,,ii #aafth ,,congress #ast ,session ,s4 #aced ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #g1 #bjai,mr4 ,durbin 7for himself1 ,mr4 ,reed1 and ,ms4 ,warren7 introduced the following bill2 which was read twice and referred to the ,committee on ,health1 ,education1 ,labor1 and ,pensions ,a ,,bill ,to require certain protections for student loan borrowers1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,student ,loan ,borrower ,bill of ,rights4 #b4 ,higher ,education ,act of #aife amendments 7a7 ,student loan information by eligible lenders ,section #dcc of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhc7 is amended-- 7#a7 in subsection 7b7-- 7,a7 in paragraph 7#ab71 by striking and after the semicolon2 7,b7 in paragraph 7#ac71 by striking the period at the end and inserting 2 and2 and 7,c7 by adding at the end the following3 7#ad7 a statement that-- 7,a7 the borrower may be entitled to servicemember and veteran benefits under the ,servicemembers ,civil ,relief ,act 7#ej ,u4,s4,c4 ,app4 #eja et seq47 and other ,federal or ,state laws2 and 7,b7 a ,servicemember and ,veterans ,liaison designated under section #abh7;e77#af77,k77i7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e77#af77,k77i77 is available to answer inquiries about servicemember and veteran benefits1 including the toll-free telephone number to contact the ,liaison pursuant to such section4 2 and 7#b7 in subsection 7e7-- 7,a7 in paragraph 7#b71 by adding at the end the following3 7,d7 ,a statement that-- 7i7 the borrower may be entitled to servicemember and veteran benefits under the ,servicemembers ,civil ,relief ,act 7#ej ,u4,s4,c4 ,app4 #eja et seq47 and other ,federal or ,state laws2 and 7ii7 a ,servicemember and ,veterans ,liaison designated under section #abh7;e77#af77,k77i7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e77#af77,k77i77 is available to answer inquiries about servicemember and veteran benefits1 including the toll-free telephone number to contact the ,liaison pursuant to such section4 7,e7 ,a statement that a repayment specialist office or unit designated under section #abh7;e77#af77;,j77i7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e77#af77;,j77i77 is available to answer inquiries related to alternative repayment options1 including the toll-free telephone number to contact the specialist pursuant to section #abh7;e77#af77;,j77iii7 of such ,act4 2 and 7,b7 in paragraph 7#c71 by adding at the end the following3 7,f7 ,a statement that-- 7i7 the borrower may be entitled to servicemember and veteran benefits under the ,servicemembers ,civil ,relief ,act 7#ej ,u4,s4,c4 ,app4 #eja et seq47 and other ,federal or ,state laws2 and 7ii7 a ,servicemember and ,veterans ,liaison designated under section #abh7;e77#af77,k77i7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e77#af77,k77i77 is available to answer inquiries about servicemember and veteran benefits1 including the toll-free telephone number to contact the ,liaison pursuant to such section4 7,g7 ,a statement that a repayment specialist office or unit designated under section #abh7;e77#af77;,j77i7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e77#af77;,j77i77 is available to answer inquiries related to alternative repayment options1 including the toll-free telephone number to contact the specialist pursuant to section #abh7;e77#af77;,j77iii7 of such ,act4 4 7b7 ,terms and conditions of loans ,section #dee of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;e7 is amended by adding at the end the following3 7r7 ,prepayment and payment application 7#a7 ,in general ,a borrower may prepay all or part of a loan made under this part at any time without penalty4 7#b7 ,prepayment 7,a7 ,in general ,if a borrower pays any amount in excess of the amount due for a loan made under this part1 the excess amount shall be a prepayment4 7,b7 ,application of prepayment ,if a prepayment equals or exceeds the monthly repayment amount under the borrower's repayment plan with respect to a loan made under this part1 the ,secretary shall-- 7i7 apply the prepaid amount according to the terms of the promissory note signed by the borrower2 and 7ii7 upon request of the borrower1 advance the due date of the next payment and notify the borrower of any revised due date for the next payment4 4 7c7 ,contracts ,section #def of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;f7 is amended-- 7#a7 in subsection 7a71 by striking paragraph 7#c7 and inserting the following3 7#c7 ,rules of construction 7,a7 ,consortia ,nothing in this section shall be construed as a limitation of the authority of any ,state agency to enter into an agreement for the purposes of this section as a member of a consortium of ,state agencies4 7,b7 ,compliance with ,state and ,federal laws ,nothing in this section shall be construed as altering1 limiting1 or affecting any obligation by an entity with which the ,secretary enters into a contract under this section to comply with any applicable ,federal or ,state law1 including any ,federal consumer financial law1 as defined in section #ajjb7ad7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edha7ad774 7,c7 ,authorities ,nothing in this section shall be construed as altering1 limiting1 or affecting the authority of a ,state attorney general or any other ,state regulatory or enforcement agency or authority to bring an action or other regulatory proceeding arising solely under the law of such ,state4 2 and 7#b7 by adding at the end the following3 7d7 ,applicability of provisions under the consumer financial protection act of #bjaj 7#a7 ,consumer financial product or service ,a consumer financial product or service offered by an entity with which the ,secretary enters into a contract under this section for origination1 servicing1 or collection described in subsection 7b71 as part of such contract1 shall have the meaning given the term in section #ajjb of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edha74 7#b7 ,covered person ,any entity with which the ,secretary enters into a contract under this section for origination1 servicing1 or collection described in subsection 7b7 shall be considered a covered person 7as defined in section #ajjb of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edha77 and subject to the provisions of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edha et seq474 7#c7 ,postsecondary educational lender or servicer ,any entity with which the ,secretary enters into a contract under this section for origination1 servicing1 or collection1 as described in subsection 7b71 and is engaged in the provision of1 or offering1 servicing shall be considered a postsecondary educational lender or servicer 7as defined in section #abh7;e7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e7771 and subject to the provisions of section #abh7;e7 of the ,truth in ,lending ,act 7#ab ,u4,s4,c4 #afch7;e774 7e7 ,complaints from student loan borrowers ,in awarding any contract under this section for origination1 servicing1 or collection described in subsection 7b71 the ,secretary shall require1 as part of such contract1 any entity receiving such an award-- 7#a7 to respond to consumer complaints submitted to any ,federal1 ,state1 or local agency that accepts complaints from student loan borrowers1 including the ,bureau of ,consumer ,financial ,protection1 by borrowers who owe loans made under this part2 and 7#b7 to share information about consumer complaints with the ,secretary1 the ,bureau of ,consumer ,financial ,protection1 the ,federal ,trade ,commission1 the ,department of ,veterans ,affairs1 any ,state attorney general1 or any other ,federal or ,state regulatory or enforcement agency that compiles information about such complaints4 7f7 ,limitations on contracts ,any entity with which the ,secretary enters into a contract under this section shall be prohibited1 as part of such contract1 from marketing to the borrower of a loan made1 insured1 or guaranteed under this title a financial product or service-- 7#a7 using data obtained as a result of the contract or the relationship with the borrower stemming from the contract2 7#b7 during any outreach or contact with the borrower resulting from the contract or the relationship with the borrower stemming from the contract2 or 7#c7 on any platform or through any method resulting from the contract or the relationship with the borrower stemming from the contract4 7g7 ,student loan servicing interagency working group 7#a7 ,in general ,not later than #cj days after the date of enactment of the ,student ,loan ,borrower ,bill of ,rights1 the ,secretary shall establish a student loan servicing interagency working group co-chaired by the ,secretary and the ,director of the ,bureau of ,consumer ,financial ,protection and including the ,chief ,operating ,officer of the ,office of ,federal ,student ,aid1 the ,director of the ,office of ,management and ,budget1 the ,secretary of the ,treasury1 and the heads of any other relevant ,federal departments or agencies4 7#b7 ,advisory report on rulemaking 7,a7 ,in general ,not later than #abj days after the date the working group under paragraph 7#a7 is established1 the working group shall publish an advisory report making recommendations to the ,director of the ,bureau of ,consumer ,financial ,protection related to the promulgation of regulations under section #abh7;e77#ag77;,a7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e77#ag77;,a77 with respect to entities with which the ,secretary has entered into a contract under this section4 7,b7 ,public feedback ,following the publication of the advisory report required under subparagraph 7,a71 the ,secretary shall accept1 for not less than #fj days1 from the public specific feedback on the recommendations included