,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #ebid  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,decemb] #d1 #bjai,ms4
 ,adams introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,f9ancial     
,s]vices1 & 9 addition to ! ,committee  
on ,education & ,labor1 = a p]iod to be 
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to am5d ! ,tru? 9  
,l5d+ ,act to e/abli% a po/second>y     
education loan borr[] bill ( rights & to
 require c]ta9 cr$itors to obta9 private
 loan c]tifications f in/itutions (     
high] education1 to am5d ! ,fair ,cr$it 
,report+ ,act to require ! ,bureau (    
,consum] ,f9ancial ,protection to issue 
rules to e/abli% /&>ds = report+        
in=mation relat$ to /ud5t loans to      
consum] report+ ag5cies1 & = o!r        
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,/ud5t ,borr[] ,protections
 ,act ( #bjai4  #b4 ,po/second>y        
education loan borr[] bill ( rights     

,*apt] #b ( ! ,tru? 9 ,l5d+ ,act 7#ae   
,u4,s4,c4 #afca et seq47 is am5d$--     
7#a7 by r$esignat+ section #adj;,a z    
section #adj;,b2  7#b7 by ins]t+ aft]   
section #adj ! foll[+3  #adj;,a4        
,po/second>y education loan borr[] bill 
( rights  7a7 ,def9itions ,9 ?is        
p>agraph3 7#a7 ,borr[] ,! t]m borr[]    
means ! p]son to :om a po/second>y      
education loan is ext5d$4  7#b7 ,*>ge (f
 ,! t]m *>ge (f means *>ge to pr(it &   
loss1 or subject to any simil> action4  
7#c7 ,cov]$ l5d]1 s]vic]1 or assignee ,!
 t]m cov]$ l5d]1 s]vic]1 or assignee    
means--  7,a7 an eligible l5d] 7z def9$ 
"u section #dce ( ! ,high] ,education   
,act ( #aife7 ( a loan made1 insur$1 or 
gu>ante$ "u "p ,b ( title ,,iv ( !      
,high] ,education ,act ( #aife2  7,b7   
any entity ) :i* ! ,secret>y (          
,education ent]s into a contract "u     
section #def ( ! ,high] ,education ,act 
( #aife = orig9ation1 s]vic+1 or        
collection describ$ 9 subsection 7b7 (  
su* section #def & is engag$ 9 !        

provision (1 or (f]+1 s]vic+1 or        
collections reg>dless ( :e!r ! ,secret>y
 id5tifies ! entity z a s]vic] 9 su*    
contract2  7,c7 a private educational   
l5d] 7z def9$ "u section #adj7;a772     
7,d7 any o!r p]son or entity engag$ 9 ! 
bus9ess ( secur+1 mak+1 or ext5d+       
po/second>y education loans on behalf ( 
a p]son or entity describ$ 9 subp>agraph
 7,a7 or 7,c72 or  7,e7 any o!r hold] ( 
a po/second>y education loan o!r ?an !  
,secret>y ( ,education4  7#d7           
,po/second>y education loan ,! t]m      
po/second>y education loan means--  7,a7
 a private education loan 7z def9$ "u   
section #adj7;a772 or  7,b7 a loan made1
 insur$1 or gu>ante$ "u title ,,iv ( !  
,high] ,education ,act ( #aife4  7#e7   
,qualifi$ writt5 reque/  7,a7 ,9 g5]al  
,! t]m qualifi$ writt5 reque/ means a   
writt5 correspond5ce ( a borr[] 7o!r ?an
 notice on a paym5t m$ium suppli$ by !  
po/second>y educational l5d] or s]vic]7 
transmitt$ by mail1 facsimile1 or       
electronically ?r\gh an email address or

 website designat$ by ! cov]$ l5d]1     
s]vic]1 or assignee to receive          
communications f borr[]s t--  7i7       
includes1 or o!rwise enables ! cov]$    
l5d]1 s]vic]1 or assignee to id5tify1 ! 
"n & acc\nt ( ! borr[]2 &  7ii7         
includes1 to ! ext5t applicable-- 7,i7  
suffici5t detail reg>d+ ! in=mation     
s\ght by ! borr[]2 or  7,,ii7 a /atem5t 
( ! reasons = ! belief ( ! borr[] t !re 
is an error reg>d+ ! acc\nt ( ! borr[]4 
7,b7 ,correspond5ce deliv]$ to o!r      
addresses  7i7 ,9 g5]al ,a writt5       
correspond5ce ( a borr[] is a qualifi$  
writt5 reque/ if ! writt5 correspond5ce 
is transmitt$ to & receiv$ by a cov]$   
l5d]1 s]vic]1 or assignee at a mail+    
address1 facsimile numb]1 email address1
 or website address o!r ?an ! address or
 numb] designat$ by t cov]$ l5d]1       
s]vic]1 or assignee r to receive        
communications f borr[]s b ! writt5     
correspond5ce meets ! requirem5ts "u    
clauses 7i7 & 7ii7 ( subp>agraph 7,a74  
7ii7 ,duty to transf] ,a cov]$ l5d]1    

s]vic]1 or assignee %all1 )9 a          
reasonable p]iod ( "t1 transf] a writt5 
correspond5ce ( a borr[] receiv$ by !   
cov]$ l5d]1 s]vic]1 or assignee at a    
mail+ address1 facsimile numb]1 email   
address1 or website address o!r ?an !   
address or numb] designat$ by t cov]$   
l5d]1 s]vic]1 or assignee to receive    
communications f borr[]s to ! correct   
address or appropriate (fice or o!r unit
 ( ! cov]$ l5d]1 s]vic]1 or assignee4   
7iii7 ,date ( receipt ,a writt5         
correspond5ce ( a borr[] transf]r$ 9    
accordance ) clause 7i7 %all be deem$ to
 be receiv$ by ! cov]$ l5d]1 s]vic]1 or 
assignee on ! date on :i* ! writt5      
correspond5ce is transf]r$ to ! correct 
address or appropriate (fice or o!r unit
 ( ! cov]$ l5d]1 s]vic]1 or assignee4   
7#f7 ,s]vic+ ,! t]m s]vic+ means "o or m
 ( ! foll[+3 7,a7 ,receiv+ any s*$ul$   
p]iodic paym5ts f a borr[] or           
notification ( su* paym5ts pursuant to !
 t]ms ( a po/second>y education loan or 
contract gov]n+ ! s]vic+4  7,b7 ,apply+ 

paym5ts to ! borr[]'s acc\nt pursuant to
 ! t]ms ( ! po/second>y education loan  
or ! contract gov]n+ ! s]vic+4  7,c7    
,ma9ta9+ acc\nt records = a po/second>y 
education loan4  7,d7 ,communicat+ ) a  
borr[] reg>d+ a po/second>y education   
loan on behalf ( ! cov]$ l5d]1 s]vic]1  
or assignee4  7,e7 ,int]actions ) a     
borr[]1 includ+ activities to help      
prev5t default on obligations aris+ f   
po/second>y education loans1 conduct$ to
 facilitate ! activities describ$ 9     
subp>agraph 7,a7 or 7,b74  7b7 ,sale1   
transf]1 or assignm5t ,if ! sale1 o!r   
transf]1 assignm5t1 or transf] ( s]vic+ 
obligations ( a po/second>y education   
loan results 9 a *ange 9 ! id5tity ( !  
p>ty to :om ! borr[] mu/ s5d subsequ5t  
paym5ts or direct any communications    
conc]n+ ! loan--  7#a7 ! transf]or      
%all-- 7,a7 notify ! borr[]1 9 writ+1 9 
simple & und]/&able t]ms1 n few] ?an #de
 days be=e transf]r+ a legally en=ceable
 "r to receive paym5t f ! borr[] on su* 
loan1 (--  7i7 ! sale or o!r transf]1   

assignm5t1 or transf] ( s]vic+          
obligations2  7ii7 ! id5tity ( !        
transf]ee2  7iii7 ! "n1 address1 & email
 address ( ! p>ty to :om subsequ5t      
paym5ts or communications mu/ be s5t2   
7iv7 ! telephone numb]s & websites ( bo?
 ! transf]or & ! transf]ee2  7v7 !      
effective date ( ! sale1 transf]1 or    
assignm5t2  7vi7 ! date on :i* !        
transf]or w /op accept+ paym5t2 &  7vii7
 ! date on :i* ! transf]ee w beg9       
accept+ paym5t2  7,b7 =w>d any paym5t f 
a borr[] ) respect to su* po/second>y   
education loan to ! transf]ee1          
imm$iately ^u receiv+ su* paym5t1 dur+ !
 #fj-;day p]iod beg9n+ on ! date on :i* 
! transf]or /ops accept+ paym5t ( su*   
po/second>y education loan2  7,c7       
provide to ! transf]ee all borr[]       
in=mation & complete paym5t hi/ory      
in=mation = any su* po/second>y         
education loans2 &  7#b7 ! transf]ee    
%all-- 7,a7 notify ! borr[]1 9 writ+1 9 
simple & und]/&able t]ms1 n few] ?an #de
 days be=e acquir+ a legally en=ceable  

