,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #babi  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #h1 #bjai ,mr4 
,gu?rie 7= himself & ,ms4 ,bonamici7    
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,education & ,labor  ,a
 ,,bill  ,to am5d ! loan c\nsel+        
requirem5ts "u ! ,high] ,education ,act 
( #aife1 & = o!r purposes4  #a4 ,%ort   
title ,?is ,act may be cit$ z ! ,emp[]+ 
,/ud5ts ,?r\gh ,enhanc$ ,f9ancial       
,c\nsel+ ,act4  #b4 ,annual c\nsel+     
,section #dhe7l7 ( ! ,high] ,education  
,act ( #aife 7#bj ,u4,s4,c4 #ajib7l77 is
 am5d$ to read z foll[s3  7l7 ,annual   
f9ancial aid c\nsel+  7#a7 ,annual      
disclosure requir$  7,a7 ,9 g5]al ,ea*  
eligible in/itution %all ensure t ea*   
individual :o receives a ,f$]al ,pell   
,grant or a loan made "u "p ,d 7o!r ?an 
a ,f$]al ,direct ,consolidation ,loan7  
receives compreh5sive in=mation on !    
t]ms & conditions ( su* ,f$]al ,pell    
,grant or loan & ! responsibilities !   
individual has ) respect to su* ,f$]al  

,pell ,grant or loan4 ,su* in=mation    
%all be provid$1 = ea* aw>d ye> = :i* ! 
individual receives su* ,f$]al ,pell    
,grant or loan1 9 a simple & und]/&able 
mann]-- 7i7 dur+ a c\nsel+ session      
conduct$ 9-p]son2  7ii7 onl9e1 ) !      
individual ackn[l$g+ receipt ( !        
in=mation2 or  7iii7 ?r\gh ! use ( !    
onl9e c\nsel+ tool describ$ 9 subsection
 7n77#a77;,b74  7,b7 ,use ( int]active  
programs ,9 ! case ( in/itutions n us+ !
 onl9e c\nsel+ tool describ$ 9          
subsection 7n77#a77;,b71 ! ,secret>y    
%all require su* in/itutions to c>ry out
 ! requirem5ts ( subp>agraph 7,a7 ?r\gh 
! use ( int]active programs1 dur+ an    
annual c\nsel+ session t is 9-p]son or  
onl9e1 t te/ ! individual's und]/&+ ( ! 
t]ms & conditions ( ! ,f$]al ,pell      
,grant or loan aw>d$ to ! individual1   
us+ simple & und]/&able language & cle> 
=matt+4  7#b7 ,all individuals ,!       
in=mation to be provid$ "u p>agraph     
7#a77;,a7 to ea* individual receiv+     
c\nsel+ "u ?is subsection %all include !

 foll[+3  7,a7 ,an explanation ( h[ !   
individual may budget = typical         
educational exp5ses & a sample budget   
bas$ on ! co/ ( att5dance = !           
in/itution4  7,b7 ,an explanation t an  
individual has a "r to annually reque/ a
 disclosure ( in=mation collect$ by a   
consum] report+ ag5cy pursuant to       
section #fab7;a7 ( ! ,fair ,cr$it       
,report+ ,act 7#ae ,u4,s4,c4            
#afha;j7a774  7,c7 ,bas$ on ! mo/ rec5t 
data available f ! ,am]ican ,community  
,survey available f ! ,dep>tm5t (       
,comm]ce1 ! e/imat$ av]age income &     
p]c5tage ( employm5t 9 ! ,/ate (        
domicile ( ! individual = individuals   
)-- 7i7 a high s*ool diploma or         
equival5t2  7ii7 "s po/-second>y        
education )\t completion ( a degree or  
c]tificate2 &  7iii7 a ba*elor's degree4
  7,d7 ,an introduction to ! f9ancial   
managem5t res\rces provid$ by !         
,f9ancial ,lit]acy & ,education         
,commission4  7,e7 ,an explanation ( h[ 
! /ud5t may seek additional f9ancial    