in the report4 7#c7 ,publication of final recommendations ,not later than #cj days following the conclusion of the public feedback process described in paragraph 7#b77;,b71 the ,secretary shall publish final recommendations for the ,director of the ,bureau of ,consumer ,financial ,protection related to the promulgation of regulations under section #abh7;e77#ag77;,a7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e77#ag77;,a774 7#d7 ,policy direction to federal student aid ,the working group shall develop policy direction for the ,office of ,federal ,student ,aid to incorporate1 into contracts awarded under this section1 applicable requirements and standards promulgated under section #abh7;e77#ag77;,a7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e77#ag77;,a77 or described in section #abh7;e77#ag77;,b77i77,,ii7 of such ,act4 7#e7 ,meetings ,after the ,secretary publishes final recommendations under paragraph 7#c71 the working group shall meet not less often than once per year including to-- 7,a7 evaluate the application of regulations promulgated under section #abh7;e77#ag77;,a7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e77#ag77;,a77 on entities with which the ,secretary has entered into a contract under this section2 7,b7 evaluate the ,office of ,federal ,student ,aid's implementation of policy direction developed pursuant to paragraph 7#d72 7,c7 develop and implement an oversight plan to ensure compliance by entities with which the ,secretary has entered into a contract under this section with policy direction developed under paragraph 7#d7 and regulations promulgated under section #abh7;e77#ag77;,a7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e77#ag77;,a77 or described in section #abh7;e77#ag77;,b77i77,,ii7 of such ,act2 and 7,d7 undertake other activities to improve coordination among the members of the working group as it relates to the ,secretary's administration of the ,federal ,direct ,loan ,program4 7#f7 ,rule of construction ,nothing in this subsection shall be considered to alter1 limit1 or restrict the ,bureau of ,consumer ,financial ,protection's obligations under chapter #e of title #e1 ,united ,states ,code 7commonly known as the ,administrative ,procedures ,act71 including the ,director's obligation to provide notice1 solicit public comment1 and respond to such comment when issuing regulations4 4 #c4 ,truth in ,lending ,act amendments 7a7 ,in general ,the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afja et seq47 is amended-- 7#a7 in section #abh 7#ae ,u4,s4,c4 #afch7-- 7,a7 in subsection 7e7-- 7i7 in the subsection heading1 by striking private2 7ii7 in paragraph 7#a77,o71 by striking paragraph 7#f7 and inserting paragraph 7#aj72 7iii7 in paragraph 7#b77,l71 by striking paragraph 7#f7 and inserting paragraph 7#aj72 7iv7 in paragraph 7#d77;,c71 by striking paragraph 7#g7 and inserting paragraph 7#aa72 7v7 by redesignating paragraphs 7#e7 through 7#aa7 as paragraphs 7#i7 through 7#ae71 respectively2 7vi7 by inserting after paragraph 7#d7 the following3 7#e7 ,disclosures before first fully amortized payment ,not fewer than #cj days and not more than #aej days before the first fully amortized payment on a postsecondary education loan is due from the borrower1 the postsecondary educational lender or servicer shall disclose to the borrower1 clearly and conspicuously-- 7,a7 the information described in-- 7i7 paragraph 7#b77;,a7 7adjusted1 as necessary1 for the rate of interest in effect on the date the first fully amortized payment on a postsecondary education loan is due72 7ii7 subparagraphs 7,b7 through 7,g7 of paragraph 7#b72 7iii7 paragraph 7#b77;,h7 7adjusted1 as necessary1 for the rate of interest in effect on the date the first fully amortized payment on a postsecondary education loan is due72 7iv7 paragraph 7#b77,k72 and 7v7 subparagraphs 7,o7 and 7,p7 of paragraph 7#b72 7,b7 the scheduled date upon which the first fully amortized payment is due2 7,c7 the name of the postsecondary educational lender and servicer1 and the address to which communications and payments should be sent including a telephone number and website where the borrower may obtain additional information2 7,d7 a description of alternative repayment options1 including ,federal ,direct ,consolidation ,loans under part ,d of title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;a et seq471 as applicable1 and servicemember or veteran benefits under the ,servicemembers ,civil ,relief ,act 7#ej ,u4,s4,c4 ,app4 #eja et seq47 or other ,federal or ,state law related to postsecondary education loans2 and 7,e7 a statement that a ,servicemember and ,veterans ,liaison designated under paragraph 7#af77,k7 is available to answer inquiries about servicemember and veteran benefits related to postsecondary education loans1 including the toll-free telephone number to contact the ,liaison pursuant to paragraph 7#af77,k74 7#f7 ,disclosures when borrower is at risk 7,a7 ,in general ,not more than #e days after a postsecondary educational lender or servicer determines that a borrower meets the criteria established in paragraph 7#af77;,j77i71 the postsecondary educational lender or servicer shall disclose to the borrower1 in writing1 clearly and conspicuously that a repayment specialist office or unit is available to discuss alternative repayment options and answer borrower inquiries related to their postsecondary educational loan1 including the toll-free number to contact the office or unit pursuant to paragraph 7#af77;,j77iii74 7,b7 ,outreach to at-risk borrowers ,the ,director1 in accordance with paragraph 7#ag77;,a71 shall promulgate rules to establish a timeline for additional live outreach by the repayment specialist office or unit to at-risk borrowers4 7#g7 ,actions when borrower is #cj days delinquent 7,a7 ,in general ,not more than #e days after a borrower becomes #cj days delinquent on a postsecondary education loan1 the repayment specialist office or unit designated under paragraph 7#af77;,j7 shall-- 7i7 make a good faith effort to establish live contact with the borrower to discuss alternative repayment options and other options available to avoid default2 and 7ii7 disclose to the borrower1 in writing1 clearly and conspicuously-- 7,i7 the minimum payment that the borrower must make to bring the loan current2 7,,ii7 a statement1 related to potential charge off 7as defined in paragraph 7#af77;,a77 or assignment to collections as appropriate1 to include-- 7aa7 the date on which the loan will be charged off or assigned to collections if no payment or the minimum payment required to be disclosed pursuant to item 7bb7 is not made2 7bb7 the minimum payment that must be made to avoid the loan being charged off or assigned to collection2 and 7cc7 the consequences to the borrower of charge off or assignment to collections2 7,,iii7 a statement that a ,servicemember and ,veterans ,liaison designated under paragraph 7#af77,k7 is available to answer inquiries about servicemember and veteran benefits related to postsecondary education loans1 including the toll-free telephone number to contact the ,liaison pursuant to paragraph 7#af77,k72 and 7,,iv7 a statement that a repayment specialist office or unit designated under paragraph 7#af77;,j7 is available to answer inquiries related to alternative repayment options1 including the toll-free telephone number to contact the specialist pursuant to paragraph 7#af77;,j77iii74 7,b7 ,modifications ,the disclosures described in subparagraph 7,a77ii7 may be modified subject to regulations promulgated by the ,director1 based on consumer testing and in accordance with paragraph 7#ag77;,a74 7#h7 ,actions when borrower is having difficulty making payment or is #fj days delinquent 7,a7 ,in general ,not more than #e days after a borrower notifies a postsecondary educational lender or servicer that the borrower is having difficulty making payment or a borrower becomes #fj days delinquent on a postsecondary education loan1 the repayment specialist office or unit designated under paragraph 7#af77;,j7 shall-- 7i7 complete a full review of the borrower's postsecondary education loan and make a reasonable effort to obtain the information necessary to determine-- 7,i7 if the borrower is eligible for an alternative repayment option1 including ,federal ,direct ,consolidation ,loans under part ,d of title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;a et seq471 as applicable2 7,,ii7 if the borrower is eligible for servicemember or veteran benefits under the ,servicemembers ,civil ,relief ,act 7#ej ,u4,s4,c4 ,app4 #eja et seq47 or other ,federal or ,state law related to postsecondary education loans2 and 7,,iii7 if the postsecondary education loan is eligible for discharge by the ,secretary2 7ii7 make a good faith effort to establish live contact with the borrower to provide the borrower information about alternative repayment options and benefits for which the borrower is eligible1 including all terms1 conditions1 and fees or costs associated with such repayment plan1 pursuant to paragraph 7#i77;,d72 7iii7 provide to the borrower in writing1 in simple and understandable terms1 such information required by clause 7ii72 7iv7 allow the borrower not less than #cj days to apply for an alternative repayment option or benefits1 if eligible2 7v7 notify the borrower that a ,servicemember and ,veterans ,liaison designated under paragraph 7#af77,k7 is available to answer inquiries about servicemember and veteran benefits related to postsecondary education loans1 including the toll-free telephone number to contact the ,liaison pursuant to paragraph 7#af77,k72 and 7vi7 notify the borrower that a repayment specialist office or unit designated under paragraph 7#af77;,j7 is available to answer inquiries