ on ! paym5t due date1 & !n to ! pr9cipal balance ( ! private education loan balance be>+ ! highe/ annual p]c5tage rate1 & !n to ea* successive int]e/ & fees & pr9cipal balance be>+ ! next highe/ annual p]c5tage rate1 until ! paym5t is exhau/$4 ,a borr[] may in/ruct or expressly au?orize ! s]vic] to apply su* excess paym5ts 9 a diff]5t mann]4 7iii7 ,apply paym5t on date receiv$ ,unless o!rwise direct$ by ! borr[]1 a s]vic] %all apply paym5ts to a borr[]'s acc\nt on ! date ! paym5t is receiv$4 7iv7 ,promulgation ( rules ,! ,director ( ! ,consum] ,f9ancial ,protection ,bureau1 9 consultation ) ! ,secret>y ( ,education1 may promulgate rules = ! application ( paym5ts t-- 7,i7 m9imizes ! am\nt ( fees & int]e/ incurr$ by ! borr[] & ! total loan am\nt paid by ! borr[]2 7,,ii7 m9imizes del9qu5cies1 assignm5ts to collection1 & *>ge-(fs2 7,,iii7 requires s]vic]s to apply paym5ts on ! date receiv$2 & 7,,iv7 all[s ! borr[] to in/ruct ! s]vic] to apply paym5ts 9 a mann] pref]r$ by ! borr[]4 7,e7 ,rehabilitation ( loans ,if a borr[] successfully & volunt>ily makes #i paym5ts )9 #bj days ( ! due date dur+ #aj consecutive mon?s ( am\nts ow$ on a private education loan1 or o!rwise br+s a private education loan curr5t aft] ! loan is *>g$-(f1 ! loan %all be consid]$ rehabilitat$1 & ! l5d] or s]vic] %all reque/ t any consum] report+ ag5cy to :i* ! *>ge-(f 0 report$ remove ! del9qu5cy t l$ to ! *>ge-(f & ! *>ge-(f f ! borr[]'s cr$it hi/ory4 7,f7 ,s]vicememb]s1 vet]ans1 & private education loans 7i7 ,s]vicememb] & vet]ans liaison ,ea* s]vic] %all designate an employee to act z ! s]vicememb] & vet]ans liaison :o is responsible = answ]+ inquiries f s]vicememb]s & vet]ans1 & is specially tra9$ on s]vicememb] & vet]an b5efits "u ! ,s]vicememb]s ,civil ,relief ,act 7#ej ,u4,s4,c4 ,app4 #eja et seq47 & o!r ,f$]al or ,/ate laws relat$ to private education loans4 7ii7 ,toll-free telephone numb] ,ea* s]vic] %all ma9ta9 a toll-free telephone numb] t %all-- 7,i7 connect directly to ! s]vicememb] & vet]ans liaison designat$ "u clause 7i72 & 7,,ii7 be made available on ! prim>y int]net website ( ! s]vic] & on mon?ly bill+ /atem5ts4 7iii7 ,prohibition on *>ge (fs ,a l5d] or s]vic] may n *>ge (f or report a private education loan z del9qu5t1 assign$ to collection 7int]nally or by ref]ral to a ?ird p>ty71 or *>g$-(f to a cr$it report+ ag5cy if ! borr[] is on active duty 9 ! ,arm$ ,=ces 7z def9$ 9 section #aja7;d77#a7 ( title #aj1 ,unit$ ,/ates ,code7 s]v+ 9 a combat zone 7z designat$ by ! ,presid5t "u section #aab7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf74 7,g7 ,borr[]'s loan hi/ory 7i7 ,9 g5]al ,a s]vic] %all make available ?r\gh a secure website1 or 9 writ+ ^u reque/1 ! loan hi/ory ( ea* borr[] = ea* private education loan1 sep>ately designat+-- 7,i7 paym5t hi/ory2 7,,ii7 loan hi/ory1 includ+ any =be>ances1 def]rals1 del9qu5cies1 assignm5t to collection1 & *>ge (fs2 7,,iii7 annual p]c5tage rate hi/ory2 & 7,,iv7 key loan t]ms1 includ+ application ( paym5ts to int]e/1 pr9cipal1 & fees1 orig9ation date1 pr9cipal1 