"r to receive paym5t f ! borr[] on su*  
loan1 (--  7i7 ! sale or o!r transf]1   
assignm5t1 or transf] ( s]vic+          
obligations2  7ii7 ! id5tity ( !        
transf]or2  7iii7 ! "n1 address1 & email
 address ( ! p>ty to :om subsequ5t      
paym5ts or communications mu/ be s5t2   
7iv7 ! telephone numb]s & websites ( bo?
 ! transf]or & ! transf]ee2  7v7 !      
effective date ( ! sale1 transf]1       
assignm5t1 or transf] ( s]vic+          
obligations2  7vi7 ! date on :i* !      
transf]or w /op accept+ paym5t2 &  7vii7
 ! date on :i* ! transf]ee w beg9       
accept+ paym5t2  7,b7 accept z on-"t &  
may n impose any late fee or f9ance *>ge
 = any paym5t f a borr[] ) respect to   
su* po/second>y education loan t is     
=w>d$ f ! transf]or dur+ ! #ij-;day     
p]iod beg9n+ on ! date on :i* !         
transf]or /ops accept+ paym5t1 if !     
transf]or receives su* paym5t on or be=e
 ! applicable due date1 includ+ any     
grace p]iod2  7,c7 provide borr[]s a    
simple1 onl9e process = transf]r+ exi/+ 

electronic fund transf] au?ority2 &     
7,d7 honor any promotion or b5efit      
available or grant$ to ! borr[] or      
adv]tis$ by ! previ\s own] or transf]or 
( su* po/second>y education loan4  7c7  
,mat]ial *ange 9 mail+ address or       
proc$ure = h&l+ paym5ts  7#a7 ,9 g5]al  
,if a cov]$ l5d]1 s]vic]1 or assignee   
makes a *ange 9 ! mail+ address1 (fice1 
or proc$ures = h&l+ paym5ts ) respect to
 any po/second>y education loan1 ! cov]$
 l5d]1 s]vic]1 or assignee %all cle>ly &
 conspicu\sly notify ! borr[] 9 writ+ & 
?r\gh ! borr[]'s pref]r$ or designat$   
me?od ( communication n less ?an #de    
cal5d> days 9 advance ( su* *ange4  7#b7
 ,borr[] protection w9d[ ,if a *ange    
describ$ 9 p>agraph 7#a7 causes a delay 
9 ! cr$it+ ( ! acc\nt ( ! borr[] made   
dur+ ! #ij-;day p]iod foll[+ ! date on  
:i* su* *ange took effect1 ! cov]$ l5d]1
 s]vic]1 or assignee may n impose on !  
borr[] any negative consequ5ces1 includ+
 negative cr$it report+1 lo/ eligibility
 9 borr[] b5efits1 late fees1 int]e/    

capitalization1 or o!r f9ancial injury4 
7#c7 ,loan =giv5ess programs ,= purposes
 ( any public or private loan =giv5ess  
program t applies to a po/second>y      
education loan1 su* program %all n be   
toll$ dur+ ! #ij-;day p]iod foll[+ !    
date on :i* a *ange describ$ "u p>agraph
 7#a7 takes effect4  7d7 ,int]e/ rate & 
t]m *anges = c]ta9 po/second>y education
 loans  7#a7 ,notification requirem5ts  
7,a7 ,9 g5]al ,except z provid$ 9       
p>agraph 7#c71 a cov]$ l5d]1 s]vic]1 or 
assignee %all provide writt5 notice to a
 borr[] ( any mat]ial *ange 9 ! t]ms ( !
 po/second>y education loan1 includ+ an 
increase 9 ! int]e/ rate1 n lat] ?an #de
 days be=e ! effective date ( ! *ange or
 increase4  7,b7 ,mat]ial *anges 9 t]ms 
,! ,bureau %all1 by regulation1 e/abli% 
guidel9es = det]m9+ :i* *anges 9 t]ms   
are mat]ial "u subp>agraph 7,a74  7#b7  
,limits on int]e/ rate & fee increases  
applicable to out/&+ balance ,except z  
provid$ 9 p>agraph 7#c71 a cov]$ l5d]1  
s]vic]1 or assignee may n increase !    

int]e/ rate or o!r fee applicable to an 
out/&+ balance on a po/second>y         
education loan4  7#c7 ,exceptions ,!    
requirem5ts "u p>agraphs 7#a7 & 7#b7    
%all n apply to-- 7,a7 an increase bas$ 
on an applicable v>iable int]e/ rate    
incorporat$ 9 ! t]ms ( a po/second>y    
education loan t provides = *anges 9 !  
int]e/ rate accord+ to op]ation ( an    
index t is n "u ! control ( ! cov]$     
l5d]1 s]vic]1 or assignee & is publi%$ =
 view+ by ! g5]al public2  7,b7 an      
increase 9 int]e/ rate due to !         
completion ( a work\t or tempor>y h>d%ip
 arrangem5t by ! borr[] or ! failure ( !
 borr[] to comply ) ! t]ms ( a work\t or
 tempor>y h>d%ip arrangem5t if--  7i7 ! 
int]e/ rate applicable to a category (  
transactions foll[+ any su* increase    
does n exce$ ! rate or fee t appli$ to t
 category ( transactions prior to       
comm5cem5t ( ! work\t or tempor>y h>d%ip
 arrangem5t2 &  7ii7 ! cov]$ l5d]1      
s]vic]1 or assignee has provid$ !       
borr[]1 prior to ! comm5cem5t ( su*     

arrangem5t1 ) cle> & conspicu\s         
disclosure ( ! t]ms ( ! work\t or       
tempor>y h>d%ip arrangem5t 7includ+ any 
increases due to su* completion or      
failure72 &  7,c7 an increase 9 int]e/  
rate due to a provision includ$ )9 !    
t]ms ( a po/second>y education loan t   
provides = a l[] int]e/ rate bas$ on !  
borr[]'s agreem5t to a pre>rang$ plan t 
au?orizes recurr+ electronic funds      
transf]s if--  7i7 ! borr[] )draws !    
borr[]'s au?orization ( ! pre>rang$     
recurr+ electronic funds transf] plan2 &
  7ii7 aft] )drawal ( ! borr[]'s        
au?orization & prior to increas+ !      
int]e/ rate1 ! cov]$ l5d]1 s]vic]1 or   
assignee has provid$ ! borr[] ) cle> &  
conspicu\s disclosure ( ! imp5d+ *ange 9
 borr[]'s int]e/ rate & a reasonable    
opportunity to reau?orize ! pre>rang$   
electronic funds transf]s plan4  7e7    
,paym5t in=mation  7#a7 ,/atem5t requir$
 ) ea* bill+ cycle ,a cov]$ l5d]1       
s]vic]1 or assignee = ea* borr[]'s      
acc\nt t is be+ s]vic$ by ! cov]$ l5d]1 