related to alternative repayment options1 including the toll-free telephone number to contact the specialist pursuant to paragraph 7#af77;,j77iii74 7,b7 ,forbearance or deferment ,if1 after receiving information about alternative repayment options from the repayment specialist1 a borrower notifies the postsecondary educational lender or servicer that a long-term alternative repayment option is not appropriate1 the postsecondary educational lender or servicer may comply with this paragraph by providing the borrower1 in writing1 in simple and understandable terms1 information about short-term options to address an anticipated short-term difficulty in making payments1 such as forbearance or deferment options1 including all terms1 conditions1 and fees or costs associated with such options pursuant to paragraph 7#i77;,d74 7,c7 ,notification process 7i7 ,in general ,each postsecondary educational lender or servicer shall establish a process1 in accordance with subparagraph 7,a71 for a borrower to notify the lender that-- 7,i7 the borrower is having difficulty making payments on a postsecondary education loan2 and 7,,ii7 a long-term alternative repayment option is not appropriate4 7ii7 ,consumer financial protection bureau requirements ,the ,director shall1 based on consumer testing1 and in accordance with paragraph 7#ag77;,a71 promulgate rules establishing minimum standards for postsecondary educational lenders or servicers in carrying out the requirements of this paragraph and a model form for borrowers to notify postsecondary educational lenders or servicers of the information under this paragraph4 2 7vii7 in paragraph 7#i71 as redesignated by clause 7v71 by adding at the end the following3 7,d7 ,model disclosure form for alternative repayment options1 forbearance1 and deferment options ,not later than #b years after the date of enactment of the ,student ,loan ,borrower ,bill of ,rights1 the ,director shall1 based on consumer testing and through regulations promulgated in accordance with paragraph 7#ag77;,a71 develop and issue model forms to allow borrowers to compare alternative repayment options1 forbearance1 and deferment options with the borrower's existing repayment plan with respect to a postsecondary education loan4 ,in developing such forms1 the ,director shall consider and evaluate the following for inclusion3 7i7 ,the total amount to be paid over the life of the loan4 7ii7 ,the total amount in interest to be paid over the life of the loan4 7iii7 ,the monthly payment amount4 7iv7 ,the expected pay-off date4 7v7 ,other related fees and costs1 as applicable4 7vi7 ,eligibility requirements1 and how the borrower can apply for an alternative repayment option1 forbearance1 or deferment option4 7vii7 ,any relevant consequences due to action or inaction1 such as default1 including any actions that would result in the loss of eligibility for alternative repayment options1 forbearance1 or deferment options4 2 7viii7 in paragraph 7#ab71 as redesignated by clause 7v71 by striking paragraph 7#g7 and inserting paragraph 7#aa72 7ix7 by striking paragraph 7#ad71 as redesignated by clause 7v71 and inserting the following3 7#ad7 ,definitions ,in this subsection-- 7,a7 the terms covered educational institution1 private educational lender1 and private education loan have the same meanings as in section #adj2 7,b7 the term postsecondary education loan means-- 7i7 a private education loan2 or 7ii7 a loan made1 insured1 or guaranteed under part ,b1 ,d1 or ,e of title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajga et seq41 #ajhg;a et seq41 and #ajhg;aa et seq472 7,c7 the term postsecondary educational lender or servicer means-- 7i7 an eligible lender of a loan made1 insured1 or guaranteed under part ,b of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajga et seq472 7ii7 any entity with which the ,secretary enters into a contract under section #def of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;f7 for origination1 servicing1 or collection described in subsection 7b7 of such section #def and is engaged in the provision of1 or offering1 servicing1 as defined in paragraph 7#af77;,a77iv71 or collections regardless of whether the ,secretary identifies the entity as a servicer in such contract2 7iii7 a private educational lender2 7iv7 any other person or entity engaged in the business of securing1 making1 or extending postsecondary education loans on behalf of a person or entity described in clause 7i7 or 7iii72 or 7v7 any other holder of a postsecondary education loan other than the ,secretary2 7,d7 the term ,director means the ,director of the ,bureau2 and 7,e7 the term ,secretary means the ,secretary of ,education4 2 7x7 in paragraph 7#ae71 as redesignated by clause 7v71 by striking paragraph 7#e7 and inserting paragraph 7#i72 and 7xi7 by adding at the end the following3 7#af7 ,student loan borrower bill of rights 7,a7 ,definitions ,in this paragraph3 7i7 ,borrower ,the term borrower means the person to whom a postsecondary education loan is extended4 7ii7 ,charge off ,the term charge off means charge to profit and loss1 or subject to any similar action4 7iii7 ,qualified written request 7,i7 ,in general ,the term qualified written request means a written correspondence of a borrower 7other than notice on a payment medium supplied by the postsecondary educational lender or servicer7 transmitted by mail1 facsimile1 or electronically through an email address or website designated by the postsecondary educational lender or servicer to receive communications from borrowers that-- 7aa7 includes1 or otherwise enables the postsecondary educational lender or servicer to identify1 the name and account of the borrower2 and 7bb7 includes1 to the extent applicable-- 7,,aa7 sufficient detail regarding the information sought by the borrower2 or 7,,bb7 a statement of the reasons for the belief of the borrower that there is an error regarding the account of the borrower4 7,,ii7 ,correspondence delivered to other addresses 7aa7 ,in general ,a written correspondence of a borrower is a qualified written request if the written correspondence is transmitted to and received by a postsecondary educational lender or servicer at a mailing address1 facsimile number1 email address1 or website address other than the address or number designated by that postsecondary educational lender or servicer to receive communications from borrowers but the written correspondence meets the requirements under items 7aa7 and 7bb7 of subclause 7,i74 7bb7 ,duty to transfer ,a postsecondary educational lender or servicer shall1 within a reasonable period of time1 transfer a written correspondence of a borrower received by the postsecondary educational lender or servicer at a mailing address1 facsimile number1 email address1 or website address other than the address or number designated by that postsecondary educational lender or servicer to receive communications from borrowers to the correct address or appropriate office or other unit of the postsecondary educational lender or servicer4 7cc7 ,date of receipt ,a written correspondence of a borrower transferred in accordance with item 7bb7 shall be deemed to be received by the postsecondary educational lender or servicer on the date on which the written correspondence is transferred to the correct address or appropriate office or other unit of the postsecondary educational lender or servicer4 7iv7 ,servicing ,the term servicing means #a or more of the following3 7,i7 ,receiving any scheduled periodic payments from a borrower or notification of such payments pursuant to the terms of a postsecondary education loan or contract governing the servicing4 7,,ii7 ,applying payments to the borrower's account pursuant to the terms of the postsecondary education loan or the contract governing the servicing4 7,,iii7 ,maintaining account records for a postsecondary education loan4 7,,iv7 ,communicating with a borrower regarding a postsecondary education loan on behalf of the postsecondary educational lender or servicer4 7,v7 ,interactions with a borrower1 including activities to help prevent default on obligations arising from postsecondary education loans1 conducted to facilitate the activities described in subclause 7,i7 or 7,,ii74 7,b7 ,sale1 transfer1 or assignment ,if the sale1 other transfer1 assignment1 or transfer of servicing obligations of a postsecondary education loan results in a change in the identity of the party to whom the borrower must send subsequent payments or direct any communications concerning the loan-- 7i7 the transferor shall-- 7,i7 notify the borrower1 in writing1 in simple and understandable terms1 not fewer than #de days before transferring a legally enforceable right to receive payment from the borrower on such loan1 of-- 7aa7 the sale or other transfer1 assignment1 or transfer of servicing obligations2 7bb7 the identity of the transferee2 7cc7 the name and address of the party to whom subsequent payments or communications must be sent2 7dd7 the telephone numbers and websites of both the transferor and the transferee2 7ee7 the effective date of the sale1 transfer1 or assignment2 7ff7 the date on which the transferor will stop accepting payment2 and 7gg7 the date on which the transferee will begin accepting payment2 7,,ii7 forward any payment from a borrower with respect to such postsecondary education loan to the transferee1 immediately upon receiving such payment1 during the #fj-;day period beginning on the date on which the transferor stops accepting payment of such postsecondary education loan2 7,,iii7 provide to the transferee all borrower information and complete payment history information for any such postsecondary education loans2 and 7ii7 the transferee shall-- 7,i7 notify the borrower1 in