assi/ance f ! in/itution's f9ancial aid 
(fice due to a *ange 9 ! /ud5t's        
f9ancial circum/ances1 & ! contact      
in=mation = su* (fice4  7#c7 ,/ud5ts    
receiv+ ,f$]al ,pell ,grants ,!         
in=mation to be provid$ "u p>agraph     
7#a77;,a7 to ea* /ud5t receiv+ a ,f$]al 
,pell ,grant %all include ! foll[+3 7,a7
 ,an explanation ( ! t]ms & conditions (
 ! ,f$]al ,pell ,grant4  7,b7 ,an       
explanation ( approv$ educational       
exp5ses = :i* ! /ud5t may use ! ,f$]al  
,pell ,grant4  7,c7 ,an explanation ( :y
 ! /ud5t may h to repay ! ,f$]al ,pell  
,grant4  7,d7 ,an explanation ( !       
maximum numb] ( seme/]s or equival5t =  
:i* ! /ud5t may be eligible to receive a
 ,f$]al ,pell ,grant1 & a /atem5t ( !   
am\nt ( "t rema9+ = :i* ! /ud5t may be  
eligible to receive a ,f$]al ,pell      
,grant4  7,e7 ,an explanation t1 9 !    
case ( a /ud5t :o transf]s to ano!r     
in/itution1 ! am\nt ( "t rema9+ = :i* a 
/ud5t may be eligible to receive a      
,f$]al ,pell ,grant1 z provid$ "u       

subp>agraph 7,d71 w n *ange1 reg>dless (
 :e!r all ( ! c\rses complet$ by su*    
/ud5t are accept$ = purposes ( meet+    
specific degree or program requirem5ts  
by ! in/itution to :i* su* /ud5t        
transf]s4  7#d7 ,borr[]s receiv+ loans  
made "u "p ,d 7o!r ?an ,p>5t ,,plus     
,loans7 ,! in=mation to be provid$ "u   
p>agraph 7#a77;,a7 to a borr[] ( a loan 
made "u "p ,d 7o!r ?an a ,f$]al ,direct 
,,plus ,loan made on behalf ( a dep5d5t 
/ud5t7 %all include ! foll[+3 7,a7 ,to !
 ext5t practicable1 ! effect ( accept+ !
 loan to be disburs$ on ! eligibility ( 
! borr[] = o!r =ms ( /ud5t f9ancial     
assi/ance4  7,b7 ,an explanation ( ! use
 ( ! ma/] promissory note4  7,c7 ,an    
explanation t ! borr[] is n requir$ to  
accept ! full am\nt ( ! loan (f]$ to !  
borr[]4  7,d7 ,an explanation t ! borr[]
 %\ld consid] accept+ any grant1        
s*ol>%ip1 or ,/ate or ,f$]al "w-/udy    
jobs = :i* ! borr[] is eligible prior to
 accept+ ,f$]al /ud5t loans4  7,e7 ,a   
recomm5dation to ! borr[] to exhau/ !   

borr[]'s ,f$]al /ud5t loan options prior
 to tak+ out private education loans1 an
 explanation t ,f$]al /ud5t loans       
typically (f] bett] t]ms & conditions   
?an private education loans1 an         
explanation ( treatm5t ( loans made "u  
"p ,d & private education loans 9       
bankruptcy1 & an explanation t if a     
borr[] decides to take out a private    
education loan--  7i7 ! borr[] has !    
ability to select a private educational 
l5d] ( ! borr[]'s *oice2  7ii7 ! propos$
 private education loan may impact !    
borr[]'s pot5tial eligibility = o!r     
f9ancial assi/ance1 includ+ ,f$]al      
f9ancial assi/ance "u ?is title2 &      
7iii7 ! borr[] has a "r-- 7,i7 to accept
 ! t]ms ( ! private education loan )9   
#cj cal5d> days foll[+ ! date on :i* !  
application = su* loan is approv$ & !   
borr[] receives ! requir$ disclosure    
docum5ts1 pursuant to section #abh7;e7 (
 ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4    
#afch7;e772 &  7,,ii7 to cancel su* loan
 )9 #c bus9ess days ( ! date on :i* !   