capitaliz$ int]e/1 annual p]c5tage rate1 includ+ any cap1 loan t]m1 & any contractual inc5tives4 7ii7 ,orig9al docum5tation ,a s]vic] %all make available to ! borr[]1 if reque/$1 at no *>ge1 copies ( ! orig9al loan docum5ts & ! promissory note = ea* private education loan4 7,h7 ,error resolution ,! ,director ( ! ,consum] ,f9ancial ,protection ,bureau1 9 consultation ) ! ,secret>y ( ,education1 %all promulgate rules requir+ s]vic]s to e/abli% error resolution proc$ures to all[ borr[]s to inquire ab\t errors relat$ to _! private education loans & obta9 timely resolution ( su* errors4 7,i7 ,additional s]vic+ /&>ds ,! ,director ( ! ,consum] ,f9ancial ,protection ,bureau1 9 consultation ) ! ,secret>y ( ,education1 may e/abli% additional s]vic+ /&>ds to r$uce del9qu5cies1 assignm5t to collections1 & *>ge-(fs1 & to ensure borr[]s und]/& _! rights & obligations relat$ to _! private education loans4 7,j7 ,arbitration 7i7 ,waiv] ( rights & rem$ies ,any rights & rem$ies available to borr[]s aga9/ s]vic]s may n be waiv$ by any agreem5t1 policy1 or =m1 includ+ by a pr$ispute arbitration agreem5t4 7ii7 ,pr$ispute arbitration agreem5ts ,no pr$ispute arbitration agreem5t %all be valid or en=ceable by a s]vic]1 includ+ z a ?ird-p>ty b5efici>y or by e/oppel1 if ! agreem5t requires arbitration ( a dispute ) respect to a private education loan4 ,?is subp>agraph applies to pr$ispute arbitration agreem5ts ent]$ into be=e ! date ( enactm5t ( ! ,/ud5t ,loan ,borr[] ,bill ( ,rights1 z well z on & aft] su* date ( enactm5t1 if ! violation t is ! subject ( ! dispute occurr$ on or aft] su* date ( enactm5t4 7,k7 ,en=cem5t ,! provisions ( ?is p>agraph %all be en=c$ by ! ag5cies specifi$ 9 subsections 7a7 ?r\gh 7d7 ( section #ajh1 9 ! mann] set =? 9 t section or "u any o!r applicable au?orities available to su* ag5cies by law4 7,l7 ,preemption ,no?+ 9 ?is p>agraph may be con/ru$ to preempt any provision ( ,/ate law reg>d+ private education loans :]e ! ,/ate law provides /rong] consum] protections4 7,m7 ,civil liability ,a s]vic] t fails to comply ) any requirem5t impos$ "u ?is p>agraph %all be deem$ a cr$itor t has fail$ to comply ) a requirem5t "u ?is *apt] = purposes ( liability "u section #acj & su* s]vic] %all be subject to ! applicable liability provisions "u su* section4 2 & 7,b7 by add+ at ! end ! foll[+3 7g7 ,in=mation ,to be available at no *>ge ,! in=mation requir$ to be disclos$ "u ?is section %all be made available at no *>ge to ! borr[]4 2 & 7#b7 9 section #acj7;a7-- 7,a7 9 p>agraph 7#c71 by /rik+ #abh7;e77#g7 & ins]t+ #abh7;e77#aj72 & 7,b7 9 ! flu% matt] at ! end1 by /rik+ or p>agraph 7#d77;,c71 7#f71 7#g71 or 7#h7 ( section #abh7;e71 & ins]t+ or p>agraph 7#d77;,c71 7#i71 7#aj71 or 7#aa7 ( section #abh7;e714 #c4 ,/ud5t loan borr[] bill ( rights ,! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajja et seq47 is am5d$-- 7#a7 9 "p ,g ( title ,,iv 7#bj ,u4,s4,c4 #ajhh et seq47 by add+ at ! end ! foll[+3 #dic;,e4 ,/ud5t loan borr[] bill ( rights 7a7 ,def9itions ,9 ?is section3 7#a7 ,s]vic] ,! t]m s]vic] means ! p]son responsible = ! s]vic+ ( any /ud5t loan1 includ+ any ag5t ( su* p]son or ! p]son :o makes1 owns1 or holds a loan if su* p]son also s]vices ! loan4 7#b7 ,s]vic+ ,! t]m s]vic+ means-- 7,a7 receiv+ any s*$ul$ p]iodic paym5ts f a borr[] pursuant to ! t]ms ( a /ud5t loan2 7,b7 mak+ ! paym5ts ( pr9cipal & int]e/ & su* o!r paym5ts ) respect to ! am\nts receiv$ f ! borr[]1 z may be requir$ pursuant to ! t]ms ( ! loan2 & 7,c7 p]=m+ o!r adm9i/rative s]vices ) respect to ! loan4 7#c7 ,/ud5t loan ,! t]m /ud5t loan means a loan made1 insur$1 or gu>ante$ "u ?is title4 7b7 ,transf] ( l5d] or s]vic] ,if ! sale1 o!r transf]1 or assignm5t ( a /ud5t loan results 9 a *ange 9 ! id5tity ( ! p>ty to :om ! borr[] mu/ s5d subsequ5t paym5ts or direct any communications conc]n+ ! loan-- 7#a7 ! transf]or %all-- 7,a7 notify ! borr[] 9 writ+ n few] ?an #de days be=e transf]r+ a legally en=ceable "r to receive paym5t f ! borr[] on su* loan1 (-- 7i7 ! sale1 transf]1 or assignm5t2 7ii7 ! id5tity ( ! transf]ee2 7iii7 ! "n & address ( ! p>ty to :om subsequ5t paym5ts or communications mu/ be s5t2 7iv7 ! telephone numb]s & websites ( bo? ! transf]or & ! transf]ee2 7v7 ! effective date ( ! sale1 transf]1 or assignm5t2 7vi7 ! date on :i* ! curr5t s]vic] w /op accept+ paym5ts2 & 7vii7 ! date on :i* ! transf]ee s]vic] w beg9 accept+ paym5t2 & 7,b7 =w>d to ! transf]ee s]vic] any paym5t ) respect to su* /ud5t loan1 imm$iately ^u receiv+ su* paym5t1 f a borr[] dur+ ! #fj-;day p]iod beg9n+ on ! date on :i* ! transf]or s]vic] /ops accept+ paym5t = su* /ud5t loan2 & 7#b7 ! transf]ee %all-- 7,a7 notify ! borr[] 9 writ+ n few] ?an #de days be=e transf]r+ a legally en=ceable "r to receive paym5t f ! borr[] on su* loan1 (-- 7i7 ! sale1 transf]1 or assignm5t2 7ii7 ! id5tity ( ! transf]or2 7iii7 ! "n & address ( ! p>ty to :om subsequ5t paym5ts or communications mu/ be s5t2 7iv7 ! telephone numb]s & websites ( bo? ! transf]or & ! transf]ee2 7v7 ! effective date ( ! sale1 transf]1 or assignm5t2 7vi7 ! date on :i* ! curr5t s]vic] w /op accept+ paym5ts2 & 7vii7 ! date on :i* ! transf]ee s]vic] w beg9 accept+ paym5t2 7,b7 accept z on-"t & may n impose any late fee or f9ance *>ge ) respect to su* /ud5t loan = any paym5t =w>d$ f ! transf]or s]vic] dur+ ! #fj-;day p]iod beg9n+ on ! date on :i* ! transf]or s]vic] /ops accept+ paym5t1 if ! transf]or s]vic] receiv$ su* paym5t f ! borr[] on or be=e ! applicable due date1 includ+ any grace p]iod2 7,c7 provide borr[]s a simple1 onl9e process = transf]r+ exi/+ electronic fund transf] au?ority2 & 7,d7 honor any promotion or b5efit (f]$ to ! borr[] or adv]tis$ by ! previ\s own] or transf]or s]vic] ( su* /ud5t loan4 7c7 ,mat]ial *ange 9 mail+ address or proc$ure = h&l+ paym5ts ,if a s]vic] makes a *ange 9 ! mail+ address1 (fice1 or proc$ures = h&l+ paym5ts ) respect to any /ud5t loan1 & su* *ange causes a delay 9 ! cr$it+ ( ! acc\nt ( ! borr[] made dur+ ! #fj-;day p]iod foll[+ ! date on :i* su* *ange took effect1 ! s]vic] may n impose any late fee or f9ance *>ge = a late paym5t on su* /ud5t loan4 