,,ii #aacth ,,congress #ast ,session ,s4 #edf ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #ac1 #bjac ,mr4 ,harkin 7for himself1 ,ms4 ,mikulski1 ,mrs4 ,murray1 ,mr4 ,franken1 ,ms4 ,warren1 ,mr4 ,blumenthal1 ,mr4 ,sanders1 ,mr4 ,rockefeller1 ,mr4 ,durbin1 ,mr4 ,lautenberg1 and ,mr4 ,murphy7 introduced the following bill2 which was read twice and referred to the ,committee on ,health1 ,education1 ,labor1 and ,pensions ,a ,,bill ,to amend entrance counseling and exit counseling for borrowers under the ,higher ,education ,act of #aife1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,smarter ,borrowing ,act4 #b4 ,amendments to the ,higher ,education ,act of #aife 7a7 ,notification of ,pell grant eligibility ,section #dja of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajgj;a7 is amended by adding at the end the following3 7k7 ,notification of ,pell grant eligibility 7#a7 ,in ,general ,each eligible institution shall1 not less than once every #b years while a student is enrolled in the institution1 notify each student enrolled in the institution who is receiving a ,federal ,pell ,grant of the period of time that the student has remaining before the student will not be eligible for a ,federal ,pell ,grant in accordance with subsection 7c77#e7 because the period of time for which the student has received a ,federal ,pell ,grant1 in the aggregate1 exceeds the period of enrollment described in subsection 7c77#e74 7#b7 ,pell ,grant ,recipients who are borrowers ,in the case of a student who is receiving a ,federal ,pell ,grant who is also a borrower of a loan made1 insured1 or guaranteed under part ,b 7other than a loan made pursuant to section #dbh;,c or a loan made on behalf of a student pursuant to section #dbh;,b7 or made under part ,d 7other than a ,federal ,direct ,consolidation ,loan or a ,federal ,direct ,,plus loan made on behalf of a student71 the requirement described in paragraph 7#a7 shall be carried out in accordance with the notification and counseling requirements described in section #dhe7o74 4 7b7 ,institution ,eligibility ,section #dce of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhe7 is amended-- 7#a7 in subsection 7a77#g7-- 7,a7 in subparagraph 7,a71 by adding at the end the following3 7iii7 ,summary of default prevention plan ,each institution subject to this subparagraph shall prepare a summary of the plan described under clause 7i7 that is directed to a student audience1 and shall make the summary available to students at the institution4 2 and 7,b7 by inserting after subparagraph 7,b7 the following3 7,c7 ,additional notification and loan counseling requirements ,an institution whose cohort default rate is equal to or greater than the threshold percentage specified in paragraph 7#b77;,b77iv7 in any fiscal year shall1 in order to retain or regain1 as the case may be1 status as an eligible institution1 carry out the additional notification and loan counseling requirements described under section #dhe7o77#c74 4 7c7 ,student ,loan ,counseling ,section #dhe of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajib7 is amended-- 7#a7 in subsection 7b7-- 7,a7 in paragraph 7#a77;,a7-- 7i7 by striking clause 7i7 and inserting the following3 7i7 personalized information that reflects the borrower's actual borrowing circumstances1 which shall include-- 7,i7 the repayment plans available1 including income-based and pay-as-you-earn repayment options2 7,,ii7 a description of the different features of each plan2 and 7,,iii7 personalized information showing estimates of the borrower's anticipated monthly payments and the difference in total interest paid and total payments under each plan2 2 7ii7 by redesignating clauses 7viii7 and 7ix7 as clauses 7ix7 and 7x71 respectively2 7iii7 by inserting after clause 7vii7 the following3 7viii7 a statement that student loans must be repaid even if the student is dissatisfied with the quality of education that the student receives2 2 and 7iv7 by adding at the end the following3 7,c7 ,the counseling described in subparagraph 7,a7-- 7i7 shall be provided in a simple and understandable manner that includes mechanisms to check for comprehension2 and 7ii7 shall be provided-- 7,i7 during an exit counseling session conducted in person2 or 7,,ii7 online4 2 and 7,b7 in paragraph 7#b77;,a77iv71 by striking 1 address1 social security number1 references1 and driver's license number and inserting 1 postal address1 social security number1 references1 driver's license number1 phone number1 and personal electronic mailing address2 7#b7 in subsection 7l7-- 7,a7 by striking paragraph 7#a7 and inserting the following3 7#a7 ,disclosure