,,ii #aacth ,,congress #b;d ,session ,s4 #bajg ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #aa1 #bjad,mrs4 ,shaheen introduced the following bill2 which was read twice and referred to the ,committee on ,health1 ,education1 ,labor1 and ,pensions ,a ,,bill ,to increase students' and borrowers' access to student loan information within the ,national ,student ,loan ,data ,system1 and to encourage improved outreach to and communication with borrowers4 #a4 ,short title ,this ,act may be cited as the ,simplifying ,access to ,student ,loan ,information ,act of #bjad4 #b4 ,amendment to the ,truth in ,lending ,act 7a7 ,in general ,section #abh7;e7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e77 is amended by adding at the end the following3 7#ab7 ,national ,student ,loan ,data ,system 7,a7 ,in general ,each private educational lender shall-- 7i7 submit to the ,secretary of ,education for inclusion in the ,national ,student ,loan ,data ,system established under section #dhe;,b of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajib;b7 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 ,system2 and 7ii7 in carrying out clause 7i71 ensure the privacy of private education loan borrowers4 7,b7 ,information to be submitted ,the information regarding private education loans required under subparagraph 7,a7 to be included in the ,national ,student ,loan ,data ,system shall include the following if determined appropriate by the ,secretary of ,education3 7i7 ,the total amount and type of each such loan made1 including outstanding interest and outstanding principal on such loan4 7ii7 ,the interest rate of each such loan made4 7iii7 ,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 ,system4 7iv7 ,information1 including contact information1 regarding the lender that owns the loan4 7v7 ,information1 including contact information1 regarding the servicer that is handling the loan4 7vi7 ,information concerning the date of any default on the loan and the collection of the loan1 including any information concerning the repayment status of any defaulted loan4 7vii7 ,information regarding any deferment or forbearance granted on the loan4 7viii7 ,the date of the completion of repayment by the borrower of the loan4 7ix7 ,any other information determined by the ,secretary of ,education to be necessary for the operation of the ,national ,student ,loan ,data ,system4 7,c7 ,update ,each private educational lender shall update the information regarding private education loans required under subparagraph 7,a7 to be included in the ,national ,student ,loan ,data ,system on the same schedule as information is updated under the ,system under section #dhe;,b of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajib;b74 4 7b7 ,effective date ,the amendment made by subsection 7a7 shall apply to private education loans that were made for the #bjaa-bjab academic year or later4 #c4 ,amendment to the ,higher ,education ,act of #aife ,section #dhe;,b of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajib;b7 is amended by adding at the end the following3 7i7 ,private education loans 7#a7 ,in general ,the ,national ,student ,loan ,data ,system established pursuant to subsection 7a7 shall contain the information required to be included under section #abh7;e77#ab7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e77#ab774 7#b7 ,cosigner ,notwithstanding any other provision of law1 the ,secretary shall ensure that any cosigner of a private education loan for which information is included in the ,national ,student ,loan ,data ,system-- 7,a7 is able to access the information in such ,system with respect to such private education loan2 and 7,b7 does not have access to any information in such ,system with respect to any loan for which the cosigner has not cosigned4 7#c7 ,privacy ,the ,secretary shall ensure that a private educational lender-- 7,a7 has access to the ,national ,student ,loan ,data ,system only to submit information for such ,system regarding the private education loans of such lender2 and 7,b7 may not see information in the ,system regarding the loans of any other lender4 7j7 ,repayment options ,the ,secretary shall establish a functionality within the ,national ,student ,loan ,data ,system established pursuant to subsection 7a7 that enables a student borrower of a loan made1 insured1 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 plans4 4 #d4 ,non-traditional outreach program 7a7 ,pilot program authorized 7#a7 ,in general ,the ,secretary of ,education 7referred to in this section as the ,secretary7 shall establish a #e-year pilot program to award grants1 on a competitive basis1 to eligible entities to establish or improve non-traditional outreach programs and initiatives with the goal of-- 7,a7 reducing deferments1 forbearances1 and defaults on student loan repayments2 and 7,b7 establishing best practices for reducing deferments1 forbearances1 and defaults on student loan repayments4 7#b7 ,eligible entity ,except as provided in subsection 7e71 in this section1 the term eligible entity means-- 7,a7 an institution of higher education entity2 7,b7 an entity that services loans made1 insured1 or guaranteed under title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajgj et seq472 or 7,c7 a nonprofit organization that has-- 7i7 substantial experience in administering student loan counseling2 or 7ii7 demonstrated success in reducing deferments1 forbearances1 and defaults on student loan repayments4 7#c7 ,reservation for nonprofit servicers ,from amounts made available