7d7 ,eligibility = dis*>ge ,! ,director ( ! ,consum] ,f9ancial ,protection ,bureau1 9 consultation ) ! ,secret>y1 %all promulgate rules requir+ l5d]s & s]vic]s to-- 7#a7 id5tify & contact borr[]s :o may be eligible = /ud5t loan dis*>ge by ! ,secret>y2 7#b7 provide ! borr[]1 9 writ+1 9 simple & und]/&able t]ms1 in=mation ab\t obta9+ su* dis*>ge2 & 7#c7 create a /reaml9$ process = eligible borr[]s to apply = & receive su* dis*>ge4 7e7 ,application ( paym5ts 7#a7 ,9 g5]al ,not)/&+ any o!r provision ( ?is ,act1 ! ,director ( ! ,consum] ,f9ancial ,protection ,bureau1 9 consultation ) ! ,secret>y1 %all issue rules = ! application ( /ud5t loan paym5ts t-- 7,a7 m9imizes ! am\nt ( fees & int]e/ incurr$ by ! borr[] & ! total loan am\nt paid by ! borr[]2 7,b7 m9imizes del9qu5cies1 assignm5ts to collection1 & *>ge (fs2 7,c7 requires s]vic]s to apply paym5ts on ! date receiv$2 & 7,d7 all[s ! borr[] to direct ! s]vic] to apply paym5ts 9 a mann] pref]r$ by ! borr[]4 7#b7 ,me?od t be/ b5efits borr[] ,9 issu+ ! rules "u p>agraph 7#a71 ! ,director ( ! ,consum] ,f9ancial ,protection ,bureau %all *oose ! application me?od t be/ b5efits ! borr[] & is compatible ) exi/+ repaym5t options4 7f7 ,s]vicememb]s1 vet]ans1 & /ud5t loans 7#a7 ,s]vicememb] & vet]ans liaison ,ea* s]vic] ( a /ud5t loan %all designate an employee to act z ! s]vicememb] & vet]ans liaison :o is responsible = answ]+ inquiries f s]vicememb]s & vet]ans1 & is specially tra9$ on s]vicememb] & vet]an b5efits & options "u ! ,s]vicememb]s ,civil ,relief ,act 7#ej ,u4,s4,c4 ,app4 #eja et seq47 & o!r ,f$]al or ,/ate laws relat$ to /ud5t loans4 7#b7 ,toll-free telephone numb] ,ea* s]vic] ( a /ud5t loan %all ma9ta9 a toll-free telephone numb] = ! s]vicememb] & vet]ans liaison designat$ "u p>agraph 7#a71 :i* %all be made available on ! prim>y ,int]net website ( ! s]vic] & on mon?ly bill+ /atem5ts4 7#c7 ,prohibition on default ,not)/&+ any o!r provision ( ?is ,act1 a s]vic] may n report a /ud5t loan z del9qu5t1 assign$ to collection 7int]nally or by ref]ral to a ?ird p>ty71 *>g$ (f1 or 9 default1 to a cr$it report+ ag5cy if ! borr[] is on active duty 9 ! ,arm$ ,=ces 7z def9$ 9 section #aja7;d77#a7 ( title #aj1 ,unit$ ,/ates ,code7 s]v+ 9 a combat zone 7z designat$ by ! ,presid5t "u section #aab7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf74 7#d7 ,additional liaisons ,! ,secret>y %all det]m9e additional entities ) :om borr[]s int]act1 includ+ gu>anty ag5cies1 t %all designate an employee to act z ! s]vicememb] & vet]ans liaison :o is responsible = answ]+ inquiries f s]vicememb]s & vet]ans1 & is specially tra9$ on s]vicememb] & vet]an b5efits & options "u ! ,s]vicememb]s ,civil ,relief ,act 7#ej ,u4,s4,c4 ,app4 #eja et seq47 & o!r ,f$]al or ,/ate laws relat$ to /ud5t loans4 7g7 ,borr[]'s loan hi/ory 7#a7 ,9 g5]al ,a s]vic] ( a /ud5t loan %all make available ?r\gh a secure website1 or 9 writ+ ^u reque/1 ! loan hi/ory ( ea* borr[] = ea* /ud5t loan1 sep>ately designat+-- 7,a7 paym5t hi/ory2 7,b7 loan hi/ory1 includ+ any =be>ances1 def]rals1 del9qu5cies1 & defaults2 7,c7 annual p]c5tage rate hi/ory2 & 7,d7 key loan t]ms1 includ+ application ( paym5ts to int]e/1 pr9cipal1 & fees1 orig9ation date1 pr9cipal1 capitaliz$ int]e/1 annual p]c5tage rate1 includ+ any cap1 loan t]m1 & any contractual inc5tives4 7#b7 ,orig9al docum5tation ,a s]vic] %all make available to ! borr[]1 if reque/$1 at no *>ge1 copies ( ! orig9al loan docum5ts & ! promissory note = ea* /ud5t loan4 7h7 ,error resolution ,! ,director ( ! ,consum] ,f9ancial ,protection ,bureau1 9 consultation ) ! ,secret>y1 %all promulgate rules requir+ s]vic]s to e/abli% error resolution proc$ures to all[ borr[]s to inquire ab\t errors relat$ to _! /ud5t loans & obta9 timely resolution ( su* errors4 7i7 ,additional s]vic+ /&>ds ,! ,director ( ! ,consum] ,f9ancial ,protection ,bureau1 9 consultation ) ! ,secret>y1 may e/abli% additional s]vic+ /&>ds to r$uce del9qu5cies1 assignm5ts to collection1 & defaults1 & to ensure borr[]s und]/& _! rights & obligations relat$ to _! /ud5t loans4 7j7 ,promulgation ( rules ,! ,director ( ! ,consum] ,f9ancial ,protection ,bureau1 9 consultation ) ! ,secret>y1 %all promulgate rules implem5t+ ?is section4 2 7#b7 9 section #dcc 7#bj ,u4,s4,c4 #ajhc7-- 7,a7 9 subsection 7b7-- 7i7 9 p>agraph 7#ab71 by /rik+ & aft] ! semicolon2 7ii7 9 p>agraph 7#ac71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7iii7 by add+ at ! end ! foll[+3 7#ad7 a /atem5t t-- 7,a7 ! borr[] may be entitl$ to s]vicememb] & vet]an b5efits "u ! ,s]vicememb]s ,civil ,relief ,act 7#ej ,u4,s4,c4 ,app4 #eja et seq47 & o!r ,f$]al or ,/ate laws2 & 7,b7 a ,s]vicememb] & ,vet]ans ,liaison designat$ "u section #dic;,e7f7 is available to answ] inquiries ab\t s]vicememb] & vet]an b5efits1 includ+ ! toll-free telephone numb] to contact ! ,liaison pursuant to section #dic;,e7f74 2 & 7,b7 9 subsection 7e7-- 7i7 9 p>agraph 7#b71 by add+ at ! end ! foll[+3 7,d7 ,a /atem5t t-- 7i7 ! borr[] may be entitl$ to s]vicememb] & vet]an b5efits "u ! ,s]vicememb]s ,civil ,relief ,act 7#ej ,u4,s4,c4 ,app4 #eja et seq47 & o!r ,f$]al or ,/ate laws2 & 7ii7 a ,s]vicememb] & ,vet]ans ,liaison designat$ "u section #dic;,e7f7 is available to answ] inquiries ab\t s]vicememb] & vet]an b5efits1 includ+ ! toll-free telephone numb] to contact ! ,liaison pursuant to section #dic;,e7f74 2 7ii7 9 p>agraph 7#c71 by add+ at ! end ! foll[+3 7,f7 ,a /atem5t t-- 7i7 ! borr[] may be entitl$ to s]vicememb] & vet]an b5efits "u ! ,s]vicememb]s ,civil ,relief ,act 7#ej ,u4,s4,c4 ,app4 #eja et seq47 & o!r ,f$]al or ,/ate laws2 & 7ii7 a ,s]vicememb] & ,vet]ans ,liaison designat$ "u section #dic;,e7f7 is available to answ] inquiries ab\t s]vicememb] & vet]an b5efits1 includ+ ! toll-free telephone numb] to contact ! ,liaison pursuant to section #dic;,e7f74 2 & 7iii7 by add+ at ! end ! foll[+3 7#d7 ,notification ( repaym5t options & alt]natives to default ,! ,secret>y %all require eligible l5d]s to1 n lat] ?an #a ye> aft] ! date ( enactm5t ( ! ,/ud5t ,loan ,borr[] ,bill ( ,rights-- 7,a7 notify borr[]s1 9 writ+1 9 simple & und]/&able t]ms1 ab\t