loan is consummat$1 pursuant to section 
#abh7;e77#g7 ( su* ,act 7#ae ,u4,s4,c4  
#afch7;e77#g774  7,f7 ,an explanation ( 
! approv$ educational exp5ses = :i* !   
borr[] may use a loan made "u "p ,d4    
7,g7 ,in=mation on ! annual & aggregate 
loan limits = ,f$]al ,direct ,/af=d     
,loans & ,f$]al ,direct ,unsubsidiz$    
,/af=d ,loans4  7,h7 ,an explanation t1 
9 ! case ( a /ud5t :o transf]s to ano!r 
in/itution1 ! loan am\nts su* /ud5t     
receiv$ be=e su* transf] %all be us$ 9  
det]m9+ ! aggregate loan am\nt ( !      
/ud5t1 reg>dless ( :e!r all ( ! c\rses  
complet$ by su* /ud5t are accept$ =     
purposes ( meet+ specific degree or     
program requirem5ts by ! in/itution to  
:i* su* /ud5t transf]s4  7,i7 ,in=mation
 on h[ int]e/ accrues & is capitaliz$   
dur+ p]iods :5 ! int]e/ is n paid by    
ei!r ! borr[] or ! ,secret>y4  7,j7 ,9 !
 case ( a ,f$]al ,direct ,,plus ,loan or
 a ,f$]al ,direct ,unsubsidiz$ ,/af=d   
,loan1 ! option ( ! borr[] to pay !     
int]e/ :ile ! borr[] is 9 s*ool4  7,k7  

,! def9ition ( half-"t enrollm5t at !   
in/itution1 dur+ regul> t]ms & summ]    
s*ool1 if applicable1 & ! consequ5ces ( 
n ma9ta9+ at lea/ half-"t enrollm5t4    
7,l7 ,an explanation ( ! importance (   
contact+ ! appropriate (fices at !      
in/itution ( high] education if ! borr[]
 )draws prior to complet+ ! borr[]'s    
program ( /udy s t ! in/itution c       
provide exit c\nsel+1 includ+ in=mation 
reg>d+ ! borr[]'s repaym5t options &    
loan consolidation4  7,m7 ,= a fir/-"t  
borr[]-- 7i7 a /atem5t ( ! anticipat$   
balance on ! loan = :i* ! borr[] is     
receiv+ c\nsel+ "u ?is subsection2  7ii7
 bas$ on su* anticipat$ balance1 !      
anticipat$ mon?ly paym5t am\nt "u1 at   
m9imum-- 7,i7 ! /&>d repaym5t plan2 &   
7,,ii7 ! income-driv5 repaym5t plans !  
borr[] is eligible =1 z det]m9$ us+     
regionally available data f ! ,bureau ( 
,labor ,/ati/ics ( ! av]age />t+ sal>y =
 ! occupation 9 :i* ! borr[] has an     
int]e/ 9 or int5ds to be employ$2 &     
7iii7 an e/imate ( ! project$ mon?ly    

paym5t am\nt "u ea* repaym5t plan       
describ$ 9 clause 7ii71 bas$ on ! av]age
 cumulative indebt$ness at graduation = 
borr[]s ( loans made "u "p ,d :o are 9 !
 same program ( /udy z ! borr[]4  7,n7  
,= a borr[] ) an out/&+ balance (       
pr9cipal or int]e/ due on a loan made "u
 ?is title-- 7i7 a curr5t /atem5t ( !   
am\nt ( su* out/&+ balance & int]e/     
accru$2  7ii7 bas$ on su* out/&+        
balance1 ! anticipat$ mon?ly paym5t     
am\nt "u1 at m9imum1 ! /&>d repaym5t    
plan &1 us+ regionally available data f 
! ,bureau ( ,labor ,/ati/ics ( ! av]age 
/>t+ sal>y = ! occupation ! borr[]      
int5ds to be employ$1 ! income-driv5    
repaym5t plans ! borr[] is eligible =2 &
  7iii7 an e/imate ( ! project$ mon?ly  
paym5t am\nt "u ea* repaym5t plan       
describ$ 9 clause 7ii71 bas$ on--  7,i7 
! out/&+ balance describ$ 9 clause 7i72 
7,,ii7 ! anticipat$ out/&+ balance on ! 
loan = :i* ! /ud5t is receiv+ c\nsel+ "u
 ?is subsection2 &  7,,iii7 a projection
 = any o!r loans made "u "p ,d t !      