required prior to signing master promissory note ,each eligible institution shall1 prior to the signing of the master promissory note to a first-time borrower at such institution of a loan made under part ,d 7other than a ,federal ,direct ,consolidation ,loan or a ,federal ,direct ,,plus loan made on behalf of a student71 ensure that the borrower receives comprehensive information on the terms and conditions of the loan and of the responsibilities the borrower has with respect to such loan in accordance with paragraph 7#b74 ,such information-- 7,a7 shall be provided through the use of interactive programs that test the borrower's understanding of the terms and conditions of the borrower's loans under part ,d1 using simple and understandable language and clear formatting2 and 7,b7 shall be provided-- 7i7 during an entrance counseling session conducted in person2 or 7ii7 online4 2 7,b7 in paragraph 7#b71 by adding at the end the following3 7,l7 7i7 ,a disclosure that ,federal student loans offer generally more favorable terms and beneficial repayment options than private education loans1 an explanation of the difference and relevance between student loans with a fixed interest rate as compared to student loans with a variable interest rate1 and a recommendation that students examine available ,federal student loan options before applying for private education loans4 7ii7 ,an explanation written by the ,secretary1 in consultation with the heads of relevant ,federal agencies1 including the ,director of the ,consumer ,financial ,protection ,bureau and the ,commissioner of the ,internal ,revenue ,service1 of-- 7,i7 the benefits unique to student loans made under part ,d1 including repayment plans1 loan forgiveness1 and loan deferment2 and 7,,ii7 the loan terms that borrowers should examine carefully if considering a private education loan4 7,m7 ,an explanation1 if applicable1 that a student may refuse all or part of a student loan made under part ,d that is made to the student1 which could help minimize the student's debt obligations4 7,n7 ,information relating to the institution's cohort default rate1 including-- 7i7 the cohort default rate1 as described in section #dce7m71 of the institution and an easy to understand description of what a cohort default rate is2 7ii7 the percentage of students at the institution of higher education who borrow ,federal student loans under this title2 7iii7 the national average cohort default rate 7as determined by the ,secretary in accordance with section #dce7m772 and 7iv7 if the cohort default rate for the institution 7as described in clause 7i77 is greater than the national average cohort default rate 7as described in clause 7iii771 then the institution shall provide-- 7,i7 the loan repayment rate at the institution1 as calculated by the ,secretary in accordance with subsection 7n71 and1 if applicable1 the loan repayment rate of each program at the institution that is subject to gainful employment regulations under section #ffh4g of title #cd1 ,code of ,federal ,regulations2 7,,ii7 an easy to understand description of what a loan repayment rate is2 and 7,,iii7 a disclosure to the student that the institution's cohort default rate is above the national average4 7,o7 ,a statement that student loans must be repaid even if the student is dissatisfied with the quality of education that the student receives4 7,p7 ,the percent of students at the institution who obtain a degree or certificate within #aej percent of the normal time for completion of1 or graduation from1 the student's program4 2 and 7,c7 by adding at the end the following3 7#c7 ,borrower ,contact ,information ,each eligible institution shall require that a borrower who receives entrance counseling under this subsection on or after the date of enactment of the ,smarter ,borrowing ,act submit to the institution1 during the entrance counseling required by this subsection1 the borrower's contact information at the time of the entrance counseling1 including the borrower's-- 7,a7 phone number2 7,b7 postal address2 and 7,c7 personal electronic mailing address4 2 and 7#c7 by adding at the end the following3 7n7 ,loan ,repayment ,rate 7#a7 ,in ,general ,not less than once every fiscal year1 the ,secretary shall calculate the loan repayment rate for each institution of higher education that is participating in a program under this title or seeking to regain eligibility to participate in a program under this title4 ,the ,secretary shall make the loan repayment rate for each such institution publicly available on the ,college ,navigator website of the ,national ,center for ,education ,statistics4 7#b7 ,method of ,calculation 7,a7 ,in ,general ,for purposes of this subsection1 the loan repayment rate for an institution shall be equal to the proportion that-- 7i7 the sum of the total original outstanding principal balance of all loans paid in full of the institution plus the total original outstanding principal balance of all payments-made loans of the institution2 bears to 7ii7 the original outstanding principal balance of all loans described in subparagraph 7,b7 of the institution4 7,b7 ,original outstanding principal balance 7i7 ,in ,general ,for purposes of subparagraph 7,a71 the original outstanding principal balance is the total amount of the outstanding balance1 including capitalized interest1 on loans under part ,b and part ,d owed by students for attendance at the institution on the date those loans first entered repayment1 subject to clauses 7ii7 and 7iii74 7ii7 ,exclusion ,the original outstanding principal balance does not include loans made to parent borrowers under section #dbh;,b or the ,federal ,direct ,,plus ,loan ,program4 7iii7 ,consolidation ,loans ,for loans made under section #dbh;,c or ,federal ,direct ,consolidation ,loans1 the original outstanding principal balance is the original outstanding principal balance of the loans under part ,b and part ,d attributable to a borrower's attendance at the institution4 7,c7 ,loans ,paid in ,full 7i7 ,in ,general ,for purposes of subparagraph 7,a77i71 a loan paid in full is a loan described in subparagraph 7,b7 that-- 7,i7 7aa7 has never been in default2 or 7bb7 in the case of a loan made under section #dbh;,c or a ,federal ,direct ,consolidation ,loan1 neither the consolidation loan nor the underlying loan or loans has ever been in default2 and 7,,ii7 has been paid in full by a borrower4 7ii7 ,consolidation loans and refinancing ,a loan that is paid through a loan made under section #dbh;,c1 a ,federal ,direct ,consolidation ,loan1 or under another refinancing process provided for under this ,act1 is not counted as a loan paid in full for purposes of this subparagraph until the consolidation loan or other financial instrument is paid in full by the borrower4 7,d7 ,payments-,made ,loans 7i7 ,in ,general ,in this paragraph1 the term payments-made loan is a loan described in subparagraph 7,b7 that has never been in default or1 in the case of a loan made under section #dbh;,c or a ,federal ,direct ,consolidation ,loan1 neither the consolidation loan nor the underlying loan or loans have ever been in default1 where-- 7,i7 for all undergraduate programs1 payments made by a borrower during the most recently completed fiscal year reduce the outstanding balance of a loan1 including the outstanding balance of a loan made under section #dbh;,c or a ,federal ,direct ,consolidation ,loan1 to an amount that is less than the outstanding balance of the loan at the beginning of that fiscal year2 7,,ii7 for post-baccalaureate certificate1 master's degree1 doctoral degree1 or first-professional degree programs1 the total outstanding balance of a loan made under section #dbh;,c or a ,federal ,direct ,consolidation ,loan at the end of the most recently completed fiscal year is less than the total outstanding balance of the consolidation loan at the beginning of the fiscal year2 or 7,,iii7 a borrower is in the process of qualifying for public service loan forgiveness under section #dee7m7 and submits an employment certification to the ,secretary that demonstrates the borrower is engaged in qualifying employment and the borrower made qualifying payments on the loan during the most recently completed fiscal year4 7ii7 ,outstanding balance of a loan 7,i7 ,in ,general ,the outstanding balance of a loan includes any unpaid accrued interest that has not been capitalized4 7,,ii7 ,consolidation loan ,the outstanding balance of a loan made under section #dbh;,c or a ,federal ,direct ,consolidation ,loan includes any unpaid accrued interest that has not been capitalized4 7,e7 ,exclusions ,for the most recently completed fiscal year1 the original outstanding principal balance of the following loans is excluded from both the numerator and the denominator of the ratio3 7i7 ,loans that were in an in-school deferment status under section #dbh7;b77#a77,m77i7 or #dee7;f77#b77;,a7 during any part of the fiscal year4 7ii7 ,loans that were in a military-related deferment status under section #dbh7;b77#a77,m77ii7 or #dee7;f77#b77;,c7 during any part of the fiscal year4 7iii7 ,loans that were discharged as a result of the death of the borrower under subsection 7a77#a7 or 7d7 of section #dcg4 7iv7 ,loans that were assigned or transferred to the ,secretary and that are being