s]vic]1 or assignee & t includes a      
po/second>y education loan %all transmit
 to ! borr[]1 = ea* bill+ cycle dur+ :i*
 !re is an out/&+ balance 9 t acc\nt1 a 
bill+ /atem5t t includes--  7,a7 !      
int]e/ rate1 pr9cipal balance1 m9imum   
mon?ly paym5t1 & paym5t due date = ea*  
loan2  7,b7 ! out/&+ balance 9 ! acc\nt 
& ea* loan at ! beg9n+ ( ! bill+ cycle2 
7,c7 ! total am\nt cr$it$ to ! acc\nt & 
ea* loan dur+ ! bill+ cycle2  7,d7 !    
total am\nt ( unpaid int]e/ = ! acc\nt &
 ea* loan2  7,e7 ! am\nt ( any fee add$ 
to ! acc\nt dur+ ! bill+ cycle1 itemiz$ 
to %[ ea* individual fee am\nt & reason 
= ea* fee2  7,f7 ! address1 email       
address1 & phone numb] ( ! cov]$ l5d]1  
s]vic]1 or assignee to :i* ! borr[] may 
direct bill+ inquiries2  7,g7 ! am\nt ( 
any paym5ts or o!r cr$its dur+ ! bill+  
cycle t 0 appli$ respectively to !      
pr9cipal & to int]e/ = ea* loan2  7,h7 !
 mann]1 pursuant to subsection 7g71 9   
:i* paym5ts w be allocat$ among multiple
 loans if ! borr[] does n provide       

specific paym5t in/ructions2  7,i7 :e!r 
ea* loan is 9 def]m5t or =be>ance2  7,j7
 in=mation on h[ to file a compla9t ) ! 
,bureau & ) ! ombudsman designat$       
pursuant to section #ajce ( ! ,consum]  
,f9ancial ,protection ,act ( #bjaj & !  
,dep>tm5t ( ,education2  7,k7 = any     
borr[] consid]$ to be at risk1 z        
describ$ 9 subsection 7j77#a71 a /atem5t
 t a repaym5t speciali/ (fice or unit   
designat$ "u subsection 7j7 is available
 to answ] inquiries relat$ to alt]native
 repaym5t options1 includ+ ! toll-free  
telephone numb] to contact ! speciali/  
pursuant to subsection 7j77#c72 &  7,l7 
any o!r in=mation det]m9$ appropriate by
 rule ( ! ,bureau4  7#b7 ,disclosure (  
paym5t deadl9es ,9 ! case ( a           
po/second>y education loan acc\nt "u :i*
 a late fee or *>ge may be impos$ due to
 ! failure ( ! borr[] to make paym5t on 
or be=e ! due date = su* paym5t1 ! bill+
 /atem5t requir$ "u p>agraph 7#a7 )     
respect to ! acc\nt %all include1 9 a   
conspicu\s location on ! bill+ /atem5t1 

! date on :i* ! paym5t is due or1 if    
diff]5t1 ! date on :i* a late fee w be  
*>g$1 toge!r ) ! am\nt ( ! late fee to  
be impos$ if paym5t is made aft] t date4
  7f7 ,application ( paym5ts  7#a7      
,apply paym5t on date receiv$ ,unless   
o!rwise direct$ by ! borr[]1 a cov]$    
l5d]1 s]vic]1 or assignee %all apply    
paym5ts to a borr[]'s acc\nt on ! date !
 paym5t is receiv$4  7#b7 ,promulgation 
( rules ,! ,bureau may issue rules = !  
application ( po/second>y education loan
 paym5ts t-- 7,a7 implem5ts !           
requirem5ts 9 ?is section2  7,b7        
m9imizes ! am\nt ( fees & int]e/ incurr$
 by ! borr[] & ! total loan am\nt paid  
by ! borr[]2  7,c7 m9imizes del9qu5cies1
 assignm5ts to collection1 & *>ge (fs2  
7,d7 requires cov]$ l5d]1 s]vic]1 or    
assignee to apply paym5ts on ! date     
receiv$2 &  7,e7 all[s ! borr[] to      
in/ruct ! cov]$ l5d]1 s]vic]1 or        
assignee to apply paym5ts 9 a mann]     
pref]r$ by ! borr[]4  7#c7 ,me?od t be/ 
b5efits borr[] ,9 promulgat+ ! rules "u 

p>agraph 7#b71 ! ,bureau %all *oose !   
allocation me?od t be/ b5efits ! borr[] 
& is compatible ) exi/+ repaym5t        
options4  7g7 ,allocation ( paym5ts     
among multiple loans  7#a7 ,allocation (
 und]paym5ts ,unless o!rwise direct$ by 
! borr[]1 ^u receipt ( a paym5t t does n
 satisfy ! full am\nt due = ea*         
po/second>y education loan1 ! cov]$     
l5d]1 s]vic]1 or assignee %all allocate 
am\nts 9 a mann] t m9imizes negative    
consequ5ces1 includ+ negative cr$it     
report+ & late fees1 &1 :]e multiple    
loans %>e an equal /age ( del9qu5cy1 !  
cov]$ l5d]1 s]vic]1 or assignee %all    
fir/ allocate paym5t to ! po/second>y   
education loan ) ! smalle/ mon?ly       
paym5t1 & !n1 aft] satisfy+ t mon?ly    
paym5t1 to ea* successive loan be>+ !   
next highe/ mon?ly paym5t1 until !      
paym5t is exhau/$4 ,a borr[] may in/ruct
 or expressly au?orize a cov]$ l5d]1    
s]vic]1 or assignee to allocate paym5ts 
9 a diff]5t mann]4  7#b7 ,allocation (  
excess am\nts ,unless o!rwise direct$ by

 ! borr[]1 ^u receipt ( a paym5t exce$+ 
! total am\nt due among all ! borr[]'s  
po/second>y education loans1 ! cov]$    
l5d]1 s]vic]1 or assignee %all satisfy !
 am\nts due = ea* loan1 & !n allocate   
am\nts 9 excess ( ! m9imum paym5t am\nt 
fir/ to ! po/second>y education loan    
balance be>+ ! highe/ annual p]c5tage   
rate1 & !n1 once t loan is repaid1 to   
ea* successive po/second>y education    
loan be>+ ! next highe/ annual p]c5tage 
rate1 until ! paym5t is exhau/$4 ,a     
borr[] may in/ruct or expressly au?orize
 a cov]$ l5d]1 s]vic]1 or assignee to   
allocate su* excess paym5ts 9 a diff]5t 
mann]4  7#c7 ,allocation ( exact paym5ts
 ,unless o!rwise direct$ by ! borr[] ^u 
receipt ( a paym5t t exactly satisfies !
 mon?ly paym5ts = ea* loan1 ! cov]$     
l5d]1 s]vic]1 or assignee %all allocate 
paym5ts to satisfy ea* mon?ly paym5t4   
7#d7 ,promulgation ( rules ,! ,bureau   
may issue rules = ! allocation ( paym5ts
 among multiple po/second>y education   
loans t comply ) ! requirem5ts (        

subsection 7f77#b74  7#e7 ,me?od t be/  
b5efits borr[] ,9 promulgat+ ! rules "u 
p>agraph 7#d71 ! ,director %all *oose ! 
allocation me?od t be/ b5efits ! borr[] 
& is compatible ) exi/+ repaym5t        
options4  7h7 ,late fees  7#a7 ,9 g5]al 
,a late fee may n be *>g$ to a borr[] = 
a po/second>y education loan "u any ( ! 
foll[+ circum/ances1 ei!r individually  
or 9 comb9ation3  7,a7 ,on a p]-loan    
basis :5 a borr[] has multiple          
po/second>y education loans4  7,b7 ,9 an
 am\nt great] ?an #d p]c5t ( ! am\nt ( !
 paym5t pa/ due4  7,c7 ,be=e ! end ( !  
#ae-;day p]iod beg9n+ on ! date ! paym5t
 is due4  7,d7 ,m ?an once ) respect to 
a s+le late paym5t4  7,e7 ,! borr[]     
fails to make a s+ul>1 non-successive   
regul>ly s*$ul$ paym5t on ! po/second>y 
education loan4  7#b7 ,coord9ation )    
subsequ5t late fees ,no late fee may be 
*>g$ to a borr[] = a po/second>y        
education loan relat+ to an insuffici5t 
paym5t if ! paym5t is made on or be=e ! 
due date ( ! paym5t1 or )9 any          