borr[] is reasonably expect$ to accept  
dur+ ! borr[]'s program ( /udy bas$ on  
at lea/ ! expect$ increase 9 ! co/ (    
att5dance ( su* program4  7,o7 ,!       
obligation ( ! borr[] to repay ! full   
am\nt ( ! loan1 reg>dless ( :e!r !      
borr[] completes or does n complete !   
program 9 :i* ! borr[] is enroll$ )9 !  
regul> "t = program completion4  7,p7 ,!
 likely consequ5ces ( default on ! loan1
 includ+ adv]se cr$it reports1 del9qu5t 
debt collection proc$ures "u ,f$]al law1
 & litigation1 & a notice ( !           
in/itution's mo/ rec5t cohort default   
rate 7def9$ 9 section #dce7m771 an      
explanation ( ! cohort default rate1 !  
mo/ rec5t national av]age cohort default
 rate1 & ! mo/ rec5t national av]age    
cohort default rate = ! category (      
in/itution describ$ 9 section           
#dce7m77#d7 to :i* ! in/itution belongs4
  7,q7 ,in=mation on ! ,national ,/ud5t 
,loan ,data ,sy/em & h[ ! borr[] c      
access ! borr[]'s records4  7,r7 ,!     
contact in=mation = ! in/itution's      

f9ancial aid (fice or o!r appropriate   
(fice at ! in/itution ! borr[] may      
contact if ! borr[] has any que/ions    
ab\t ! borr[]'s rights &                
responsibilities or ! t]ms & conditions 
( ! loan4  7#e7 ,borr[]s receiv+ ,p>5t  
,,plus ,loans = dep5d5t /ud5ts ,!       
in=mation to be provid$ "u p>agraph     
7#a77;,a7 to a borr[] ( a ,f$]al ,direct
 ,,plus ,loan made on behalf ( a dep5d5t
 /ud5t %all include ! foll[+3  7,a7 ,!  
in=mation describ$ 9 subp>agraphs 7,a7  
?r\gh 7,c7 & 7,o7 ?r\gh 7,r7 ( p>agraph 
7#d74  7,b7 ,a notification t "s /ud5ts 
may qualify = o!r f9ancial aid & an     
explanation t ! /ud5t = :om ! borr[] is 
tak+ out ! loan %\ld consid] accept+ any
 grant1 s*ol>%ip1 or ,/ate or ,f$]al    
"w-/udy jobs = :i* su* /ud5t is eligible
 prior to borr[+ ,p>5t ,,plus ,loans4   
7,c7 ,= a fir/-"t borr[] ( su* loan--   
7i7 a /atem5t ( ! anticipat$ balance on 
! loan = :i* ! borr[] is receiv+ c\nsel+
 "u ?is subsection2  7ii7 bas$ on su*   
anticipat$ balance1 ! anticipat$ mon?ly 

paym5t am\nt "u ! /&>d repaym5t plan2 & 
7iii7 an e/imate ( ! project$ mon?ly    
paym5t am\nt "u ! /&>d repaym5t plan1   
bas$ on ! av]age cumulative indebt$ness 
( o!r borr[]s ( ,f$]al ,direct ,,plus   
,loans made on behalf ( dep5d5t /ud5ts  
:o are 9 ! same program ( /udy z ! /ud5t
 on ^: behalf ! borr[] borr[$ ! loan4   
7,d7 ,= a borr[] ) an out/&+ balance (  
pr9cipal or int]e/ due on su* loan-- 7i7
 a /atem5t ( ! am\nt ( su* out/&+       
balance2  7ii7 bas$ on su* out/&+       
balance1 ! anticipat$ mon?ly paym5t     
am\nt "u ! /&>d repaym5t plan2 &  7iii7 
an e/imate ( ! project$ mon?ly paym5t   
am\nt "u ! /&>d repaym5t plan1 bas$ on--
  7,i7 ! out/&+ balance describ$ 9      
clause 7i72  7,,ii7 ! anticipat$ out/&+ 
balance on ! loan = :i* ! borr[] is     
receiv+ c\nsel+ "u ?is subsection2 &    
7,,iii7 a projection = any o!r ,f$]al   
,direct ,,plus ,loan made on behalf ( ! 
dep5d5t /ud5t t ! borr[] is reasonably  
expect$ to accept dur+ ! program ( /udy 
( su* /ud5t bas$ on at lea/ ! expect$   