considered for discharge as a result of the total and permanent disability of the borrower1 or were discharged by the ,secretary on that basis under section #dcg7;a74 7o7 ,additional notifications and counseling for borrowers 7#a7 ,annual ,notifications ,subject to subparagraph 7,e71 each eligible institution shall1 not less than once every year while a student is enrolled in the institution1 carry out the notification requirements described in subparagraphs 7,a71 7,b71 7,c71 and 7,d7 with respect to a borrower of a loan made1 insured1 or guaranteed under part ,b 7other than a loan made pursuant to section #dbh;,c or a loan made on behalf of a student pursuant to section #dbh;,b7 or made under part ,d 7other than a ,federal ,direct ,consolidation ,loan or a ,federal ,direct ,,plus loan made on behalf of a student74 ,such notification requirements may be fulfilled by notifications provided through existing methods of communication1 such as the annual financial aid award letter4 7,a7 ,student ,loan ,balance2 ,loan ,terms ,the eligible institution shall provide the borrower with a written notification of-- 7i7 the borrower's outstanding balance of principal and interest owing on any loan made1 insured1 or guaranteed under this title2 7ii7 the borrower's repayment options2 and 7iii7 a disclosure that ,federal student loans offer generally more favorable terms and beneficial repayment options than private education loans1 an explanation of the difference and relevance between student loans with a fixed interest rate as compared to student loans with a variable interest rate1 and a recommendation that students examine available ,federal student loan options before applying for private education loans4 7,b7 ,federal ,direct ,stafford ,loan ,eligibility ,in addition to the notifications under subparagraph 7,a7 and under subparagraph 7,c71 if applicable1 in the case of a borrower described in paragraph 7#a7 who qualifies for a ,federal ,direct ,stafford ,loan and who was a new borrower on or after ,july #a1 #bjac1 the institution shall provide-- 7i7 a written notification of the period of time that the borrower has remaining before the borrower will not be eligible for a ,federal ,direct ,stafford ,loan in accordance with section #dee7q7 because the period of time for which the borrower has received ,federal ,direct ,stafford ,loans1 in the aggregate1 exceeds the period of enrollment described in section #dee7q77#c72 and 7ii7 a written notification to such student when the period of time for which the borrower has received ,federal ,direct ,stafford ,loans1 in the aggregate1 reaches-- 7,i7 except as provided in subclause 7,,ii7 or 7,,iii71 a period equal to #ajj percent of the published length of the educational program in which the student is enrolled2 7,,ii7 in the case of a borrower who was previously enrolled in #a or more other educational programs that began on or after ,july #a1 #bjac1 a period equivalent to #b_/c of the maximum period of time that the borrower is eligible to receive a ,federal ,direct ,stafford ,loan1 as calculated in accordance with section #dee7q77#c77;,a77ii72 or 7,,iii7 in the case of a borrower who was or is enrolled on less than a full-time basis or in the case of a borrower whose course of study or program is described in paragraph 7#c77;,b7 or 7#d77;,b7 of section #dhd7;b71 a period equivalent to #b_/c of the maximum period of time that the borrower is eligible to receive a ,federal ,direct ,stafford ,loan1 as calculated in accordance with section #dee7q77#c77;,b74 7,c7 ,pell ,grant ,eligibility ,in addition to the notifications under subparagraph 7,a7 and under subparagraph 7,b71 if applicable1 in the case of a borrower described in paragraph 7#a7 who is receiving a ,federal ,pell ,grant1 the institution shall provide a written notification to such borrower of the period of time that the borrower has remaining before the borrower will not be eligible for a ,federal ,pell ,grant in accordance with section #dja7;c77#e7 because the period of time for which the borrower has received a ,federal ,pell ,grant1 in the aggregate1 exceeds the period of enrollment described in section #dja7;c77#e74 7,d7 ,confirmation of ,receipt of ,notification ,each eligible institution shall require the borrower1 for each applicable notification described in this paragraph1 to provide written confirmation 7including through electronic means7 that the borrower has received the notification and understands the information contained in that notification4 7,e7 ,notifications by certain institutions ,in the case of an institution described in paragraph 7#b77;,a71 the notification requirements