alt]native repaym5t options1 includ+ income-bas$ repaym5t1 income cont+5t repaym5t1 consolidation1 & =giv5ess options1 z well z s]vicememb] or vet]an b5efits "u ! ,s]vicememb]s ,civil ,relief ,act 7#ej ,u4,s4,c4 ,app4 #eja et seq47 or o!r ,f$]al or ,/ate laws2 7,b7 provide borr[]s1 9 writ+1 9 simple & und]/&able t]ms1 in=mation ab\t alt]native repaym5t plans1 includ+ all t]ms1 conditions1 & fees or co/s associat$ ) su* repaym5t plans 9 a =mat t all[s ! borr[] to comp>e ! curr5t repaym5t plan ) alt]native repaym5t plans2 & 7,c7 (f] to enroll su* borr[]s 9 alt]native repaym5t plans1 if eligible4 2 & 7#c7 9 section #dee7;d7 7#bj ,u4,s4,c4 #ajhg;e7d771 by add+ at ! end ! foll[+3 7#f7 ,notification ( repaym5t options ,! ,secret>y %all c>ry out1 n lat] ?an #a ye> aft] ! date ( enactm5t ( ! ,/ud5t ,loan ,borr[] ,bill ( ,rights1 ! activities describ$ 9 subp>agraphs 7,a71 7,b71 & 7,c7 ( section #dcc7;e77#d7 ) respect to loans made "u ?is "p4 4 #d4 ,"k be=e y owe 7a7 ,am5dm5ts to ! ,tru? 9 ,l5d+ ,act 7#a7 ,9 g5]al ,section #abh7;e7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afch7;e771 z am5d$ by section #b1 is fur!r 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$itor may issue funds1 n to exce$ ! am\nt describ$ 9 subp>agraph 7,a77iii71 ) 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$itor's reque/ = su* c]tification-- 7i7 notification ( ! in/itution's refusal to c]tify ! reque/2 or 7ii7 notification t ! in/itution has receiv$ ! 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 ( ! ,consum] ,f9ancial ,protection ,bureau4 2 & 7,b7 by add+ at ! end ! foll[+3 7#af7 ,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$4 ,! =m ( su* writt5 notification %all be subject to ! regulations ( ! ,consum] ,f9ancial ,protection ,bureau4 7,c7 ,annual ,report ,a cr$itor t issues funds ) respect to an ext5sion ( cr$it describ$ 9 ?is subsection %all prep>e & submit an annual report to ! ,consum] ,f9ancial ,protection ,bureau conta9+ ! requir$ in=mation ab\t private /ud5t loans to be det]m9$ by ! ,consum] ,f9ancial ,protection ,bureau1 9 consultation ) ! ,secret>y ( ,education4 4 7#b7 ,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 7#c7 ,regulations ,n lat] ?an #cfe days aft] ! date ( enactm5t ( ?is ,act1 ! ,director ( ! ,consum] ,f9ancial ,protection ,bureau %all issue regulations 9 f9al =m to implem5t p>agraphs 7#c7 & 7#af7 ( section #abh7;e7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afch7;e771 z am5d$ by p>agraph 7#a74 ,su* regulations %all become effective n lat] ?an #f mon?s aft] _! date ( issuance4 7b7 ,am5dm5ts to ! ,high] ,education ,act ( #aife 7#a7 ,program p>ticipation agreem5ts ,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 ,^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+ ,act 7#ae ,u4,s4,c4 #afch7;e77#c771 ! in/itution %all )9 #ae days ( receipt ( a c]tification reque/-- 7i7 provide su* 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 notify ! cr$itor t ! in/itution has receiv$ ! reque/ = c]tification & w ne$ additional "t to comply ) ! c]tification