writing1 in simple and understandable terms1 not fewer than #de days before acquiring a legally enforceable right to receive payment from the borrower on such loan1 of-- 7aa7 the sale or other transfer1 assignment1 or transfer of servicing obligations2 7bb7 the identity of the transferor2 7cc7 the name and address of the party to whom subsequent payments or communications must be sent2 7dd7 the telephone numbers and websites of both the transferor and the transferee2 7ee7 the effective date of the sale1 transfer1 assignment1 or transfer of servicing obligations2 7ff7 the date on which the transferor will stop accepting payment2 and 7gg7 the date on which the transferee will begin accepting payment2 7,,ii7 accept as on-time and may not impose any late fee or finance charge for any payment from a borrower with respect to such postsecondary education loan that is forwarded from the transferor during the #ij-;day period beginning on the date on which the transferor stops accepting payment1 if the transferor receives such payment on or before the applicable due date1 including any grace period2 7,,iii7 provide borrowers a simple1 online process for transferring existing electronic fund transfer authority2 and 7,,iv7 honor any promotion or benefit available or granted to the borrower or advertised by the previous owner or transferor of such postsecondary education loan4 7,c7 ,material change in mailing address or procedure for handling payments 7i7 ,in general ,if a postsecondary educational lender or servicer makes a change in the mailing address1 office1 or procedures for handling payments with respect to any postsecondary education loan1 the postsecondary educational lender or servicer shall notify the borrower in writing and through the borrower's preferred or designated method of communication not less than #de calendar days in advance of such change4 7ii7 ,borrower protection window ,if a change described in clause 7i7 causes a delay in the crediting of the account of the borrower made during the #ij-;day period following the date on which such change took effect1 the postsecondary educational lender or servicer may not impose on the borrower any negative consequences1 including negative credit reporting1 lost eligibility in borrower benefits1 late fees1 interest capitalization1 or other financial injury4 7,d7 ,interest rate and term changes for certain postsecondary education loans 7i7 ,notification requirements 7,i7 ,in general ,except as provided in clause 7iii71 a postsecondary educational lender or servicer shall provide written notice to a borrower of any material change in the terms of the postsecondary education loan1 including an increase in the interest rate1 not later than #de days before the effective date of the change or increase4 7,,ii7 ,material changes in terms ,the ,director shall1 by regulation1 establish guidelines for determining which changes in terms are material under subclause 7,i74 7ii7 ,limits on interest rate and fee increases applicable to outstanding balance ,except as provided in clause 7iii71 a postsecondary educational lender or servicer may not increase the interest rate or other fee applicable to an outstanding balance on a postsecondary education loan4 7iii7 ,exceptions ,the requirements under clauses 7i7 and 7ii7 shall not apply to-- 7,i7 an increase based on an applicable variable interest rate incorporated in the terms of a postsecondary education loan that provides for changes in the interest rate according to operation of an index that is not under the control of the postsecondary educational lender or servicer and is published for viewing by the general public2 7,,ii7 an increase in interest rate due to the completion of a workout or temporary hardship arrangement by the borrower or the failure of the borrower to comply with the terms of a workout or temporary hardship arrangement if-- 7aa7 the interest rate applicable to a category of transactions following any such increase does not exceed the rate or fee that applied to that category of transactions prior to commencement of the arrangement2 and 7bb7 the postsecondary educational lender or servicer has provided the borrower1 prior to the commencement of such arrangement1 with clear and conspicuous disclosure of the terms of the arrangement 7including any increases due to such completion or failure72 and 7,,iii7 an increase in interest rate due to a provision included within the terms of a postsecondary education loan that provides for a lower interest rate based on the borrower's agreement to a prearranged plan that authorizes recurring electronic funds transfers if-- 7aa7 the borrower withdraws the borrower's authorization of the prearranged recurring electronic funds transfer plan2 and 7bb7 after withdrawal of the borrower's authorization and prior to increasing the interest rate1 the postsecondary educational lender or servicer has provided the borrower with clear and conspicuous disclosure of the impending change in borrower's interest rate and a reasonable opportunity to reauthorize the prearranged electronic funds transfers plan4 7,e7 ,payment information 7i7 ,statement required with each billing cycle ,a postsecondary educational lender or servicer for each borrower's account that is being serviced by the postsecondary educational lender or servicer and that includes a postsecondary education loan shall transmit to the borrower1 for each billing cycle during which there is an outstanding balance in that account1 a statement that includes-- 7,i7 the interest rate1 principal balance1 minimum monthly payment1 and payment due date for each loan2 7,,ii7 the outstanding balance in the account and each loan at the beginning of the billing cycle2 7,,iii7 the total amount credited to the account and each loan during the billing cycle2 7,,iv7 the total amount of unpaid interest for the account and each loan2 7,v7 the amount of any fee added to the account during the billing cycle1 itemized to show each individual fee amount and reason for each fee2 7,,vi7 the address and phone number of the postsecondary educational lender or servicer to which the borrower may direct billing inquiries2 7,,vii7 the amount of any payments or other credits during the billing cycle that was applied respectively to the principal and to interest for each loan2 7,,viii7 the manner1 pursuant to subparagraph 7,g71 in which payments will be allocated among multiple loans if the borrower does not provide specific payment instructions2 7,,ix7 whether each loan is in deferment or forbearance2 7,x7 information on how to file a complaint with the ,bureau and with the ombudsman designated pursuant to section #ajce of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eece7 and the ,department of ,education2 7,,xi7 for any borrower considered to be at risk1 as described in subparagraph 7,j77i71 a statement that a repayment specialist office or unit designated under subparagraph 7,j7 is available to answer inquiries related to alternative repayment options1 including the toll-free telephone number to contact the specialist pursuant to subparagraph 7,j77iii72 and 7,,xii7 any other information determined appropriate by the ,director through regulations promulgated1 based on consumer testing and in accordance with paragraph 7#ag77;,a74 7ii7 ,disclosure of payment deadlines ,in the case of a postsecondary education loan account under which a late fee or charge may be imposed due to the failure of the borrower to make payment on or before the due date for such payment1 the billing statement required under clause 7i7 with respect to the account shall include1 in a conspicuous location on the billing statement1 the date on which the payment is due or1 if different1 the date on which a late fee will be charged1 together with the amount of the late fee to be imposed if payment is made after that date4 7,f7 ,application of payments 7i7 ,apply payment on date received ,unless otherwise directed by the borrower1 a postsecondary educational lender or servicer shall apply payments to a borrower's account on the date the payment is received4 7ii7 ,promulgation of rules ,the ,director1 in accordance with paragraph 7#ag77;,a71 may promulgate rules for the application of postsecondary education loan payments that-- 7,i7 implements the requirements in this section2 7,,ii7 minimizes the amount of fees and interest incurred by the borrower and the total loan amount paid by the borrower2 7,,iii7 minimizes delinquencies1 assignments to collection1 and charge offs2 7,,iv7 requires postsecondary educational lenders or servicers to apply payments on the date received2 and 7,v7 allows the borrower to instruct the postsecondary educational lender or servicer to apply payments in a manner preferred by the borrower4 7iii7 ,method that best benefits borrower ,in promulgating the rules under clause 7ii71 the ,director shall choose the allocation method that best benefits the borrower and is compatible with existing repayment options4 7,g7 ,allocation of payments among multiple loans 7i7 ,allocation of underpayments ,unless otherwise directed by the borrower1 upon receipt of a payment that does not satisfy the full amount due for each postsecondary education loan1 the postsecondary educational lender or servicer shall allocate amounts in a manner that minimizes negative consequences1 including negative credit reporting and late fees1 and1 where multiple loans share an equal stage of delinquency1 the postsecondary educational lender or servicer shall first allocate payment to the postsecondary education loan with the smallest monthly payment1 and then1 after satisfying that monthly payment1 to each successive loan bearing the next highest monthly payment1 until the payment is exhausted4 ,a borrower