applicable grace p]iod = ! paym5t1 if ! 
insuffici5cy is attributable only to a  
late fee relat+ to an e>li] paym5t1 & ! 
paym5t is o!rwise a full paym5t = !     
applicable p]iod4  7#c7 ,paym5ts at     
local bran*es ,if ! loan hold]1 9 ! case
 ( a po/second>y education loan acc\nt1 
is a f9ancial in/itution t ma9ta9s a    
bran* or (fice at :i* paym5ts on any su*
 acc\nt are accept$ f ! borr[] 9 p]son1 
! date on :i* ! borr[] makes a paym5t on
 ! acc\nt at su* bran* or (fice %all be 
consid]$ to be ! date on :i* ! paym5t is
 made = purposes ( det]m9+ :e!r a late  
fee may be impos$ due to ! failure ( !  
borr[] to make paym5t on or be=e ! due  
date = su* paym5t4  7i7 ,borr[]         
inquiries  7#a7 ,duty ( cov]$ l5d]1     
s]vic]1 or assignee to respond to borr[]
 inquiries  7,a7 ,notice ( receipt (    
reque/ ,if a borr[] submits a qualifi$  
writt5 reque/ to ! cov]$ l5d]1 s]vic]1  
or assignee = in=mation relat+ to !     
s]vic+ ( ! po/second>y education loan1 !
 cov]$ l5d]1 s]vic]1 or assignee %all   

provide a writt5 response ackn[l$g+     
receipt ( ! qualifi$ writt5 reque/ )9 #e
 bus9ess days unless any action reque/$ 
by ! borr[] is tak5 )9 su* p]iod4  7,b7 
,action ) respect to inquiry ,n lat] ?an
 #cj bus9ess days aft] ! receipt f a    
borr[] ( a qualifi$ writt5 reque/ "u    
subp>agraph 7,a7 &1 if applicable1 be=e 
tak+ any action ) respect to ! qualifi$ 
writt5 reque/ ( ! borr[]1 ! cov]$ l5d]1 
s]vic]1 or assignee %all--  7i7 make    
appropriate corrections 9 ! acc\nt ( !  
borr[]1 includ+ ! cr$it+ ( any late     
fees1 & transmit to ! borr[] a writt5   
notification ( su* correction 7:i* %all 
include ! "n & toll-free or collect-call
 telephone numb] ( a repres5tative ( !  
cov]$ l5d]1 s]vic]1 or assignee :o c    
provide assi/ance to ! borr[]72  7ii7   
aft] conduct+ an inve/igation1 provide !
 borr[] ) a writt5 explanation or       
cl>ification t includes--  7,i7 to !    
ext5t applicable1 a /atem5t ( ! reasons 
= :i* ! cov]$ l5d]1 s]vic]1 or assignee 
believes ! acc\nt ( ! borr[] is correct 

z det]m9$ by ! cov]$ l5d]1 s]vic]1 or   
assignee2 &  7,,ii7 ! "n & toll-free or 
collect-call telephone numb] ( an       
individual employ$ by1 or ! (fice or    
dep>tm5t (1 ! cov]$ l5d]1 s]vic]1 or    
assignee :o c provide assi/ance to !    
borr[]2 or  7iii7 aft] conduct+ an      
inve/igation1 provide ! borr[] ) a      
writt5 explanation or cl>ification t    
includes--  7,i7 in=mation reque/$ by ! 
borr[] or explanation ( :y ! in=mation  
reque/$ is unavailable or _c be obta9$  
by ! cov]$ l5d]1 s]vic]1 or assignee2 & 
7,,ii7 ! "n & toll-free or collect-call 
telephone numb] ( an individual employ$ 
by1 or ! (fice or dep>tm5t (1 ! cov]$   
l5d]1 s]vic]1 or assignee :o c provide  
assi/ance to ! borr[]4  7,c7 ,limit$    
ext5sion ( response "t  7i7 ,9 g5]al    
,!re may be #a ext5sion ( ! #cj-;day    
p]iod describ$ 9 subp>agraph 7,b7 ( n m 
?an #ae days if1 be=e ! end ( su*       
#cj-;day p]iod1 ! cov]$ l5d]1 s]vic]1 or
 assignee notifies ! borr[] ( ! ext5sion
 & ! reasons = ! delay 9 respond+4  7ii7

 ,reports to bureau ,ea* cov]$ l5d]1    
s]vic]1 or assignee %all1 on an annual  
basis1 report to ! ,bureau ! aggregate  
numb] ( ext5sions s\ght by ! su* cov]$  
l5d]1 s]vic]1 or assignee "u clause 7i74
  7#b7 ,protection aga9/ negative       
consequ5ces ,dur+ ! #fj-;day p]iod      
beg9n+ on ! date on :i* a cov]$ l5d]1   
s]vic]1 or assignee receives a qualifi$ 
writt5 reque/ f a borr[] relat+ to a    
dispute reg>d+ paym5ts by ! borr[]1 a   
cov]$ l5d]1 s]vic]1 or assignee may n   
impose any negative consequ5ces on !    
borr[] relat+ to ! subject ( ! qualifi$ 
writt5 reque/ or to su* p]iod includ+-- 
7,a7 provid+ negative cr$it in=mation to
 any consum] report+ ag5cy 7z def9$ 9   
section #fjc ( ! ,fair ,cr$it ,report+  
,act72  7,b7 lo/ eligibility = a borr[] 
b5efit2  7,c7 late fees2  7,d7 int]e/   
capitalization2 or  7,e7 o!r f9ancial   
injury4  7j7 ,repaym5t speciali/s =     
at-,risk borr[]s  7#a7 ,at-risk borr[]s 
,a cov]$ l5d]1 s]vic]1 or assignee %all 
designate an (fice or o!r unit to act z 

a repaym5t speciali/ reg>d+ po/second>y 
education loans =--  7,a7 any borr[]    
:o-- 7i7 becomes #cj cal5d> days or m   
del9qu5t "u ! po/second>y education     
loan2 or  7ii7 notifies ! cov]$ l5d]1   
s]vic]1 or assignee t ! borr[] is hav+  
difficulty mak+ paym5t2  7,b7 any borr[]
 :o reque/s in=mation relat$ to options 
to r$uce or susp5d ! borr[]'s mon?ly    
paym5t1 or o!rwise indicates t ! borr[] 
is exp]i5c+ or is ab\t to exp]i5ce      
f9ancial h>d%ip or di/ress2  7,c7 any   
borr[] :o has n complet$ ! program (    
/udy = :i* ! borr[] receiv$ ! loans2    
7,d7 any borr[] :o is enroll$ 9         
discretion>y =be>ance = m ?an n9e ( !   
previ\s #ab mon?s2  7,e7 any borr[] :o  
has rehabilitat$ or consolidat$ "o or m 
po/second>y education loans out (       
default )9 ! prior #bd mon?s2  7,f7 a   
borr[] :o seeks in=mation reg>d+1 seeks 
to ent] an agreem5t =1 or seeks to      
resolve an issue "u a repaym5t option t 
requires subsequ5t submission ( support+
 docum5tation2  7,g7 a borr[] :o seeks  

to modify ! t]ms ( ! repaym5t ( !       
po/second>y education loan because (    
h>d%ip2 &  7,h7 any borr[] or segm5t (  
borr[]s det]m9$ by ! ,bureau1 9         
consultation ) ! ,secret>y ( ,education1
 to be at risk4  7#b7 ,tra9+ ,/aff ( !  
repaym5t speciali/ (fice or unit        
designat$ "u p>agraph 7#a7 %all-- 7,a7  
receive rigor\s1 ongo+ tra9+ relat$ to  
available repaym5t plans1 loan =giv5ess1
 & cancellation & dis*>ge options2 &    
7,b7 be tra9$ to-- 7i7 assess ! borr[]'s
 long-t]m & %ort-t]m f9ancial situation 
9 discuss+ alt]native repaym5t options )
 borr[]s2  7ii7 in=m borr[]s1 :5 !re is 
suffici5t in=mation to det]m9e t a      
borr[] may be eligible1 ab\t clos$-s*ool
 dis*>ge1 dis*>ge "u def5se to repaym5t1
 or total & p]man5t disability dis*>ge  
prior to in=m+ ! borr[] ab\t any o!r    
options = repaym5t2 &  7iii7 in=m       
borr[]s ab\t alt]native repaym5t        
options1 prior to discuss+ =be>ance &   
def]m5t4  7#c7 ,toll-free telephone     
numb] ,ea* cov]$ l5d]1 s]vic]1 or       