increase 9 ! co/ ( att5dance ( su*      
program4  7,e7 ,debt managem5t /rategies
 t are design$ to facilitate ! repaym5t 
( su* indebt$ness4  7,f7 ,an explanation
 t ! borr[] has ! options to prepay ea* 
loan1 pay ea* loan on a %ort] s*$ule1   
pay ea* loan :ile ! dep5d5t *ild is /ill
 9 s*ool1 pay ! int]e/ on ! loan :ile ! 
loan is 9 def]m5t1 & *ange repaym5t     
plans4  7,g7 ,= ea* ,f$]al ,direct      
,,plus ,loan made on behalf ( a dep5d5t 
/ud5t = :i* ! borr[] is receiv+ c\nsel+ 
"u ?is subsection1 ! contact in=mation =
 ! loan s]vic] ( ! loan & a l9k to su*  
s]vic]'s ,website4  7#f7 ,annual loan   
acceptance ,prior to mak+ ! fir/        
disbursem5t ( a loan made "u "p ,d 7o!r 
?an a ,f$]al ,direct ,consolidation     
,loan7 to a borr[] = an aw>d ye>1 an    
eligible in/itution1 %all1 z "p ( c>ry+ 
out ! c\nsel+ requirem5ts ( ?is         
subsection = ! loan1 ensure t aft]      
receiv+ ! applicable c\nsel+ "u         
p>agraphs 7#b71 7#d71 & 7#e7 = ! loan ! 
borr[] accepts ! loan = su* aw>d ye> & =

 su* am\nt z is specifi$ by ! borr[]    
by-- 7,a7 sign+ ! ma/] promissory note =
 ! loan2  7,b7 sign+ & return+ to !     
in/itution a sep>ate writt5 /atem5t t   
affirmatively /ates t ! borr[] accepts !
 loan2 or  7,c7 electronically sign+ an 
electronic v]sion ( ! /atem5t describ$ 9
 subp>agraph 7,b74  7#g7 ,con/ruction   
,no?+ 9 ?is section %all be con/ru$ to  
prohibit an eligible in/itution f       
provid+ additional in=mation & c\nsel+  
s]vices to recipi5ts ( ,f$]al /ud5t aid 
"u ?is title1 provid$ t any additional  
in=mation & c\nsel+ s]vices = recipi5ts 
( ,f$]al /ud5t aid %all n preclude or be
 consid]$ a condition = disbursem5t (   
su* aid4  7#h7 ,c\nsel+ sessions        
conduct$ 9-p]son ,in/itutions ( high]   
education may enc\rage individuals to   
att5d 9-p]son loan c\nsel+ sessions "u  
p>agraph 7#a77;,a74  4  #c4 ,exit       
,c\nsel+ ,section #dhe7;b7 ( ! ,high]   
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajib7;b77 is am5d$-- 7#a7 9 p>agraph   
7#a77;,a7--  7,a7 9 ! matt] prec$+      

clause 7i71 by /rik+ ?r\gh f9ancial aid 
(fices or o!rwise & ins]t+ ?r\gh ! use (
 an int]active program1 dur+ an exit    
c\nsel+ session t is 9-p]son or onl9e1  
or ?r\gh ! use ( ! onl9e c\nsel+ tool   
describ$ 9 subsection 7n77#a77;,a72     
7,b7 by r$esignat+ clauses 7i7 ?r\gh    
7ix7 z clauses 7v7 ?r\gh 7xiii71        
respectively2  7,c7 by ins]t+ be=e      
clause 7v71 z s r$esignat$1 ! foll[+3   
7i7 a summ>y ( ! out/&+ balance (       
pr9cipal & int]e/ due on ! loans made to
 ! borr[] "u "p ,b1 ,d1 or ,e2  7ii7 an 
explanation ( ! grace p]iod prec$+      
repaym5t & ! expect$ date t ! borr[] w  
ent] repaym5t2  7iii7 an explanation t !
 borr[] has ! option to pay any int]e/ t
 has accru$ :ile ! borr[] 0 9 s*ool or t
 may accrue dur+ ! grace p]iod prec$+   
repaym5t or dur+ an au?oriz$ p]iod (    
def]m5t or =be>ance1 prior to !         
capitalization ( ! int]e/2 &  7iv7 an   
explanation t ! borr[] may be approa*$  
dur+ ! repaym5t process by ?ird-p>ty    
/ud5t debt relief companies1 t !y %\ld  