may instruct or expressly authorize a postsecondary educational lender or servicer to allocate payments in a different manner4 7ii7 ,allocation of excess amounts ,unless otherwise directed by the borrower1 upon receipt of a payment exceeding the total amount due among all the borrower's postsecondary education loans1 the postsecondary educational lender or servicer shall satisfy the amounts due for each loan1 and then allocate amounts in excess of the minimum payment amount first to the postsecondary education loan balance bearing the highest annual percentage rate1 and then1 once that loan is repaid1 to each successive postsecondary education loan bearing the next highest annual percentage rate1 until the payment is exhausted4 ,a borrower may instruct or expressly authorize a postsecondary educational lender or servicer to allocate such excess payments in a different manner4 7iii7 ,allocation of exact payments ,unless otherwise directed by the borrower upon receipt of a payment that exactly satisfies the monthly payments for each loan1 the postsecondary educational lender or servicer shall allocate payments to satisfy each monthly payment4 7iv7 ,promulgation of rules ,the ,director1 in accordance with paragraph 7#ag77;,a71 may promulgate rules for the allocation of payments among multiple postsecondary education loans that-- 7,i7 implements the requirements in this section2 7,,ii7 minimizes the amount of fees and interest incurred by the borrower and the total loan amount paid by the borrower2 7,,iii7 minimizes delinquencies1 assignments to collection1 and charge offs2 7,,iv7 requires postsecondary educational lenders or servicers to apply payments on the date received2 and 7,v7 allows the borrower to instruct postsecondary educational lenders or servicers to apply payments in a manner preferred by the borrower1 including excess payments4 7v7 ,method that best benefits borrower ,in promulgating the rules under clause 7iv71 the ,director shall choose the allocation method that best benefits the borrower and is compatible with existing repayment options4 7,h7 ,late fees 7i7 ,in general ,a late fee may not be charged to a borrower for a postsecondary education loan under any of the following circumstances1 either individually or in combination3 7,i7 ,on a per-loan basis when a borrower has multiple postsecondary education loans4 7,,ii7 ,in an amount greater than #d percent of the amount of the payment past due4 7,,iii7 ,before the end of the #ae-;day period beginning on the date the payment is due4 7,,iv7 ,more than once with respect to a single late payment4 7,v7 ,the borrower fails to make a singular1 non-successive regularly scheduled payment on the postsecondary education loan4 7ii7 ,coordination with subsequent late fees ,no late fee may be charged to a borrower for a postsecondary education loan relating to an insufficient payment if the payment is made on or before the due date of the payment1 or within any applicable grace period for the payment1 if the insufficiency is attributable only to a late fee relating to an earlier payment1 and the payment is otherwise a full payment for the applicable period4 7iii7 ,payments at local branches ,if the loan holder1 in the case of a postsecondary education loan account referred to in subparagraph 7,a71 is a financial institution that maintains a branch or office at which payments on any such account are accepted from the borrower in person1 the date on which the borrower makes a payment on the account at such branch or office shall be considered to be the date on which the payment is made for purposes of determining whether a late fee may be imposed due to the failure of the borrower to make payment on or before the due date for such payment4 7,i7 ,borrower inquiries 7i7 ,duty of postsecondary educational lenders or servicers to respond to borrower inquiries 7,i7 ,notice of receipt of request ,if a borrower submits a qualified written request to the postsecondary educational lender or servicer for information relating to the servicing of the postsecondary education loan1 the postsecondary educational lender or servicer shall provide a written response acknowledging receipt of the qualified written request within #e business days unless any action requested by the borrower is taken within such period4 7,,ii7 ,action with respect to inquiry ,not later than #cj business days after the receipt from a borrower of a qualified written request under subclause 7,i7 and1 if applicable1 before taking any action with respect to the qualified written request of the borrower1 the postsecondary educational lender or servicer shall-- 7aa7 make appropriate corrections in the account of the borrower1 including the crediting of any late fees1 and transmit to the borrower a written notification of such correction 7which shall include the name and toll-free or collect-call telephone number of a representative of the postsecondary educational lender or servicer who can provide assistance to the borrower72 7bb7 after conducting an investigation1 provide the borrower with a written explanation or clarification that includes-- 7,,aa7 to the extent applicable1 a statement of the reasons for which the postsecondary educational lender or servicer believes the account of the borrower is correct as determined by the postsecondary educational lender or servicer2 and 7,,bb7 the name and toll-free or collect-call telephone number of an individual employed by1 or the office or department of1 the postsecondary educational lender or servicer who can provide assistance to the borrower2 or 7cc7 after conducting an investigation1 provide the borrower with a written explanation or clarification that includes-- 7,,aa7 information requested by the borrower or explanation of why the information requested is unavailable or cannot be obtained by the postsecondary educational lender or servicer2 and 7,,bb7 the name and toll-free or collect-call telephone number of an individual employed by1 or the office or department of1 the postsecondary educational lender or servicer who can provide assistance to the borrower4 7,,iii7 ,limited extension of response time 7aa7 ,in general ,there may be #a extension of the #cj-;day period described in subclause 7,,ii7 of not more than #ae days if1 before the end of such #cj-;day period1 the postsecondary educational lender or servicer notifies the borrower of the extension and the reasons for the delay in responding4 7bb7 ,reports to bureau ,each postsecondary educational lender or servicer shall1 on an annual basis1 report to the ,bureau the aggregate number of extensions sought by the such postsecondary educational lender or servicer under item 7aa74 7ii7 ,protection against negative consequences ,during the #fj-;day period beginning on the date on which a postsecondary educational lender or servicer receives a qualified written request from a borrower relating to a dispute regarding payments by the borrower1 a postsecondary educational lender or servicer may not impose any negative consequences on the borrower relating to the subject of the qualified written request or to such period including-- 7,i7 providing negative credit information to any consumer reporting agency 7as defined in section #fjc of the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afha;a772 7,,ii7 lost eligibility for a borrower benefit2 7,,iii7 late fees2 7,,iv7 interest capitalization2 or 7,v7 other financial injury4 7,j7 ,repayment specialists for at-risk borrowers 7i7 ,at-risk borrowers ,a postsecondary educational lender or servicer shall designate an office or other unit to act as a repayment specialist regarding postsecondary education loans for-- 7,i7 any borrower who-- 7aa7 becomes #cj calendar days or more delinquent under the postsecondary education loan2 or 7bb7 notifies the postsecondary educational lender or servicer pursuant to paragraph 7#h77;,c7 that the borrower is having difficulty making payment2 7,,ii7 any borrower who requests information related to options to reduce or suspend the borrower's monthly payment1 or otherwise indicates that the borrower is experiencing or is about to experience financial hardship or distress2 7,,iii7 any borrower who has not completed the program of study for which the borrower received the loans2 7,,iv7 any borrower who is enrolled in discretionary forbearance for more than #i of the previous #ab months2 7,v7 any borrower who has rehabilitated or consolidated #a or more postsecondary education loans out of default within the prior #bd months2 7,,vi7 a borrower who seeks information regarding1 seeks to enter an agreement for1 or seeks to resolve an issue under a repayment option that requires subsequent submission of supporting documentation2 7,,vii7 a borrower who seeks to modify the terms of the repayment of the postsecondary education loan because of hardship2 and 7,,viii7 any borrower or segment of borrowers determined by the ,director or the ,secretary to be at risk4 7ii7 ,training ,staff of the repayment specialist office or unit designated under clause 7i7 shall-- 7,i7 receive rigorous1 ongoing training related to available repayment plans1 loan forgiveness1 and cancellation and discharge options2 and 7,,ii7 be trained to-- 7aa7 assess the borrower's long-term and short-term financial situation in discussing alternative repayment options with borrowers2 7bb7 inform borrowers1 when there is sufficient information to determine that a borrower may be eligible1 about closed-school discharge1 discharge under defense to repayment1 or total and permanent disability discharge prior to informing the borrower about any other options for repayment2 and 7cc7 inform borrowers about alternative repayment options1 prior to discussing forbearance and deferment4 