under this paragraph 7including the confirmation of notification described in subparagraph 7,d77 shall be carried out annually during the interim in-school counseling described in paragraph 7#b77;,b74 7#b7 ,additional counseling requirements for institutions with greater than average cohort default rates 7,a7 ,applicability ,in addition to the counseling required under subsections 7b7 and 7l71 and any other requirements under this subsection1 each eligible institution that has a cohort default rate that is greater than the national average cohort default rate 7as determined by the ,secretary in accordance with section #dce7m77 shall carry out the additional loan counseling described in subparagraphs 7,b71 7,c71 and 7,d74 ,such counseling shall be provided in a simple and understandable manner that includes mechanisms to check for comprehension4 7,b7 ,interim in-school counseling ,each eligible institution described in subparagraph 7,a7 shall require each borrower of a loan made1 insured1 or guaranteed under part ,b 7other than a loan made pursuant to section #dbh;,c or a loan made on behalf of a student pursuant to section #dbh;,b7 or made under part ,d 7other than a ,federal ,direct ,consolidation ,loan or a ,federal ,direct ,,plus loan made on behalf of a student71 to undertake not less than #a online1 or in-person1 counseling session at the beginning of each academic year that the borrower is enrolled at such institution1 which shall include-- 7i7 the applicable notification requirements described in paragraph 7#a72 and 7ii7 a statement that student loans must be repaid even if the borrower is dissatisfied with the quality of education that the borrower receives4 7,c7 ,additional loan counseling requirements for certain student borrowers 7i7 ,in ,general ,each eligible institution described in subparagraph 7,a7 shall require each borrower described in clause 7ii7 to participate in an additional loan counseling session1 which shall-- 7,i7 be coordinated jointly by the student's academic advisor and the financial aid office2 7,,ii7 include disclosure of the estimated additional cost of attendance that the borrower may incur by failing to progress through the borrower's educational program at a pace that meets the requirements for satisfactory progress1 as described in section #dhd7;c72 and 7,,iii7 in the case of a borrower described in clause 7ii77,,ii77bb71 include the development of an institutionally approved academic plan designed to ensure that the borrower will complete the borrower's educational program within a reasonable timeframe4 7ii7 ,borrowers in need of additional loan counseling ,a borrower shall be subject to the requirements described in clause 7i7 if-- 7,i7 the borrower has a loan made1 insured1 or guaranteed under part ,b 7other than a loan made pursuant to section #dbh;,c or a loan made on behalf of a student pursuant to section #dbh;,b7 or made under part ,d 7other than a ,federal ,direct ,consolidation ,loan or a ,federal ,direct ,,plus loan made on behalf of a student72 and 7,,ii7 7aa7 the borrower has transferred to the institution from another institution of higher education2 or 7bb7 the borrower meets certain criteria that the institution has determined may place a borrower at greater risk of defaulting on student loans1 such as switching majors or declaring a major late1 withdrawing prematurely from an educational program1 or being in danger of failing to meet standards of academic progress4 7,d7 ,counseling for parent ,,plus borrowers 7i7 ,in ,general ,each eligible institution described in subparagraph 7,a7 shall1 prior to disbursement of a ,federal ,direct ,,plus loan made on behalf of a student in an amount that is greater than #aj1jjj 7either in a single award year or in the aggregate71 ensure that the borrower receives comprehensive information on the terms and conditions of the loan and of the responsibilities the borrower has with respect to such loan4 ,such information-- 7,i7 shall be provided through the use of interactive programs that test the borrower's understanding of the terms and conditions of the borrower's loan1 using simple and understandable language and clear formatting2 and 7,,ii7 shall be provided-- 7aa7 during a counseling session conducted in person2 or 7bb7 online4 7ii7 ,information to be provided ,the information to be provided to the borrower under clause 7i7 shall include the following3 7,i7 ,information on how interest accrues and is capitalized during periods when the interest is not paid by the borrower4 7,,ii7 ,an explanation of when loan repayment begins and what options are available for a borrower who may need a deferment4 