assignee %all ma9ta9 a toll-free        
telephone numb] t %all-- 7,a7 connect   
directly to ! repaym5t speciali/ (fice  
or unit designat$ "u p>agraph 7#a72     
7,b7 be made available on ! prim>y      
int]net website ( ! cov]$ l5d]1 s]vic]1 
or assignee1 on mon?ly bill+ /atem5ts1 &
 any requir$ disclosures2 &  7,c7 n     
subject borr[]s to unreasonable call    
wait times4  7#d7 ,comp5sation ,/aff ( !
 repaym5t speciali/ (fice or unit       
designat$ "u p>agraph 7#a7 %all n be    
comp5sat$ on ! basis ( ! volume ( calls 
or acc\nts h&l$1 doll> am\nts collect$1 
brevity ( calls1 or 9 any o!r mann] t   
may enc\rage undue ha/e & lack (        
dilig5ce or quality cu/om] s]vice4  7k7 
,actions :5 borr[] is hav+ difficulty   
mak+ paym5t or is #fj days del9qu5t     
7#a7 ,9 g5]al ,n m ?an #e days aft] a   
borr[] notifies a cov]$ l5d]1 s]vic]1 or
 assignee t ! borr[] is hav+ difficulty 
mak+ paym5t or a borr[] becomes #fj days
 del9qu5t on a po/second>y education    
loan1 ! repaym5t speciali/ (fice or unit

 designat$ "u subsection 7j7 %all--     
7,a7 complete a full review ( ! borr[]'s
 po/second>y education loan & make a    
reasonable ef=t to obta9 ! in=mation    
necess>y to det]m9e--  7i7 if ! borr[]  
is eligible = an alt]native repaym5t    
option1 includ+ ,f$]al ,direct          
,consolidation ,loans "u "p ,d ( title  
,,iv ( ! ,high] ,education ,act ( #aife 
7#bj ,u4,s4,c4 #ajhg;a et seq471 z      
applicable2  7ii7 if ! borr[] is        
eligible = s]vicememb] or vet]an b5efits
 "u ! ,s]vicememb]s ,civil ,relief ,act 
7#ej ,u4,s4,c4 ,app4 #eja et seq47 or   
o!r ,f$]al or ,/ate law relat$ to       
po/second>y education loans2 &  7iii7 if
 ! po/second>y education loan is        
eligible = dis*>ge by ! ,secret>y (     
,education2  7,b7 make a good fai? ef=t 
to e/abli% live contact ) ! borr[] to   
provide ! borr[] in=mation ab\t         
alt]native repaym5t options & b5efits = 
:i* ! borr[] is eligible1 includ+ all   
t]ms1 conditions1 & fees or co/s        
associat$ ) su* repaym5t plan2  7,c7    

provide to ! borr[] 9 writ+1 9 simple & 
und]/&able t]ms1 su* in=mation requir$  
by subp>agraph 7,b72  7,d7 all[ ! borr[]
 n less ?an #cj days to apply = an      
alt]native repaym5t option or b5efits1  
if eligible2  7,e7 notify ! borr[] t a  
s]vicememb] & vet]ans liaison designat$ 
"u subsection 7l7 is available to answ] 
inquiries ab\t s]vicememb] & vet]an     
b5efits relat$ to po/second>y education 
loans1 includ+ ! toll-free telephone    
numb] to contact ! liaison2 &  7,f7     
notify ! borr[] t a repaym5t speciali/  
(fice or unit designat$ "u subsection   
7j7 is available to answ] inquiries     
relat$ to alt]native repaym5t options1  
includ+ ! toll-free telephone numb] to  
contact ! speciali/4  7#b7 ,=be>ance or 
def]m5t ,if1 aft] receiv+ in=mation ab\t
 alt]native repaym5t options f !        
repaym5t speciali/1 a borr[] notifies ! 
cov]$ l5d]1 s]vic]1 or assignee t a     
long-t]m alt]native repaym5t option is n
 appropriate1 ! cov]$ l5d]1 s]vic]1 or  
assignee may comply ) ?is subsection by 

provid+ ! borr[]1 9 writ+1 9 simple &   
und]/&able t]ms1 in=mation ab\t %ort-t]m
 options to address an anticipat$       
%ort-t]m difficulty 9 mak+ paym5ts1 su* 
z =be>ance or def]m5t options1 includ+  
all t]ms1 conditions1 & fees or co/s    
associat$ ) su* options4  7#c7          
,notification process  7,a7 ,9 g5]al    
,ea* cov]$ l5d]1 s]vic]1 or assignee    
%all e/abli% a process1 9 accordance )  
p>agraph 7#a71 = a borr[] to notify !   
cov]$ l5d]1 s]vic]1 or assignee t--  7i7
 ! borr[] is hav+ difficulty mak+       
paym5ts on a po/second>y education loan2
 &  7ii7 a long-t]m alt]native repaym5t 
option is n appropriate4  7,b7 ,bureau  
requirem5ts ,! ,director ( ! ,bureau    
%all1 bas$ on consum] te/+ & 9          
consultation ) ! ,secret>y ( ,education1
 promulgate rules e/abli%+ m9imum /&>ds 
= cov]$ l5d]s1 s]vic]s1 or assignees 9  
c>ry+ out ! requirem5ts ( ?is subsection
 & a model =m = borr[]s to notify a     
cov]$ l5d]1 s]vic]1 or assignee ( !     
in=mation "u ?is subsection4  7l7       

,s]vicememb]s1 vet]ans1 & po/second>y   
education loans  7#a7 ,s]vicememb] &    
vet]ans liaison ,ea* cov]$ l5d]1 s]vic]1
 or assignee %all designate an employee 
to act z ! s]vicememb] & vet]ans liaison
 :o is responsible = answ]+ inquiries f 
s]vicememb]s & vet]ans1 & is specially  
tra9$ on s]vicememb] & vet]an b5efits "u
 ! ,s]vicememb]s ,civil ,relief ,act &  
o!r ,f$]al or ,/ate laws relat$ to      
po/second>y education loans4  7#b7      
,toll-free telephone numb] ,ea* cov]$   
l5d]1 s]vic]1 or assignee %all ma9ta9 a 
toll-free telephone numb] t %all-- 7,a7 
connect directly to ! s]vicememb] &     
vet]ans liaison designat$ "u p>agraph   
7#a72  7,b7 be made available on !      
prim>y int]net website ( ! cov]$ l5d]1  
s]vic]1 or assignee & on mon?ly bill+   
/atem5ts2 &  7,c7 n subject borr[]s to  
unreasonable call wait times4  7#c7     
,prohibition on *>ge (fs & default ,a   
cov]$ l5d]1 s]vic]1 or assignee may n   
*>ge (f or report a po/second>y         
education loan z del9qu5t1 assign$ to   

collection 7int]nally or by ref]ral to a
 ?ird p>ty71 9 default1 or *>g$ (f to a 
cr$it report+ ag5cy if ! borr[] is on   
active duty 9 ! ,arm$ ,=ces 7z def9$ 9  
section #aja7;d77#a7 ( title #aj1 ,unit$
 ,/ates ,code7 s]v+ 9 a combat zone 7z  
designat$ by ! ,presid5t "u section     
#aab7;c7 ( ! ,int]nal ,rev5ue ,code (   
#aihf74  7#d7 ,additional liaisons ,!   
,director1 9 consultation ) ! ,secret>y1
 %all det]m9e additional entities ) :om 
borr[]s int]act1 includ+ gu>anty        
ag5cies1 t %all designate an employee to
 act z ! s]vicememb] & vet]ans liaison  
:o is responsible = answ]+ inquiries f  
s]vicememb]s & vet]ans & is specially   
tra9$ on s]vicememb]s & vet]an b5efits &
 option "u ! ,s]vicememb]s ,civil       
,relief ,act4  7m7 ,borr[]'s loan hi/ory
  7#a7 ,9 g5]al ,a cov]$ l5d]1 s]vic]1  
or assignee %all make available 9 a     
secure electronic =m usable by borr[]s1 
or 9 writ+ ^u reque/1 ! loan hi/ory (   
ea* borr[] = ea* po/second>y education  
loan1 sep>ately designat+--  7,a7 paym5t