7iii7 ,toll-free telephone number ,each postsecondary educational lender or servicer shall maintain a toll-free telephone number that shall-- 7,i7 connect directly to the repayment specialist office or unit designated under clause 7i72 7,,ii7 be made available on the primary internet website of the postsecondary educational lender or servicer1 on monthly billing statements1 and any disclosures required by paragraph 7#f72 and 7,,iii7 not subject borrowers to unreasonable call wait times4 7iv7 ,compensation ,staff of the repayment specialist office or unit designated under clause 7i7 shall not be compensated on the basis of the volume of calls or accounts handled1 dollar amounts collected1 brevity of calls1 or in any other manner that may encourage undue haste and lack of diligence or quality customer service4 7,k7 ,servicemembers1 veterans1 and postsecondary education loans 7i7 ,servicemember and veterans liaison ,each postsecondary educational lender or servicer shall designate an employee to act as the servicemember and veterans liaison who is responsible for answering inquiries from servicemembers and veterans1 and is specially trained on servicemember and veteran benefits under the ,servicemembers ,civil ,relief ,act 7#ej ,u4,s4,c4 ,app4 #eja et seq47 and other ,federal or ,state laws related to postsecondary education loans4 7ii7 ,toll-free telephone number ,each postsecondary educational lender or servicer shall maintain a toll-free telephone number that shall-- 7,i7 connect directly to the servicemember and veterans liaison designated under clause 7i72 7,,ii7 be made available on the primary internet website of postsecondary educational lender or servicer and on monthly billing statements2 and 7,,iii7 not subject borrowers to unreasonable call wait times4 7iii7 ,prohibition on charge offs and default ,a postsecondary educational lender or servicer may not charge off or report a postsecondary education loan as delinquent1 assigned to collection 7internally or by referral to a third party71 in default1 or charged off to a credit reporting agency if the borrower is on active duty in the ,armed ,forces 7as defined in section #aja7;d77#a7 of title #aj1 ,united ,states ,code7 serving in a combat zone 7as designated by the ,president under section #aab7;c7 of the ,internal ,revenue ,code of #aihf74 7iv7 ,additional liaisons ,the ,director1 in consultation with the ,secretary1 shall determine additional entities with whom borrowers interact1 including guaranty agencies1 that shall designate an employee to act as the servicemember and veterans liaison who is responsible for answering inquiries from servicemembers and veterans and is specially trained on servicemembers and veteran benefits and option under the ,servicemembers ,civil ,relief ,act 7#ej ,u4,s4,c4 ,app4 #eja et seq474 7,l7 ,borrower's loan history 7i7 ,in general ,a postsecondary educational lender or servicer shall make available in a secure electronic form usable by borrowers1 or in writing upon request1 the loan history of each borrower for each postsecondary education loan1 separately designating-- 7,i7 payment history1 including repayment plan and payments-- 7aa7 made on such loan to previous postsecondary educational lenders or servicers2 and 7bb7 qualifying toward a loan forgiveness program and designating such program2 7,,ii7 loan history1 including any forbearances1 deferrals1 delinquencies1 assignment to collection1 and charge offs2 7,,iii7 annual percentage rate history2 7,,iv7 key loan terms1 including application of payments to interest1 principal1 and fees1 origination date1 principal1 capitalized interest1 annual percentage rate1 including any cap1 loan term1 and any contractual incentives2 7,v7 amount due to pay off the outstanding balance2 and 7,,vi7 any other items determined by the ,director through regulations promulgated in accordance with paragraph 7#ag77;,a74 7ii7 ,original documentation ,a postsecondary educational lender or servicer shall make available to the borrower1 if requested1 at no charge1 copies of the original loan documents and the promissory note for each postsecondary education loan4 7,m7 ,error resolution ,the ,director1 in consultation with the ,secretary1 shall promulgate rules requiring postsecondary educational lenders or servicers to establish error resolution procedures to allow borrowers to inquire about errors related to their postsecondary education loans and obtain timely resolution of such errors4 7,n7 ,additional servicing standards 7i7 ,prohibitions ,a postsecondary educational lender or servicer may not-- 7,i7 charge a fee for responding to a qualified written request under this paragraph2 7,,ii7 fail to take timely action to respond to a qualified written request from a borrower to correct an error relating to an allocation of payment or the payoff amount of the postsecondary education loan2 7,,iii7 fail to take reasonable steps to avail the borrower of all possible alternative repayment arrangements to avoid default2 7,,iv7 fail to perform the obligations required under title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajgj et seq472 7,v7 fail to respond within #aj business days to a request from a borrower to provide the name1 address1 and other relevant contact information of the loan holder of the borrower's postsecondary education loan or1 for a ,federal ,direct ,loan or a ,federal ,perkins ,loan1 the ,secretary of ,education1 or the institution of higher education who made the loan1 respectively2 7,,vi7 fail to comply with any applicable requirement of the ,servicemembers ,civil ,relief ,act 7#ej ,u4,s4,c4 ,app4 #eja et seq472 7,,vii7 charge a convenience1 processing1 or any other fee for payments made electronically or by telephone2 7,,viii7 fail to comply with any other obligation that the ,bureau1 by regulation1 has determined to be appropriate to carry out the consumer protection purposes of this paragraph2 or 7,,ix7 fail to perform other standard servicing duties and functions4 7ii7 ,business hours ,postsecondary educational lenders or servicers shall be open for borrower inquiries and outreach during and after normal business hours1 including availability after #e3jj p4m4 in all continental ,united ,states time zones and some weekend hours4 7iii7 ,additional standards ,the ,director may promulgate regulations1 in accordance with paragraph 7#ag77;,a71 establishing additional servicing standards to reduce delinquencies1 assignment to collections1 defaults1 and charge offs1 and to ensure borrowers understand their rights and obligations related to their postsecondary education loans4 7,o7 ,prohibition on limiting borrower legal action by postsecondary educational lenders and servicers 7i7 ,waiver of rights and remedies ,any rights and remedies available to borrowers against postsecondary educational lenders or servicers may not be waived by any agreement1 policy1 or form1 including by a mandatory predispute arbitration agreement or class action waiver4 7ii7 ,predispute arbitration agreements ,no limitation or restriction on the ability of a borrower to pursue a claim in court with respect to a postsecondary education loan1 including mandatory predispute arbitration agreements and class action waivers1 shall be valid or enforceable by a postsecondary educational lender or servicer1 including as a third-party beneficiary or by estoppel4 7,p7 ,preemption ,nothing in this paragraph may be construed to preempt any provision of ,state law regarding postsecondary education loans where the ,state law provides stronger consumer protections4 7,q7 ,civil liability ,a postsecondary educational lender or servicer that fails to comply with any requirement imposed under this paragraph shall be deemed a creditor that has failed to comply with a requirement under this chapter for purposes of liability under section #acj and such postsecondary educational lender or servicer shall be subject to the liability provisions under such section1 including the provisions under paragraphs 7#a71 7#b77;,a77i71 7#b77;,b71 and 7#c7 of section #acj7;a74 7,r7 ,eligibility for discharge ,the ,director1 in accordance with paragraph 7#ag77;,a71 shall promulgate rules requiring postsecondary educational lenders and servicers to-- 7i7 identify and contact borrowers who may be eligible for student loan discharge by the ,secretary1 including under section #dcg of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg72 and 7ii7 provide the borrower1 in writing1 in simple and understandable terms1 information about obtaining such discharge4 7#ag7 ,consumer financial protection bureau requirements 7,a7 ,rulemaking ,the ,director shall1 based on consumer testing 7as appropriate7 and upon consideration of any final recommendations published by the ,secretary under section #def7;g77#c7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;f7g77#c771 promulgate regulations in consultation with the ,secretary1 to carry out the requirements of this subsection4 7,b7 ,compliance for certain entities 7i7 ,in general ,the ,director may promulgate regulations under subparagraph 7,a7 to require an entity or class of entities with which the ,secretary has entered into a contract under section #def of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;f7 to comply with an alternative requirement or standard promulgated by the ,director in lieu of compliance with any requirement or standard under this subsection if the ,director determines that-- 7,i7 such entity or class of entities are not required by the ,secretary pursuant to the contract to perform a servicing function governed by the requirement or standard1 and where such function is required by the ,secretary1 to be performed by another entity or class of entities2 or 7,,ii7 the ,secretary1 