,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #fdgc  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #bc1 #bjah,ms4  
,de,lauro introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,education & 
! ,work=ce  ,a ,,bill  ,to increase     
transp>5cy ) respect to loan repaym5t   
options = ,f$]al /ud5t loan borr[]s4    
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,transp>5cy 9 ,/ud5t ,loan            
,consultation ,act ( #bjah4  #b4 ,f9d+s 
,congress f9ds z foll[s3  7#a7          
,loopholes 9 ,f$]al law all[ in/itutions
 ( high] education & ?ird p>ty          
consultants t contract ) su* in/itutions
 to provide borr[]s ) inaccurate or     
incomplete in=mation1 includ+ ) respect 
to borr[] repaym5t options4  7#b7 ,!    
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajja et seq47 does n conta9  
borr[]-c5t]$ provisions t w\ld all[ !   
,secret>y ( ,education to e/abli% m9imum
 /&>ds gov]n+ communications t          
in/itutions ( high] education & ?ird    
p>ty consultants may h ) borr[]s :o are 

no long] enroll$ at su* an in/itution4  
7#c7 ,! ,high] ,education ,act ( #aife  
requires t in/itutions ( high] education
 provide c]ta9 in=mation to borr[]s ab\t
 ! borr[]'s /ud5t loans :5 ! borr[]     
ent]s & exits ! /ud5t loan program1 b   
su* ,act does n require or p]mit !      
,dep>tm5t ( ,education to ov]see        
communications betwe5 ! in/itutions or  
?ird p>ty consultants & ! borr[]s aft] !
 borr[]s are no long] enroll$ at an     
in/itution4  7#d7 ,9 a report releas$   
,april1 #bf1 #bjah1 ! ,gov]nm5t         
,acc\ntability ,(fice 7h]e9aft] ref]r$  
to z ,,gao7 f\nd t "s in/itutions (     
high] education hir$ ?ird p>ty          
consultants t enc\rag$ /ud5t loan       
borr[]s ) pa/-due paym5ts to put loans 9
 =be>ance1 an option t all[s borr[]s to 
tempor>ily po/pone paym5ts4  7#e7 ,loan 
=be>ance c help borr[]s avoid default 9 
! %ort-t]m1 b ultimately increases loan 
co/s ov] "t4  7#f7 ,! ,,gao f\nd t #e ( 
! #i ?ird p>ty consultants hir$ by      
in/itutions ( high] education1 t s]v$   

ab\t #hjj out ( #a1cjj in/itutions1     
enc\rag$ =be>ance ov] pot5tially m      
b5eficial options4  7#g7 ,! ,,gao also  
f\nd t #d ( ! #e ?ird p>ty consultants  
provid$ inaccurate or incomplete        
in=mation to borr[]s ab\t _! repaym5t   
options4 ,inaccurate in=mation ab\t !   
consequ5ces ( default c\ld cause a      
borr[] to feel undue pressure to *oose  
=be>ance1 ev5 :5 ! borr[] is eligible = 
m favorable repaym5t & po/ponem5t       
options4  7#h7 ,borr[]s :o only receive 
a =be>ance application may inaccurately 
assume t =be>ance is ! only or pref]r$  
option to avoid default4  7#i7 ,moreov]1
 borr[]s may miss ! opportunity to le>n 
ab\t o!r1 pot5tially m favorable        
repaym5t & po/ponem5t options f !       
,dep>tm5t ( ,education's loan s]vic]s1  
:o are responsible = c\nsel+ borr[]s &  
approv+ =be>ance reque/s4  7#aj7 ,/ud5t 
loan borr[]s des]ve accurate & complete 
in=mation ab\t loan repaym5t options to 
make in=m$ decisions ab\t loan repaym5t 
t are 9 _! be/ int]e/1 n ! int]e/ (     

in/itutions ( high] education or ?ird   
p>ty consultants4  #c4 ,loan repaym5t   
transp>5cy  ,section #dhg7;a7 ( ! ,high]
 ,education ,act ( #aife 7#bj ,u4,s4,c4 
#ajid7 is am5d$ by add+ at ! end !      
foll[+3  7#cj7 ,! in/itution w ensure t 
any in=mation relat$ to /ud5t loan      
repaym5t t is provid$ to a borr[] :o is 
9 repaym5t /atus or :o w ent] repaym5t  
/atus )9 #f mon?s1 :e!r provid$ directly
 by ! in/itution or by a ?ird p>ty      
s]vic] :o has a contract ) !            
in/itution--  7,a7 is accurate &        
complete2  7,b7 if su* in=mation is     
relat$ to ! provision1 explanation1     
selection1 or revision ( any loan       
repaym5t or consolidation option1       
includes a li/ & explanation ( ea* ( !  
loan repaym5t options & ,f$]al loan     
consolidation options available to !    
borr[]1 includ+ an explanation ( any    
special options t may be available due  
to ! p>ticul> circum/ances ( ! borr[]2 &
  7,c7 ) respect to a borr[] :o has     
fail$ to make an in/allm5t paym5t :5    

due1 or :o is o!rwise reque/+ default   
prev5tion1 av]sion1 or debt managem5t   
c\nsel+1 includes an explanation ( !    
borr[]'s repaym5t /atus & repaym5t      
s*$ule1 & a description ( ea* option =  
:i* ! borr[] is eligible to make1       
s*$ule1 po/pone1 or r$uce loan paym5ts1 
includ+ loan =giv5ess1 cancellation1    
def]m5t1 & =be>ance opportunities4  4