 hi/ory1 includ+ repaym5t plan &        
paym5ts-- 7i7 made on su* loan to       
previ\s cov]$ l5d]1 s]vic]1 or assignee2
 &  7ii7 qualify+ t[>d a loan =giv5ess  
program & designat+ su* program2  7,b7  
loan hi/ory1 includ+ any =be>ances1     
def]rals1 del9qu5cies1 assignm5t to     
collection1 & *>ge (fs2  7,c7 annual    
p]c5tage rate hi/ory2  7,d7 key loan    
t]ms1 includ+ application ( paym5ts to  
int]e/1 pr9cipal1 & fees1 orig9ation    
date1 pr9cipal1 capitaliz$ int]e/1      
annual p]c5tage rate1 includ+ any cap1  
loan t]m1 & any contractual inc5tives2  
7,e7 am\nt due to pay (f ! out/&+       
balance2 &  7,f7 any o!r items det]m9$  
appropriate by rule ( ! ,bureau4  7#b7  
,orig9al docum5tation ,a cov]$ l5d]1    
s]vic]1 or assignee %all make available 
to ! borr[]1 if reque/$1 at no *>ge1    
copies ( ! orig9al loan docum5ts & !    
promissory note = ea* po/second>y       
education loan4  7n7 ,additional s]vic+ 
/&>ds  7#a7 ,prohibitions ,a cov]$ l5d]1
 s]vic]1 or assignee may n-- 7,a7 *>ge a

 fee = respond+ to a qualifi$ writt5    
reque/ "u ?is p>agraph2  7,b7 fail to   
take timely action to respond to a      
qualifi$ writt5 reque/ f a borr[] to    
correct an error relat+ to an allocation
 ( paym5t or ! pay(f am\nt ( !          
po/second>y education loan2  7,c7 fail  
to take reasonable /eps to avail !      
borr[] ( all possible alt]native        
repaym5t arrangem5ts to avoid default2  
7,d7 fail to p]=m ! obligations requir$ 
"u title ,,iv ( ! ,high] ,education ,act
 ( #aife2  7,e7 fail to respond )9 #aj  
bus9ess days to a reque/ f a borr[] to  
provide ! "n1 address1 & o!r relevant   
contact in=mation ( ! loan hold] ( !    
borr[]'s po/second>y education loan or1 
= a ,f$]al ,direct ,loan or a ,f$]al    
,p]k9s ,loan1 ! ,secret>y ( ,education1 
or ! in/itution ( high] education :o    
made ! loan1 respectively2  7,f7 fail to
 comply ) any applicable requirem5t ( ! 
,s]vicememb]s ,civil ,relief ,act2  7,g7
 *>ge a conv5i5ce1 process+1 or any o!r 
fee = paym5ts made electronically or by 

telephone2  7,h7 fail to comply ) any   
o!r obligation t ! ,bureau1 by          
regulation1 has det]m9$ to be           
appropriate to c>ry out ! consum]       
protection purposes ( ?is p>agraph2 or  
7,i7 fail to p]=m o!r /&>d s]vic+ duties
 & functions4  7#b7 ,bus9ess h\rs ,cov]$
 l5d]s1 s]vic]s1 or assignees %all be   
op5 = borr[] inquiries & outrea*--  7,a7
 dur+ normal bus9ess h\rs1 ,monday ?r\gh
 ,friday2  7,b7 aft] bus9ess h\rs1      
,monday ?r\gh ,friday1 includ+ = n less 
?an #c h\rs aft] #e3jj p4m4 9 all       
cont95tal ,unit$ ,/ates "t zones2  7,c7 
= n less ?an #f h\rs on ,saturday2 &    
7,d7 = n less ?an #f h\rs on ,sunday4   
7#c7 ,additional /&>ds ,! ,bureau may   
issue rules e/abli%+ additional s]vic+  
/&>ds to r$uce del9qu5cies1 assignm5t to
 collections1 defaults1 & *>ge (fs1 & to
 ensure borr[]s und]/& _! rights &      
obligations relat$ to _! po/second>y    
education loans4  7o7 ,prohibition on   
limit+ borr[] legal action by cov]$     
l5d]1 s]vic]1 or assignee  7#a7 ,waiv] (

 rights & rem$ies ,any rights & rem$ies 
available to borr[]s aga9/ cov]$ l5d]s1 
s]vic]s1 or assignees may n be waiv$ by 
any agreem5t1 policy1 or =m1 includ+ by 
a m&atory pr$ispute arbitration agreem5t
 or class action waiv]4  7#b7 ,pr$ispute
 arbitration agreem5ts ,no limitation or
 re/riction on ! ability ( a borr[] to  
pursue a claim 9 c\rt ) respect to a    
po/second>y education loan1 includ+     
m&atory pr$ispute arbitration agreem5ts 
& class action waiv]s1 %all be valid or 
en=ceable by a cov]$ l5d]1 s]vic]1 or   
assignee1 includ+ z a ?ird-p>ty         
b5efici>y or by e/oppel4  7p7           
,preemption ,no?+ 9 ?is p>agraph may be 
con/ru$ to preempt any provision ( ,/ate
 law reg>d+ po/second>y education loans 
:]e ! ,/ate law provides /rong] consum] 
protections4  7q7 ,civil liability ,a   
cov]$ l5d]1 s]vic]1 or assignee t fails 
to comply ) any requirem5t impos$ "u ?is
 p>agraph %all be deem$ a cr$itor t has 
fail$ to comply ) a requirem5t "u ?is   
*apt] = purposes ( liability "u section 

#acj & su* cov]$ l5d]1 s]vic]1 or       
assignee %all be subject to ! liability 
provisions "u su* section1 includ+ !    
provisions "u p>agraphs 7#a71           
7#b77;,a77i71 7#b77;,b71 & 7#c7 (       
section #acj7;a74  7r7 ,eligibility =   
dis*>ge ,! ,bureau %all issue rules     
requir+ cov]$ l5d]1 s]vic]1 or assignee 
to-- 7#a7 id5tify & contact borr[]s :o  
may be eligible = /ud5t loan dis*>ge by 
! ,secret>y1 includ+ "u section #dcg ( !
 ,high] ,education ,act ( #aife2 &  7#b7
 provide ! borr[]1 9 writ+1 9 simple &  
und]/&able t]ms1 in=mation ab\t obta9+  
su* dis*>ge4  7s7 ,model disclosure =m =
 alt]native repaym5t options1 =be>ance1 
& def]m5t options ,n lat] ?an #b ye>s   
aft] ! date ( enactm5t ( ?is section1 ! 
,director ( ! ,bureau %all1 bas$ on     
consum] te/+ & 9 consultation ) !       
,secret>y ( ,education1 develop & issue1
 pursuant to a =mal rulemak+1 model =ms 
to all[ borr[]s to comp>e alt]native    
repaym5t options1 =be>ance1 & def]m5t   
options ) ! borr[]'s exi/+ repaym5t plan

 ) respect to a po/second>y education   
loan4 ,9 develop+ su* =ms1 ! ,director  
%all consid] & evaluate ! foll[+ =      
inclusion3  7#a7 ,! total am\nt to be   
paid ov] ! life ( ! loan4  7#b7 ,! total
 am\nt 9 int]e/ to be paid ov] ! life ( 
! loan4  7#c7 ,! mon?ly paym5t am\nt4   
7#d7 ,! expect$ pay-(f date4  7#e7 ,o!r 
relat$ fees & co/s1 z applicable4  7#f7 
,eligibility requirem5ts1 & h[ ! borr[] 
c apply = an alt]native repaym5t option1
 =be>ance1 or def]m5t option4  7#g7 ,any
 relevant consequ5ces due to action or  
inaction1 su* z default1 includ+ any    
actions t w\ld result 9 ! loss (        
eligibility = alt]native repaym5t       
options1 =be>ance1 or def]m5t options4  
7t7 ,/ud5t loan s]vic+ int]ag5cy work+  
gr\p  7#a7 ,9 g5]al ,n lat] ?an #cj days
 aft] ! date ( enactm5t ( ?is section1 !
 ,director ( ! ,bureau %all e/abli% a   
/ud5t loan s]vic+ int]ag5cy work+ gr\p  
co-*air$ by ! ,director & ! ,secret>y ( 
,education & includ+ ! ,*ief ,op]at+    
,(fic] ( ! ,(fice ( ,f$]al ,/ud5t ,aid (