to carry out this section1 the ,secretary shall reserve not less than #aj percent to award grants under paragraph 7#a7 to eligible entities that are nonprofit student loan servicers4 7b7 ,application ,an eligible entity that desires to receive a grant under this section shall submit an application to the ,secretary at such time1 in such manner1 and containing such information as the ,secretary may require4 7c7 ,activities 7#a7 ,in general ,an eligible entity that receives a grant under this section shall use the grant funds to establish non-traditional outreach programs and initiatives that may include the following3 7,a7 ,new or improved pre-college loan entrance counseling and financial literacy sessions4 7,b7 ,new or improved exit counseling for student loan borrowers4 7,c7 ,train students in how to use the ,national ,student ,loan ,data ,system established under section #dhe;,b of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajib;b74 7,d7 ,at least #a check-in while a student loan borrower is enrolled in the academic program for which the student has taken out a loan 7which shall occur not earlier than half way through completion of such academic program71 which check-in shall provide the borrower with an update on the borrower's student loan status and information on how the outreach program can serve as an information resource for the borrower4 7,e7 ,annual follow-ups with student loan borrowers after the borrowers are no longer enrolled in the academic program for which the student has taken out a loan by attempting to contact the borrowers by phone1 email1 mail1 or in person and providing continued guidance and counseling and serving as an information resource4 7,f7 ,follow-ups once a student loan borrower reaches a certain level of delinquency on repayment of such loan1 as determined by the ,secretary4 7#b7 ,private loans ,an eligible entity that receives a grant under this section shall work to reduce defaults on private education loan debt4 7d7 ,supplement not supplant ,an eligible entity shall use grant funds received under this section only to supplement the funds that would1 in the absence of such grant funds1 be made available from non-,federal sources for the activities described in subsection 7c71 and not to supplant such funds4 7e7 ,continuation of grant awards 7#a7 ,in general ,if the ,secretary determines that the pilot program established under this section has been successful in reducing deferments1 forbearances1 and defaults on student loan repayments1 the ,secretary may continue to award competitive grants beyond the initial pilot program period in accordance with this subsection4 7#b7 ,authorization ,the ,secretary shall award grants under this subsection on a competitive basis to eligible entities described in paragraph 7#c7 who achieve specific performance outcomes and criteria in reducing deferments1 forbearances1 and defaults on student loan repayments4 ,projects funded by grants under this subsection shall be referred to as either ,pay-for-,performance or ,pay-for-,success projects1 as set forth in paragraph 7#c74 7#c7 ,eligible entity ,to be eligible to receive a grant under this subsection1 an entity shall be an entity described in subparagraph 7,a71 7,b71 or 7,c7 of subsection 7a77#b7 that-- 7,a7 in the case of an entity seeking to carry out a ,pay-for-,performance project1 agrees to be reimbursed under the grant primarily on the basis of achievement of specified performance outcomes and criteria established by the ,secretary under paragraph 7#d72 or 7,b7 in the case of an entity seeking to carry out a ,pay-for-,success project-- 7i7 enters into a partnership with an investor1 such as a philanthropic organization that provides funding for a specific project to address reducing deferments1 forbearances1 and defaults on student loan repayments2 and 7ii7 agrees to be reimbursed under the grant only if the project achieves specified performance outcomes and criteria established by the ,secretary under paragraph 7#d74 7#d7 ,performance outcomes and criteria ,not later than #f months after the completion of the pilot program1 the ,secretary shall establish and publish on the ,web site of the ,department of ,education specific performance measures1 which include performance outcomes and criteria1 for the initial qualification and reimbursement of eligible entities to receive a grant under this subsection4 7#e7 ,period of availability for ,pay-for-,success ,projects ,funds appropriated to carry out ,pay-for-,success projects under this subsection shall1 upon obligation1 remain available for disbursement until expended1 notwithstanding section #aeeb of title #ca1 ,united ,states ,code1 and1 if later deobligated1 in whole or in part1 be available until expended under additional ,pay-for-,success grants under this subsection4 7f7 ,reports 7#a7 ,eligible entities ,an eligible entity that receives a grant under this section shall submit an annual report to the ,secretary that describes the use of grant funds and details the results of the activities conducted with such grant funds4 7#b7 ,secretary 7,a7 ,in general ,the ,secretary shall submit a report to ,congress that details the results of the program funded under this section and describes best practices in non-traditional outreach programs that reduce deferments1 forbearances1 and defaults on student loan repayments4 7,b7 ,report available publicly ,the ,secretary shall make the report described in subparagraph 7,a7 publicly available on the ,web site of the ,department of ,education4