reque/2 or 7iii7 provide notice to ! private educational l5d] ( ! in/itution's refusal to c]tify ! private education loan "u subp>agraph 7,d74 7,b7 ,) respect to a c]tification reque/ describ$ 9 subp>agraph 7,a71 & prior to provid+ su* c]tification "u subp>agraph 7,a77i7 or provid+ notice ( ! refusal to provide c]tification "u subp>agraph 7,a77iii71 ! in/itution %all-- 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$]al f9ancial assi/ance "u ?is title4 7,,iv7 ,! borr[]'s "r to accept or reject a private education loan )9 ! #cj-;day p]iod foll[+ a private educational l5d]'s approval ( a borr[]'s application & ab\t a borr[]'s #c-;day "r to cancel p]iod4 7,c7 ,= purposes ( ?is p>agraph1 ! t]ms private educational l5d] & #8private education loan' h ! mean+s giv5 su* t]ms 9 section #adj ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afej74 7,d7 7i7 ,an in/itution %all n provide a c]tification ) respect to a private education loan "u ?is p>agraph unless ! private education loan includes t]ms t provide-- 7,i7 ! borr[] alt]native repaym5t plans1 includ+ loan consolidation or ref9anc+2 & 7,,ii7 t ! liability to repay ! loan %all be cancell$ ^u ! dea? or disability ( ! borr[] or co-borr[]4 7ii7 ,9 ?is p>agraph1 ! t]m disability means a p]man5t & total disability1 z det]m9$ 9 accordance ) ! regulations ( ! ,secret>y ( ,education1 or a det]m9ation by ! ,secret>y ( ,vet]ans ,affairs t ! borr[] is unemployable due to a s]vice connect$-disability4 4 7#b7 ,effective date ,! am5dm5t made by p>agraph 7#a7 %all take effect on ! effective date ( ! regulations describ$ 9 subsection 7a77#c74 7#c7 ,pref]r$ l5d] arrangem5t ,section #aea7h77;,a77ii7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajai7h77;,a77ii77 is am5d$ by ins]t+ c]tify+1 aft] promot+14 7c7 ,report ,n lat] ?an #bd mon?s aft] ! issuance ( regulations "u subsection 7a77#c71 ! ,director ( ! ,consum] ,f9ancial ,protection ,bureau & ! ,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 subsection 7a71 & section #dhg7;a77#bh7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajid7;a771 z am5d$ by subsection 7b74 ,su* report %all include in=mation ab\t ! degree to :i* specific in/itutions utilize c]tifications 9 effectively enc\rag+ ! exhau/ion ( ,f$]al /ud5t loan eligibility & l[]+ /ud5t private education loan debt4 #e4 ,report on /ud5t loan s]vic]s ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,director ( ! ,consum] ,f9ancial ,protection ,bureau1 9 consultation ) ! ,secret>y ( ,education1 %all submit a report to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate1 ! ,committee on ,heal?1 ,education1 ,labor1 & ,p5sions ( ! ,s5ate1 ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives1 & ! ,committee on ,education & ! ,work=ce ( ! ,h\se ( ,repres5tatives on private & ,f$]al /ud5t loan s]vic]s1 includ+-- 7#a7 any legislative recomm5dations to improve /ud5t loan s]vic+ /&>ds2 & 7#b7 in=mation on proactive e>ly int]v5tion me?ods by s]vic]s to help di/ress$ /ud5t loan borr[]s enroll 9 any eligible repaym5t plans4