 ! ,dep>tm5t ( ,education1 ! ,director (
 ! ,(fice ( ,managem5t & ,budget1 !     
,secret>y ( ! ,treasury1 & ! heads ( any
 o!r relevant ,f$]al dep>tm5ts or       
ag5cies4  7#b7 ,advisory report on      
rulemak+  7,a7 ,9 g5]al ,n lat] ?an #abj
 days aft] ! date ! work+ gr\p "u       
p>agraph 7#a7 is e/abli%$1 ! work+ gr\p 
%all publi% an advisory report mak+     
recomm5dations to ! ,director ( !       
,bureau relat$ to ! promulgation (      
regulations "u ?is section ) respect to 
entities ) :i* ! ,secret>y has ent]$    
into a contract "u section #def ( !     
,high] ,education ,act ( #aife4  7,b7   
,public fe$back ,foll[+ ! publication ( 
! advisory report requir$ "u subp>agraph
 7,a71 ! work+ gr\p %all accept1 = n    
less ?an #fj days1 f ! public specific  
fe$back on ! recomm5dations includ$ 9 ! 
report4  7#c7 ,publication ( f9al       
recomm5dations ,n lat] ?an #cj days     
foll[+ ! conclusion ( ! public fe$back  
process describ$ 9 p>agraph 7#b77;,b71 !
 work+ gr\p %all publi% f9al            

recomm5dations = ! ,director ( ! ,bureau
 relat$ to ! promulgation ( regulations 
"u ?is section4  7#d7 ,policy direction 
to ,f$]al /ud5t aid ,! work+ gr\p %all  
develop & propose policy direction = !  
,secret>y ( ,education to issue to !    
,(fice ( ,f$]al ,/ud5t ,aid1 ?r\gh :i* !
 ,(fice ( ,f$]al ,/ud5t ,aid %all       
incorporate1 into contracts aw>d$ "u    
section #def ( ! ,high] ,education ,act 
( #aife1 applicable requirem5ts & /&>ds 
promulgat$ "u ?is section4  7#e7 ,meet+s
 ,aft] ! work+ gr\p publi%es f9al       
recomm5dations "u p>agraph 7#c71 ! work+
 gr\p %all meet n less (t5 ?an once p]  
ye> includ+ to--  7,a7 evaluate !       
application ( regulations promulgat$ "u 
?is section on entities ) :i* !         
,secret>y has ent]$ into a contract "u  
section #def ( ! ,high] ,education ,act 
( #aife2  7,b7 evaluate ! ,(fice (      
,f$]al ,/ud5t ,aid's implem5tation (    
policy direction develop$ pursuant to   
p>agraph 7#d72  7,c7 develop & implem5t 
an ov]sight plan to ensure compliance by

 entities ) :i* ! ,secret>y has ent]$   
into a contract "u section #def ( !     
,high] ,education ,act ( #aife ) policy 
direction develop$ "u p>agraph 7#d7 &   
regulations promulgat$ "u ?is section2 &
  7,d7 und]take o!r activities to       
improve coord9ation among ! memb]s ( !  
work+ gr\p z x relates to ! ,secret>y's 
adm9i/ration ( ! ,f$]al ,direct ,loan   
,program4  7#f7 ,rule ( con/ruction     
,no?+ 9 ?is subsection may be con/ru$ to
 alt]1 limit1 or re/rict ! ,bureau's    
obligations "u *apt] #e ( title #e1     
,unit$ ,/ates ,code 7commonly kn[n z !  
,adm9i/rative ,proc$ures ,act71 includ+ 
! ,director's obligation to provide     
notice1 solicit public comm5t1 & respond
 to su* comm5t :5 issu+ regulations4  2 
&  7#c7 9 ! table ( cont5ts1 by /rik+ ! 
item relat+ to section #adj;,a & ins]t+ 
! foll[+3  #adj;,a4 ,po/second>y        
education loan borr[] bill ( rights4    
#adj;,b4 ,proc$ure = timely settlem5t ( 
e/ates ( dec$5t obligors4  4  #c4 ,/&>ds
 = report+ /ud5t loan in=mation to      

consum] report+ ag5cies ,section #fbc ( 
! ,fair ,cr$it ,report+ ,act 7#ae       
,u4,s4,c4 #afhas-#b7 is am5d$-- 7#a7 by 
add+ at ! end ! foll[+3  7f7 ,report+   
in=mation relat$ to /ud5t loans  7#a7   
,/&>ds = report+ ,! ,bureau1 9          
consultation ) ! ,secret>y ( ,education1
 %all issue rules to e/abli% /&>ds = !  
furni%+ ( in=mation relat$ to /ud5t     
loans to a consum] report+ ag5cy & any  
furni%] ( su* in=mation %all comply )   
su* rules4  7#b7 ,specific /&>ds ,9     
issu+ rules "u p>agraph 7#a71 ! ,bureau 
%all specifically e/abli% /&>ds = !     
furni%+ ( in=mation relat$ to--  7,a7 ! 
transf] ( ! s]vic+ ( a /ud5t loan to a  
new s]vic]2  7,b7 ! loan t]m or duration
 ( a /ud5t loan2 or  7,c7 a /ud5t loan  
be+ plac$ 9 =be>ance4  7#c7             
,responsibilities ( ! ,private          
,education ,loan ,ombudsman  7,a7       
,monitor+ consum] compla9ts ,! ,private 
,education ,loan ,ombudsman ( ! ,bureau 
79 ?is subsection ref]r$ to z !         
,ombudsman7 %all monitor compla9ts f    

consum]s to assess compliance ) ! rules 
issu$ "u p>agraph 7#a7 &1 if !          
,ombudsman det]m9es x appropriate1      
recomm5d sup]visory or en=cem5t actions 
to ! ,director ( ! ,bureau ) respect to 
a p]son ! ,ombudsman det]m9es may be 9  
violation ( su* rules4  7,b7            
,recomm5dations on dispute process ,!   
,ombudsman %all issue p]iodic           
recomm5dations to ! ,director ( !       
,bureau & ! ,congress on regulatory &   
/atutory *anges t ! ,ombudsman believes 
w\ld improve ! process "u ?is section = 
disput+ in=mation relat$ to /ud5t loans 
t has be5 furni%$ to a consum] report+  
ag5cy4  7#d7 ,monitor+ compliance ,!    
,director ( ! ,bureau %all monitor      
compliance ) ! rules issu$ "u p>agraph  
7#a7 &1 if ! ,director det]m9es t a     
p]son may be 9 violation ( su* rules1   
take su* sup]visory or en=cem5t actions 
z ! ,director det]m9es appropriate4     
7#e7 ,/ud5t loan def9$ ,9 ?is           
subsection1 ! t]m /ud5t loan means--    
7,a7 a private education loan1 z def9$ 9

 section #adj7;a7 ( ! ,tru? 9 ,l5d+     
,act2 &  7,b7 a loan made1 insur$1 or   
gu>ante$ "u title ,,iv ( ! ,high]       
,education ,act ( #aife4  2 &  7#b7 9   
subsection 7c77#b71 by /rik+ subsection 
7b7 ( ?is section & ins]t+ subsection   
7b7 or 7f7 ( ?is section 7includ+ any   
regulations issu$ !reund]74  #d4        
,in/itutional c]tification  7a7 ,9 g5]al
 ,section #abh7;e7 ( ! ,tru? 9 ,l5d+    
,act 7#ae ,u4,s4,c4 #afch7;e77 is       
am5d$-- 7#a7 by /rik+ p>agraph 7#c7 &   
ins]t+ ! foll[+3  7#c7 ,private loan    
c]tification requir$  7,a7 ,9 g5]al     
,except z provid$ 9 subp>agraph 7,b71 a 
private educational l5d] %all1 be=e     
consummat+ any loan ) respect to a /ud5t
 att5d+ an in/itution ( high] education1
 obta91 f ! in/itution ( high] education
 ! /ud5t int5ds to att5d1 a private loan
 c]tification z describ$ 9 subp>agraph  
7,e74  7,b7 ,exception ,a private       
educational l5d] may consummate a       
private education loan ) respect to a   
/ud5t att5d+ an in/itution ( high]      