7,,iii7 ,the repayment plans that are available to the borrower1 including personalized information showing-- 7aa7 estimates of the borrower's anticipated monthly payments under each repayment plan that is available2 and 7bb7 the difference in interest paid and total payments under each repayment plan4 7,,iv7 ,the obligation of the borrower to repay the full amount of the loan1 regardless of whether the student on whose behalf the loan was made completes or does not complete the program in which the student is enrolled within the regular time for program completion4 7,v7 ,the obligation of the borrower to repay the full amount of the loan even if the student on whose behalf the loan was made is dissatisfied with the quality of education that the student receives4 7,,vi7 ,the likely consequences of default on the loan1 including adverse credit reports1 delinquent debt collection procedures under ,federal law1 and litigation4 7,,vii7 ,the name of and contact information for the individual the borrower may contact if the borrower has any questions about the borrower's rights and responsibilities or the terms and conditions of the loan4 7#c7 ,additional counseling requirements for certain institutions 7,a7 ,applicable ,institutions 7i7 ,institutions that may lose eligibility ,the ,secretary shall require that an institution that has a cohort default rate that is equal to or greater than the threshold percentage specified in section #dce7;a77#b77;,b7 for the most recent fiscal year for which data is available 7except in the case of an institution that meets the criteria for a participation rate index appeal1 as described in section #dce7;a77#h77 shall certify that the institution has met the counseling requirements under subsections 7b7 and 7l7 and under this subsection1 including the requirements described in subparagraph 7,b74 ,the counseling shall be provided in a simple and understandable manner that includes mechanisms to check for comprehension4 7ii7 ,institutions that wish to regain eligibility ,the ,secretary shall require that an institution that loses eligibility under part ,b or part ,d of this title1 or under any other program described in this ,act1 in accordance with section #dce7;a77#b77;,b7 or section #ffh4bjf;a of title #cd1 ,code of ,federal ,regulations 7as in effect on the day before the date of enactment of the ,smarter ,borrowing ,act71 shall certify that the institution has met the counseling requirements described in subparagraph 7,b7 as a condition of regaining such eligibility4 ,the counseling shall be provided in a simple and understandable manner that includes mechanisms to check for comprehension4 7,b7 ,notification and ,counseling ,requirements ,in addition to the counseling required under subsections 7b7 and 7l71 and any other requirements under this subsection1 an institution described in subparagraph 7,a7 shall1 for each fiscal year that the institution has a cohort default rate that is equal to or greater than the threshold percentage specified in section #dce7;a77#b77;,b71 include in the institution's default prevention plan described under section #ffh4bag of title #cd1 ,code of ,federal ,regulations 7as in effect on the day before the date of enactment of the ,smarter ,borrowing ,act7 a specification that the institution will-- 7i7 provide each student at the institution with a notification that the institution is an at-risk institution that is subject to losing eligibility 7or has lost eligibility1 as the case may be7 for certain ,federal student aid programs due to the institution's cohort default rate2 and 7ii7 provide each student at the institution who is receiving funds under this title with a counseling session1 either in person or over the telephone1 for the purpose of helping the student to develop a budget4 4 7d7 ,program ,participation ,agreements ,section #dhg7;a7 is amended by adding at the end the following3 7#cj7 ,the institution will provide the ,secretary with any information that the ,secretary requests in order to meet the requirements of section #dce7n74 4 7e7 ,required ,data ,any data that an institution of higher education does not have access to and that is required for compliance with this section shall be provided or made available by the ,department of ,education1 or other ,federal agencies1 as appropriate4 #c4 ,explanation of the benefits of ,federal loans ,the ,secretary of ,education1 in consultation with the heads of relevant ,federal agencies1 shall prepare and make available to eligible institutions1 as described under section #dhe7l77#b77,l77ii7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajib7l77#b77,l77ii771 a