use caution 9 any su* deal+s1 & t !     
typical s]vices provid$ by ^! companies 
are already (f]$ to borr[]s free ( *>ge 
?r\gh s]vic]s2  2  7,d7 9 clause 7v71 z 
s r$esignat$--  7i7 by /rik+ sample     
in=mation %[+ ! av]age & ins]t+         
in=mation1 bas$ on ! borr[]'s out/&+    
balance describ$ 9 clause 7i71 %[+ !    
borr[]'s2 &  7ii7 by /rik+ ( ea* plan & 
ins]t+ ( at lea/ ! /&>d repaym5t plan & 
! income-driv5 repaym5t plans ! borr[]  
is eligible =2  7,e7 9 clause 7x71 z s  
r$esignat$-- 7i7 by ins]t+ decreas$     
cr$it score1 aft] cr$it reports12 &     
7ii7 by ins]t+ r$uc$ ability to r5t or  
pur*ase a home or c>1 pot5tial          
difficulty 9 secur+ employm5t1 aft]     
,f$]al law12  7,f7 9 clause 7xi71 z s   
r$esignat$1 by /rik+ consolidation loan 
"u section #dbh;,c or a2  7,g7 9 clauses
 7xii7 & 7xiii71 z s r$esignat$1 by     
/rik+ & at ! end2 &  7,h7 by add+ at !  
end ! foll[+3  7xiv7 = ea* ( ! borr[]'s 
loans made "u "p ,b1 ,d1 or ,e = :i* !  
borr[] is receiv+ c\nsel+ "u ?is        

subsection1 ! contact in=mation = ! loan
 s]vic] ( ! loan & a l9k to su* s]vic]'s
 ,website2 &  7xv7 an explanation t an  
individual has a "r to annually reque/ a
 disclosure ( in=mation collect$ by a   
consum] report+ ag5cy pursuant to       
section #fab7;a7 ( ! ,fair ,cr$it       
,report+ ,act 7#ae ,u4,s4,c4            
#afha;j7a774  2  7#b7 9 p>agraph        
7#a77;,b7-- 7,a7 by ins]t+ onl9e or be=e
 9 writ+2 &  7,b7 by add+ be=e ! p]iod  
at ! end ! foll[+3 1 except t 9 ! case (
 an in/itution us+ ! onl9e c\nsel+ tool 
describ$ 9 subsection 7n77#a77;,a71 !   
,secret>y %all attempt to provide su*   
in=mation to ! /ud5t 9 ! mann] describ$ 
9 subsection 7n77#c77;,c72 &  7#c7 9    
p>agraph 7#b77;,c71 by ins]t+ 1 su* z ! 
onl9e c\nsel+ tool describ$ 9 subsection
 7n77#a77;,a71 aft] electronic means4   
#d4 ,onl9e c\nsel+ tools ,section #dhe (
 ! ,high] ,education ,act ( #aife 7#bj  
,u4,s4,c4 #ajib7 is fur!r am5d$ by add+ 
at ! end ! foll[+3  7n7 ,onl9e c\nsel+  
tools  7#a7 ,9 g5]al ,beg9n+ n lat] ?an 

#a ye> aft] ! date ( enactm5t ( !       
,emp[]+ ,/ud5ts ,?r\gh ,enhanc$         
,f9ancial ,c\nsel+ ,act1 ! ,secret>y    
%all ma9ta9--  7,a7 an onl9e c\nsel+    
tool t provides ! exit c\nsel+ requir$  
"u subsection 7b7 & meets ! applicable  
requirem5ts ( ?is subsection2 &  7,b7 an
 onl9e c\nsel+ tool t provides ! annual 
c\nsel+ requir$ "u subsection 7l7 &     
meets ! applicable requirem5ts ( ?is    
subsection4  7#b7 ,requirem5ts ( tools  
,9 ma9ta9+ ! onl9e c\nsel+ tools        
describ$ 9 p>agraph 7#a71 ! ,secret>y   
%all ensure t ea* su* tool is-- 7,a7    
consum] te/$1 9 consultation ) o!r      
relevant ,f$]al ag5cies1 to ensure t !  
tool is effective 9 help+ individuals   
und]/& _! rights & obligations ) respect
 to borr[+ a loan made "u "p ,d or      
receiv+ a ,f$]al ,pell ,grant2  7,b7    
und]/&able to /ud5ts receiv+ ,f$]al     
,pell ,grants & borr[]s ( loans made "u 
"p ,d2 &  7,c7 freely available to all  
eligible in/itutions4  7#c7 ,record (   
c\nsel+ completion ,! ,secret>y %all--  

