,i  #aad? ,,congress  #a/ ,session  ,h4 
,r4 #bedb  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #ba1 #bjae ,mr4  
,l>s5 ( ,wa%+ton introduc$ ! foll[+     
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices  ,a ,,bill  ,to am5d 
! ,tru? 9 ,l5d+ ,act to e/abli%         
requirem5ts = releas+ a cosign] f       
obligations ( a private education loan1 
= ! treatm5t ( ! loan ^u ! dea? or      
bankruptcy ( a cosign] ( ! loan1 & = o!r
 purposes4  #a4 ,%ort title ,?is ,act   
may be cit$ z ! ,b]eav$ ,borr[]s' ,bill 
( ,rights ,act ( #bjae4  #b4            
,requirem5ts = private educational l5d]s
 ,section #adj ( ! ,tru? 9 ,l5d+ ,act   
7#ae ,u4,s4,c4 #afej7 is am5d$ by add+  
at ! end ! foll[+ new subsection3  7g7  
,requirem5ts reg>d+ cosign]s = a private
 education loan  7#a7 ,cosign] release  
requirem5ts ,if a private education loan
 has a cosign] :o is jo9tly liable = su*
 loan1 a private educational l5d] %all  
include a process = releas+ ! cosign] f 
any obligations on ! loan & 9 su*       

process ! l5d]--  7,a7 %all make !      
crit]ia = obta9+ ! release cle>1        
transp>5t1 & easily accessible via !    
website ( ! private educational l5d]2   
7,b7 %all notify ! borr[] if ! borr[] is
 eligible to release a cosign]2  7,c7   
%all1 if d5y+ a reque/ to release a     
cosign]1 provide an explanation = !     
d5ial & (f] ! borr[] an opportunity to  
correct ! reque/2 &  7,d7 may n *ange ! 
t]ms ( ! release to impose additional   
duties on1 or be detrim5tal to ! int]e/s
 (1 ! borr[] or cosign] ov] ! duration (
 ! private education loan4  7#b7        
,additional requirem5ts ,not)/&+ any    
provision 9 a private education loan    
agreem5t t conta9s a process = releas+ a
 cosign] f obligations on ! loan1 a     
private educational l5d] %all1 ^u       
receiv+ notification ( ! dea? or        
bankruptcy ( a cosign]--  7,a7 notify ! 
borr[] ab\t ! borr[]'s rights "u !      
private education loan agreem5t reg>d+ !
 release ( ! cosign]2 &  7,b7 if !      
borr[] cont9ues to make on-"t paym5ts 79

 ! am\nt det]m9$ prior to ! dea? or     
bankruptcy ( ! cosign]7 on ! private    
education loan1 provide a p]iod ( "t ( n
 less ?an #ij days = ! borr[] to foll[ !
 process = release ( ! cosign] be=e     
deem+ t ! borr[] has fail$ to repay !   
loan1 *ang+ ! t]ms ( ! loan1 accel]at+ !
 repaym5t t]ms ( ! loan1 ref]r+ ! loan  
to a debt collector 7z def9$ 9 section  
#hjc ( ! ,fair ,debt ,collection        
,practices ,act 7#ae ,u4,s4,c4          
#afib;a771 or notify+ consum] report+   
ag5cies 7z def9$ 9 section #fjc7;f77 ( a
 *ange 9 ! /atus ( ! loan4  7#c7 ,cr$it 
wor?9ess /&>ds ,a private educational   
l5d] may n evaluate ! cr$it wor?9ess1   
cr$it /&+1 or cr$it capacity ( a borr[] 
or a cosign] at ! "t at :i* a cosign] is
 releas$ f obligations on a private     
education loan us+ a diff]5t /&>d ?an 0 
us$ to evaluate ! cr$it wor?9ess1 cr$it 
/&+1 or cr$it capacity ( ! borr[] or    
cosign] at ! "t ( ! orig9ation ( ! loan4
  7#d7 ,requirem5ts = new cosign]s      
,not)/&+ any provision 9 a private      

education loan agreem5t1 a private      
educational l5d] %all1 ^u receiv+       
notification ( ! dea? or bankruptcy ( a 
cosign] :o is jo9tly liable = ! private 
education loan--  7,a7 notify ! borr[]  
ab\t ! borr[]'s rights "u ! private     
education loan agreem5t reg>d+ id5tify+ 
a new cosign] or ref9anc+ ! loan2 &     
7,b7 if ! borr[] cont9ues to make on-"t 
paym5ts 79 ! am\nt det]m9$ prior to !   
dea? or bankruptcy ( ! cosign]7 on !    
private education loan1 provide a p]iod 
( "t ( n less ?an #ij days = a borr[] to
 id5tify a new cosign] or ref9ance !    
loan be=e deem+ t ! borr[] has fail$ to 
repay ! loan1 *ang+ ! t]ms ( ! loan1    
accel]at+ ! repaym5t t]ms ( ! loan1     
ref]r+ ! loan to a debt collector 7z    
def9$ 9 section #hjc ( ! ,fair ,debt    
,collection ,practices ,act 7#ae        
,u4,s4,c4 #afib;a771 or notify+ consum] 
report+ ag5cies 7z def9$ 9 section      
#fjc7;f77 ( a *ange 9 ! /atus ( ! loan4 
7#e7 ,new cosign] cr$it wor?9ess ,a     
private educational l5d] may n evaluate 

! cr$it wor?9ess1 cr$it /&+1 or cr$it   
capacity ( a new cosign] us+ a /rict]   
/&>d ?an us$ to evaluate ! cr$it        
wor?9ess1 cr$it /&+1 or cr$it capacity (
 ! orig9al cosign]4  4  #c4             
,prohibitions = consum] report+ ag5cies 
& furni%]s ( in=mation to consum]       
report+ ag5cies relat$ to private       
education loans  7a7 ,prohibition =     
consum] report+ ag5cies ,subsection 7a7 
( section #fje ( ! ,fair ,cr$it ,report+
 ,act 7#ae ,u4,s4,c4 #afha;c7a77 is     
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#g7 ,failure to repay a     
private education loan 7z def9$ 9       
section #adj7;a77 due to accel]at$      
repaym5t t]ms ( ! loan aft] ! dea? or   
bankruptcy ( a cosign] :o is jo9tly     
liable = ! loan4  4  7b7 ,prohibition = 
furni%]s ( in=mation to consum] report+ 
ag5cies ,p>agraph 7#a7 ( section        
#fbc7;a7 ( su* ,act is am5d$ by add+ !  
foll[+ new subp>agraph3  7,e7 ,report+  
in=mation on private education loans ,a 
private educational l5d] 7z def9$ 9     

section #adj7;a77 or ! s]vic] ( a       
private education loan 7z def9$ 9 su*   
section7 %all n furni% any in=mation    
relat+ to ! loan to any consum] report+ 
ag5cy if ! consum] fail$ to repay ! loan
 due to accel]at$ repaym5t t]ms aft] !  
dea? or bankruptcy ( a cosign] :o is    
jo9tly liable = ! loan4  4