written explanation of the benefits that are unique to ,federal student loans 7including repayment plans1 loan forgiveness1 and loan deferment7 and a description of the loan terms that borrowers should examine carefully if considering a private education loan4 #d4 ,longitudinal ,study of the ,effectiveness of ,student ,loan ,counseling 7a7 ,in ,general ,not later than #a year after the date of enactment of the ,smarter ,borrowing ,act1 the ,secretary of ,education1 acting through the ,director of the ,institute of ,education ,sciences1 shall begin conducting a rigorous longitudinal study of the impact and effectiveness of student loan counseling1 as provided in accordance with subsections 7b71 7l71 and 7o7 of section #dhe of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajib7 and through such other means of providing student loan counseling services as the ,secretary may determine4 ,the longitudinal study shall include information about student persistence1 degree attainment1 program completion1 successful entry into student loan repayment1 cumulative borrowing levels1 and such other factors as the ,secretary may determine4 7b7 ,interim ,reports ,not later than #ah months after the commencement of the study described under this section1 and annually thereafter1 the ,secretary shall evaluate the progress of the study and report any short-term findings to the appropriate committees of ,congress4 7c7 ,authorization of ,appropriations ,there are authorized to be appropriated to carry out this section such sums as may be necessary for fiscal year #bjac and each of the #e succeeding fiscal years4 #e4 ,recommendations 7a7 ,national ,student ,loan ,data ,system ,not later than #afj days after the date of enactment of this ,act1 the ,secretary of ,education and the ,director of the ,consumer ,financial ,protection ,bureau shall prepare and submit to ,congress a report containing joint recommendations relating to the inclusion of private student loans into 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 7b7 ,recommendations for ,student ,loan ,counseling ,the ,secretary of the ,treasury1 acting through the ,president's ,advisory ,council on ,financial ,capability and the ,financial ,literacy and ,education ,commission 7,,flec71 shall prepare and submit to ,congress a report containing recommendations about information that should be included in financial literacy counseling for first-time student loan borrowers4 #f4 ,consumer testing of loan counseling and master promissory note 7a7 ,establishment of ,consumer ,testing ,process ,not later than #c months after the date of enactment of the ,smarter ,borrowing ,act1 the ,secretary of ,education shall establish a process for consumer testing the master promissory note and online entrance1 exit1 and interim loan counseling tools1 including online tools that may be used during the counseling that is required under subsections 7b71 7l71 and 7o7 of section #dhe of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajib74 7b7 ,participants in ,consumer ,testing ,the consumer testing process described in subsection 7a7 shall include-- 7#a7 representatives of students 7including low-income students1 first generation college students1 adult students1 and prospective students72 7#b7 students' families 7including low-income families1 families with first generation college students1 and families with prospective students72 7#c7 institutions of higher education2 7#d7 postsecondary financial aid officers2 and 7#e7 nonprofit consumer groups4 7c7 ,duration ,the ,secretary of ,education shall ensure that the consumer testing described in this section lasts not longer than #f months after the process for consumer testing has been established under subsection 7a74 7d7 ,use of ,consumer ,testing ,results ,the ,secretary of ,education shall use the results of the consumer testing in the final development of online entrance1 exit1 and interim loan counseling tools1 including online tools that may be used during the counseling that is required under subsections 7b71 7l71 and 7o7 of section #dhe of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajib71 and the final development of a revised master promissory note4 7e7 ,report to ,congress ,not later than #c months after the date the consumer testing concludes1 the ,secretary of ,education shall submit to ,congress a report that contains-- 7#a7 the final online entrance1 exit1 and interim loan counseling tools that the ,department of ,education plans to implement1 as described under subsection 7d71 and a revised master promissory note2 and 7#b7 the results of the consumer testing conducted under this section4