education )\t obta9+ a private loan     
c]tification z requir$ 9 subp>agraph    
7,a7 if1 91 be=e ! end ( ! #ae-;day     
p]iod foll[+ ! date on :i* ! private    
educational l5d] reque/s a c]tification 
f su* in/itution1 su* in/itution does   
n--  7i7 notify ! private educational   
l5d] ( ! refusal ( ! in/itution to      
provide su* c]tification2 or  7ii7      
notify ! private educational l5d] t m "t
 w be ne$$ to comply ) ! reque/ = !     
private loan c]tification4  7,c7        
,private loan c]tification cont5ts ,any 
private loan c]tification provid$ by an 
in/itution ( high] education pursuant to
 subp>agraph 7,a7 %all include--  7i7 ! 
enrollm5t /atus ( ! /ud5t2  7ii7 ! co/ (
 att5dance at ! in/itution = ! /ud5t z  
det]m9$ by ! in/itution "u "p ,f ( title
 ,,iv ( ! ,high] ,education ,act (      
#aife2 &  7iii7 ! diff]5ce betwe5-- 7,i7
 su* co/ ( att5dance2 &  7,,ii7 ! total 
e/imat$ am\nt ( f9ancial assi/ance = su*
 /ud5t1 includ+ assi/ance receiv$ "u    
title ,,iv ( ! ,high] ,education ,act ( 

#aife4  7,d7 ,consummation ( loan )\t   
c]tification ,if a private educational  
l5d] consummates a loan 9 violation (   
?is subsection1 su* private education   
l5d] %all report ! consummation ( su*   
loan 9 a mann] det]m9$ by ! ,bureau4    
7,e7 ,in/itution provision (            
c]tification ,if a private educational  
l5d] submits a reque/ to an in/itution (
 high] education = a private loan       
c]tificate1 su* in/itution ( high]      
education %all1 n lat] ?an ! end ( !    
#ae-;day p]iod beg9n+ on ! date su*     
in/itution receives su* reque/--  7i7   
provide su* c]tification2  7ii7 notify !
 private educational l5d] t ! in/itution
 refuses to provide su* c]tification2 or
  7iii7 notify ! private educational    
l5d] t m "t w be ne$$ to comply ) !     
reque/ = ! private loan c]tification4   
7,f7 ,in/itution disclosures to borr[]  
,be=e provid+ a private loan            
c]tification to a private educational   
l5d]1 an in/itution ( high] education   
%all provide to ! borr[] notice (--  7i7

 ! am\nt ( any ,f$]al /ud5t assi/ance "u
 title ,,iv ( ! ,high] ,education ,act (
 #aife = :i* ! borr[] is eligible2  7ii7
 ! advantages ( ,f$]al /ud5t assi/ance  
"u title ,,iv ( ! ,high] ,education ,act
 ( #aife1 includ+ disclosure ( ! fix$   
int]e/ rates1 def]m5ts1 flexible        
repaym5t options1 loan =giv5ess         
programs1 & o!r protections2  7iii7 ! "r
 ( ! borr[] to *oose a private          
educational l5d] ( _! *oice2  7iv7 !    
impact ! private education loan = :i* ! 
in/itution ( high] education is submitt+
 a private loan c]tification w\ld h on !
 eligibility ( ! borr[] = o!r f9ancial  
assi/ance includ+ ,f$]al assi/ance "u   
title ,,iv ( ! ,high] ,education ,act ( 
#aife2  7v7 ! "r ( ! borr[] to accept or
 reject a private education loan )9 !   
#cj-;day p]iod foll[+ a private         
educational l5d]'s approval ( ! borr[]'s
 application = a private education loan2
 &  7vi7 ! "r ( ! borr[] to cancel any  
private educational loan )9 #c days ( ! 
consummation ( su* loan4  2  7#b7 by    

r$esignat+ p>agraphs 7#i71 7#aj71 &     
7#aa7 z p>agraphs 7#ab71 7#ac71 & 7#ad71
 respectively2 &--  7,a7 by ins]t+ aft] 
p>agraph 7#h7 ! foll[+3  7#i7 ,loan     
/atem5ts = borr[]s  7,a7 ,9 g5]al ,a    
private educational l5d] t consummates a
 private education loan ) respect to a  
/ud5t att5d+ an in/itution ( high]      
education %all provide a loan /atem5t to
 ! borr[] n less ?an once e #c mon?s    
dur+ ! p]iod dur+ :i* ! /ud5t att5ds !  
in/itution ( high] education4  7,b7     
,cont5ts ( loan /atem5t ,any loan       
/atem5t provid$ to a borr[] pursuant to 
subp>agraph 7,a7 %all-- 7i7 report !    
am\nt ( ! borr[]'s total rema9+ debt ) !
 private educational l5d]1 includ+ any  
accru$ b unpaid int]e/ & capitaliz$     
int]e/2 &  7ii7 report ! am\nt ( any    
increase 9 ! borr[]'s total debt ) !    
private educational l5d] 9 ! p]iod      
foll[+ ! mo/ rec5t loan /atem5t 0       
provid$ to ! borr[]4  7#aj7             
,notification ( private educational loan
 ,n lat] ?an #c days aft] a private     

educational l5d] consummates a private  
education loan ) respect to a /ud5t     
att5d+ an in/itution ( high] education1 
su* private educational l5d] %all notify
 ! in/itution ( high] education ! /ud5t 
is to att5d ( ! am\nt ( ! private       
education loan ! private educational    
l5d] has ext5d$ to su* /ud5t4  7#aa7    
,annual report ,ea* private educational 
l5d] %all1 ea* ye>1 submit to ! ,bureau 
in=mation ab\t ! private education loans
 su* private educational l5d] has ent]$4
  4  7b7 ,def9ition ( ,private          
,education ,loan ,section               
#adj7;a77#h77;,a7 ( ! ,tru? 9 ,l5d+ ,act
 7#ae ,u4,s4,c4 #afej7;a77#h77;,a77 is  
am5d$-- 7#a7 by r$esignat+ clause 7ii7 z
 clause 7iii72  7#b7 9 clause 7i71 by   
/rik+ & aft] ! semicolon2 &  7#c7 by    
ins]t+ aft] clause 7i7 ! foll[+3  7ii7  
is n made1 insur$1 or gu>ante$ "u title 
,,vii or title ,,viii ( ! ,public ,heal?
 ,s]vice ,act 7#db ,u4,s4,c4 #bib et    
seq4 & #bif et seq472 &  4  7c7         
,regulations ,n lat] ?an #cfe days aft] 

! date ( enactm5t ( ?is ,act1 !         
,director ( ! ,bureau ( ,consum]        
,f9ancial ,protection %all issue rules 9
 f9al =m to implem5t p>agraphs 7#c71    
7#i71 & 7#aa7 ( section #abh7;e7 ( !    
,tru? 9 ,l5d+ ,act1 z am5d$ by ?is      
section4 ,su* regulations %all become   
effective n lat] ?an #f mon?s aft] _!   
date ( issuance4  7d7 ,effective date ,!
 am5dm5ts made by subsections 7a7 & 7b7 
%all take effect #a ye> aft] ! date ( ! 
enactm5t ( ?is section4  7e7 ,report    
7#a7 ,9 g5]al ,n lat] ?an #bd mon?s aft]
 issu+ rules "u subsection 7c71 !       
,director ( ! ,bureau ( ,consum]        
,f9ancial ,protection %all submit to !  
,congress a report ab\t ! compliance (  
private educational l5d]s & in/itutions 
( high] education ) section #abh7;e7 ( !
 ,tru? 9 ,l5d+ ,act1 z am5d$ by ?is     
section4  7#b7 ,cont5ts ,any report     
submitt$ to ,congress pursuant to       
p>agraph 7#a7 %all include in=mation    
ab\t ! degree to :i* in/itutions ( high]
 education1 9 mak+ disclosures to       

borr[]s pursuant to section             
#abh7;e77#c77;,f7 ( ! ,tru? 9 ,l5d+     
,act1 effectively enc\rage borr[]s to   
exhau/ ,f$]al assi/ance "u title ,,iv ( 
! ,high] ,education ,act ( #aife be=e   
ent]+ a private educational loan4