7,a7 use ea* onl9e c\nsel+ tool describ$
 9 p>agraph 7#a7 to keep a record ( :i* 
individuals h receiv$ c\nsel+ us+ !     
tool1 & notify ! applicable in/itutions 
( ! individual's completion ( su*       
c\nsel+2  7,b7 9 ! case ( a borr[] :o   
receives annual c\nsel+ = a loan made "u
 "p ,d us+ ! tool describ$ 9 p>agraph   
7#a77;,b71 notify ! borr[] by :5 !      
borr[] %\ld accept1 9 a mann] describ$ 9
 subsection 7l77#f71 ! loan = :i* !     
borr[] has receiv$ su* c\nsel+2 &  7,c7 
9 ! case ( a borr[] describ$ 9          
subsection 7b77#a77;,b7 at an in/itution
 t uses ! onl9e c\nsel+ tool describ$ 9 
p>agraph 7#a77;,a7 ( ?is subsection1 !  
,secret>y %all attempt to provide !     
in=mation describ$ 9 subsection         
7b77#a77;,a7 to ! borr[] ?r\gh su* tool4
  4  #e4 ,longitud9al /udy on !         
effectiv5ess ( /ud5t loan c\nsel+  7a7  
,9 g5]al ,n lat] ?an #a ye> aft] ! date 
( enactm5t ( ?is ,act1 ! ,secret>y (    
,education1 act+ ?r\gh ! ,director ( !  
,in/itute ( ,education ,sci5ces1 %all   

beg9 conduct+ a rigor\s1 longitud9al    
/udy ( ! impact & effectiv5ess ( ! /ud5t
 loan c\nsel+-- 7#a7 provid$ "u         
subsections 7b71 7l71 & 7n7 ( section   
#dhe ( ! ,high] ,education ,act ( #aife 
7#bj ,u4,s4,c4 #ajib71 z am5d$ by ?is   
,act2 &  7#b7 provid$ ?r\gh su* o!r     
means z ! ,secret>y ( ,education may    
det]m9e4  7b7 ,cont5ts  7#a7 ,borr[]    
in=mation ,! longitud9al /udy c>ri$ out 
"u subsection 7a7 %all include borr[]   
in=mation1 9 ! aggregate & disaggregat$ 
by race1 e?nicity1 g5d]1 income1 & /atus
 z an individual ) a disability1 on--   
7,a7 /ud5t p]si/5ce2  7,b7 degree       
atta9m5t2  7,c7 program completion2     
7,d7 successful entry into /ud5t loan   
repaym5t2  7,e7 cumulative borr[+       
levels2 &  7,f7 su* o!r factors z !     
,secret>y ( ,education may det]m9e4     
7#b7 ,exception ,! disaggregation "u    
p>agraph 7#a7 %all n be requir$ 9 a case
 9 :i* ! numb] ( borr[]s 9 a category is
 insuffici5t to yield /ati/ically       
reliable in=mation or ! results w\ld    

reveal p]sonally id5tifiable in=mation  
ab\t an individual borr[]4  7c7 ,int]im 
,reports ,n lat] ?an #ah mon?s aft] !   
comm5cem5t ( ! /udy "u subsection 7a71 &
 annually !reaft]1 ! ,secret>y (        
,education %all evaluate ! progress ( ! 
/udy & report any %ort-t]m f9d+s to !   
appropriate committees ( ,congress4  #f4
 ,availability ( funds  7a7 ,use ( exi/+
 funds ,( ! am\nt au?oriz$ to be        
appropriat$ = ma9ta9+ ! ,dep>tm5t (     
,education's ,f9ancial ,aw>5ess ,c\nsel+
 ,tool1 #b1jjj1jjj %all be available to 
c>ry out ?is ,act & ! am5dm5ts made by  
?is ,act4  7b7 ,no additional funds     
au?oriz$ ,no funds are au?oriz$ to be   
appropriat$ by ?is ,act to c>ry out ?is 
,act or ! am5dm5ts made by ?is ,act4