in consultation with the ,chief ,operating ,officer of ,federal ,student ,aid1 has promulgated regulations to establish an alternative requirement or standard with respect to such entity or class of entities that better benefits or protects borrowers and the ,director incorporates such requirement or standard that better benefits or protects borrowers into regulations promulgated under subparagraph 7,a74 7ii7 ,reports ,the ,director shall report to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 the ,committee on ,health1 ,education1 ,labor1 and ,pensions of the ,senate1 the ,committee on ,financial ,services of the ,house of ,representatives1 and the ,committee on ,education and ,labor of the ,house of ,representatives on any regulations promulgated under clause 7i74 7#ah7 ,postsecondary educational lenders or servicers and contracts or subcontracts 7,a7 ,in general ,any person or entity that enters into a contract or subcontract with a postsecondary educational lender or servicer to perform the servicing of a postsecondary educational loan may fulfill the obligations of the postsecondary educational lender or servicer under this subsection4 7,b7 ,joint and several liability for service providers ,any entity or person described in subparagraph 7,a7 shall be jointly and severally liable for the actions of the entity or person in fulfilling the obligations of the postsecondary educational lender or servicer under this subsection4 2 and 7,b7 by adding at the end the following3 7g7 ,information ,to be available at no charge ,the information required to be disclosed under this section shall be made available at no charge to the borrower4 2 and 7#b7 in section #acj7;a7-- 7,a7 in paragraph 7#c71 by striking #abh7;e77#g7 and inserting #abh7;e77#aa72 and 7,b7 in the flush matter at the end1 by striking or paragraph 7#d77;,c71 7#f71 7#g71 or 7#h7 of section #abh7;e71 and inserting or paragraph 7#d77;,c71 7#aj71 7#aa71 or 7#ab7 of section #abh7;e714 7b7 ,effective date 7#a7 ,in general ,the amendments made under subsection 7a7 shall be effective #ahj days after the date of enactment of this ,act4 7#b7 ,delay ,the ,director of the ,bureau of ,consumer ,financial ,protection shall delay the effective date of the amendments made under subsection 7a7 for not more than #a additional year with respect to entities engaged in servicing pursuant to a contract awarded under section #def of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;f7 pending the ,secretary of ,education's final recommendations required under section #def7;g7 of such ,act related to the promulgation of regulations by the ,director under section #abh7;e77#ag7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e77#ag774 #d4 ,rehabilitation of private education loans ,section #fbc7;a77#a77;,e7 of the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afhas-#b7;a77#a77;,e77 is amended to read as follows3 7,e7 ,rehabilitation of private education loans 7i7 ,in general ,if a borrower of a private education loan rehabilitates such loan in accordance with section #abh7;e77#bc7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e77#bc771 the private educational lender or entity engaged in servicing such loan shall request that any consumer reporting agency to which the charge-off was reported remove the delinquency that led to the charge-off and the charge-off from the borrower's credit history4 7ii7 ,banking agencies 7,i7 ,in general ,if a private educational lender is supervised by a ,federal banking agency1 the private educational lender shall seek written approval from the ,federal banking agency that the terms and conditions of the loan rehabilitation program of the lender meet the requirements of section #abh7;e77#bc7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e77#bc774 7,,ii7 ,feedback ,an appropriate ,federal banking agency shall provide feedback to a private educational lender within #abj days of a request for approval under subclause 7,i74 7iii7 ,definitions ,for purposes of this subparagraph-- 7,i7 the term appropriate ,federal banking agency has the meaning given the term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 and 7,,ii7 the term private education loan has the meaning given the term in section #adj7;a7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej7;a774 4 #e4 ,improved consumer protections for private education loans ,section #abh7;e7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e771 as amended by section #c1 is further amended-- 7#a7 by adding at the end the following3 7#ai7 ,discharge of private education loans in the event of death or disability of the borrower ,each private education loan shall include terms that provide that the liability to repay the loan shall be canceled-- 7,a7 upon the death of the borrower2 7,b7 if the borrower becomes permanently and totally disabled1 as determined under section #dcg7;a77#a7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg7;a77#a77 and the regulations promulgated by the ,secretary under that section2 or 7,c7 if the ,secretary of ,veterans ,affairs or the ,secretary of ,defense determines that the borrower is unemployable due to a service-connected condition or disability1 in accordance with the requirements of section #dcg7;a77#b7 of such ,act and the regulations promulgated by the ,secretary under that section4 7#bj7 ,terms for co-borrowers ,each private education loan shall include terms that clearly define the requirements to release a co-borrower from the obligation4 7#ba7 ,prohibition of acceleration of payments on private education loans 7,a7 ,in general ,except as provided in subparagraph 7,b71 a private education loan executed after the date of enactment of this paragraph may not include a provision that permits the private educational lender1 loan holder1 or entity engaged in servicing such loan to accelerate1 in whole or in part1 payments on the private education loan4 7,b7 ,acceleration caused by a payment default ,a private education loan may include a provision that permits acceleration of the loan in cases of payment default4 7#bb7 ,prohibition on denial of credit due to eligibility for protection under ,servicemembers ,civil ,relief ,act ,a private educational lender may not deny or refuse credit to an individual who is entitled to any right or protection provided under the ,servicemembers ,civil ,relief ,act 7#ej ,u4,s4,c4 ,app4 #eja et seq47 or subject1 solely by reason of such entitlement1 such individual to any other action described in paragraphs 7#a7 through 7#f7 of section #ajh of such ,act4 7#bc7 ,rehabilitation of private education loans 7,a7 ,in general ,if a borrower of a private education loan successfully and voluntarily makes #i payments within #bj days of the due date during #aj consecutive months of amounts owed on the private education loan1 or otherwise brings the private education loan current after the loan is charged off1 the loan shall be considered rehabilitated1 and the lender or entity engaged in servicing such loan shall request that any consumer reporting agency to which the charge off was reported remove the delinquency that led to the charge off and the charge off from the borrower's credit history4 7,b7 ,terms ,no private educational lender shall offer a borrower rehabilitation of loans where the payment required to rehabilitate a defaulted private education loan is less than the monthly payment amount required upon completion of rehabilitation4 2 7#b7 in paragraph 7#a7-- 7,a7 by striking subparagraph 7,d7 and inserting the following3 7,d7 requirements for a co-borrower1 including-- 7i7 any changes in the applicable interest rates without a co-borrower2 and 7ii7 any conditions the borrower is required meet in order to release a co-borrower from the private education loan obligation2 2 7,b7 by redesignating subparagraphs 7,o71 7,p71 7,q71 and 7,r7 as subparagraphs 7,p71 7,q71 7,r71 and 7,s71 respectively2 and 7,c7 by inserting after subparagraph 7,n7 the following3 7,o7 in the case of a refinancing of education loans that include a ,federal student loan made1 insured1 or guaranteed under title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajgj et seq47-- 7i7 a list containing each loan to be refinanced1 which shall identify whether the loan is a private education loan or a ,federal student loan made1 insured1 or guaranteed under title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajgj et seq472 and 7ii7 benefits that the borrower may be forfeiting1 including income-driven repayment options1 opportunities for loan forgiveness1 forbearance or deferment options1 interest subsidies1 and tax benefits2 2 and 7#c7 in paragraph 7#b7-- 7,a7 by redesignating subparagraphs 7,o7 and 7,p7 as subparagraphs 7,p7 and 7,q71 respectively2 and 7,b7 by inserting after subparagraph 7,n7 the following3 7,o7 in the case of a refinancing of education loans that include a ,federal student loan made1 insured1 or guaranteed under title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajgj et seq47-- 7i7 a list containing each loan to be refinanced1 which shall identify whether the loan is a private education loan or a ,federal student loan made1 insured1 or guaranteed under title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajgj et seq472 and 7ii7 benefits that the borrower may be forfeiting1 including income-driven repayment options1 opportunities for loan forgiveness1 forbearance or deferment options1 interest subsidies1 and tax benefits2 4 #f4 ,know before you owe 7a7 ,amendments to the ,truth in ,lending ,act 7#a7 ,in general ,section #abh7;e7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e771 as amended by sections #c and #e1 is further amended-- 7,a7 by striking paragraph 7#c7 and inserting the following3 7#c7 ,institutional certification required 7,a7 ,in ,general ,except as provided in subparagraph 7,b71 before a creditor may issue any funds with respect to an extension of credit described in this subsection1 the creditor shall obtain from the relevant institution of higher education where such loan is to be used for a student1 such institution's certification of-- 7i7 the enrollment status of the student2 7ii7 the student's cost of attendance at the institution as determined by the institution under part ,f of title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhgkk et seq472 and 7iii7 the difference between-- 7,i7 such cost of attendance2 and 7,,ii7 the student's estimated financial assistance1 including such assistance received under title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajgj et seq47 7except for ,federal ,direct ,,plus ,loans made on behalf of the student7 and other financial assistance known to the institution1 as applicable 7except for loans made under the ,public ,health ,service ,act 7#db ,u4,s4,c4 #bja et seq4774 7,b7 ,exception ,notwithstanding subparagraph 7,a71 a creditor may issue funds1 not to exceed the amount described in subparagraph 7,a77iii71 with respect to an extension of credit described in this subsection without obtaining from the relevant institution of higher education such institution's certification if such institution fails to provide within #ae business days of the creditor's request for such certification-- 7i7 notification of the institution's refusal to certify the request2 or 7ii7 notification that the institution has received the request for certification and will need additional time to comply with the certification request4 7,c7 ,loans ,disbursed ,without ,certification ,if a creditor issues funds without obtaining a certification1 as described in subparagraph 7,b71 such creditor shall report the issuance of such funds in a manner determined by the ,director4 2 and 7,b7 by adding at the end the following3 7#bd7 ,provision of information 7,a7 ,provision of ,information to ,students 7i7 ,loan ,statement ,a creditor that issues any funds with respect to an extension of credit described in this subsection shall send loan statements1 where such loan is to be used for a student1 to borrowers of such funds not less than once every #c months during the time that such student is enrolled at an institution of higher education4 7ii7 ,contents of ,loan ,statement ,each statement described in clause 7i7 shall-- 7,i7 report the borrower's total remaining debt to the creditor1 including accrued but unpaid interest and capitalized interest2 7,,ii7 report any debt increases since the last statement2 and 7,,iii7 list the current interest rate for each loan4 7,b7 ,notification of loans disbursed without certification ,on or before the date a creditor issues any funds with respect to an extension of credit described in this subsection1 the creditor shall notify the relevant institution of higher education1 in writing1 of the amount of the extension of credit and the student on whose behalf credit is extended4 ,the form of such written notification shall be subject to the regulations of the ,bureau of ,consumer ,financial ,protection4 7,c7 ,annual ,report ,a creditor that issues funds with respect to an extension of credit described in this subsection shall prepare and submit an annual report to the ,bureau of ,consumer ,financial ,protection containing the required information about private student loans to be determined by the ,bureau of ,consumer ,financial ,protection1 in consultation with the ,secretary4 4 7#b7 ,definition of ,private ,education ,loan ,section #adj7;a77#h77;,a7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej7;a77#h77;,a77 is amended-- 7,a7 by redesignating clause 7ii7 as clause 7iii72 7,b7 in clause 7i71 by striking and after the semicolon2 and 7,c7 by adding after clause 7i7 the following3 7ii7 is not made1 insured1 or guaranteed under title ,,vii or title ,,viii of the ,public ,health ,service ,act 7#db ,u4,s4,c4 #bib et seq4 and #bif et seq472 and 4 7#c7 ,regulations ,not later than #cfe days after the date of enactment of this ,act1 the ,director of the ,bureau of ,consumer ,financial ,protection shall issue regulations in final form to implement paragraphs 7#c7 and 7#bc7 of section #abh7;e7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e771 as amended by paragraph 7#a74 ,such regulations shall become effective not later than #f months after their date of issuance4 7b7 ,amendments to the ,higher ,education ,act of #aife 7#a7 ,program participation agreements ,section #dhg7;a7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajid7;a77 is amended by striking paragraph 7#bh7 and inserting the following3 7#bh7 7,a7 ,upon the request of a private educational lender1 acting in connection with an application initiated by a borrower for a private education loan in accordance with section #abh7;e77#c7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e77#c771 the institution shall within #ae days of receipt of a certification request-- 7i7 provide such certification to such private educational lender-- 7,i7 that the student who initiated the application for the private education loan1 or on whose behalf the application was initiated1 is enrolled or is scheduled to enroll at the institution2 7,,ii7 of such student's cost of attendance at the institution as determined under part ,f of this title2 and 7,,iii7 of the difference between-- 7aa7 the cost of attendance at the institution2 and 7bb7 the student's estimated financial assistance received under this title 7except for ,federal ,direct ,,plus ,loans made on behalf of the student7 and other assistance known to the institution1 as applicable 7except for loans made under the ,public ,health ,service ,act 7#db ,u4,s4,c4 #bja et seq4772 7ii7 notify the creditor that the institution has received the request for certification and will need additional time to comply with the certification request2 or 7iii7 provide notice to the private educational lender of the institution's refusal to certify the private education loan under subparagraph 7,d74 7,b7 ,with respect to a certification request described in subparagraph 7,a71 and prior to providing such certification under subparagraph 7,a77i7 or providing notice of the refusal to provide certification under subparagraph 7,a77iii71 the institution shall-- 7i7 determine whether the student who initiated the application for the private education loan1 or on whose behalf the application was initiated1 has applied for and exhausted the ,federal financial assistance available to such student under this title and inform the student accordingly2 and 7ii7 provide the borrower whose loan application has prompted the certification request by a private educational lender1 as described in subparagraph 7,a77i71 with the following information and disclosures3 7,i7 ,the availability of1 and the borrower's potential eligibility for1 ,federal financial assistance under this title1 including disclosing the terms1 conditions1 interest rates1 and repayment options and programs of ,federal student loans4 7,,ii7 ,the borrower's ability to select a private educational lender of the borrower's choice4 7,,iii7 ,the impact of a proposed private education loan on the borrower's potential eligibility for other financial assistance1 including ,federal financial assistance under this title4 7,,iv7 ,the borrower's right to accept or reject a private education loan within the #cj-;day period following a private educational lender's approval of a borrower's application and about a borrower's #c-;day right to cancel period4 7,c7 ,for purposes of this paragraph1 the terms private educational lender and #8private education loan' have the meanings given such terms in section #adj of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej74 7,d7 7i7 ,an institution shall not provide a certification with respect to a private education loan under this paragraph unless the private education loan includes terms that provide-- 7,i7 the borrower alternative repayment options1 including loan consolidation or refinancing2 and 7,,ii7 for the discharge of the borrower and co-borrower's1 if applicable1 liability to repay the loan pursuant to paragraphs 7#ai7 and 7#bj7 of section #abh7;e7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e774 7ii7 ,in this paragraph1 the term disability means a permanent and total disability1 as determined in accordance with the regulations of the ,secretary of ,education1 or a determination by the ,secretary of ,veterans ,affairs that the borrower is unemployable due to a service connected-disability4 4 7#b7 ,effective date ,the amendment made by paragraph 7#a7 shall take effect on the effective date of the regulations described in subsection 7a77#c74 7#c7 ,preferred lender arrangement ,section #aea7h77;,a77ii7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajai7h77;,a77ii77 is amended by inserting certifying1 after promoting14 7c7 ,report 7#a7 ,in general ,not later than #bd months after the issuance of regulations under subsection 7a77#c71 the ,director of the ,bureau of ,consumer ,financial ,protection and the ,secretary of ,education shall jointly submit to ,congress a report on the compliance of-- 7,a7 private educational lenders with section #abh7;e77#c7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e771 as amended by subsection 7a72 and 7,b7 institutions of higher education with section #dhg7;a77#bh7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajid7;a771 as amended by subsection 7b74 7#b7 ,contents ,the report under paragraph 7#a7 shall include information about the degree to which specific institutions utilize certifications in effectively-- 7,a7 encouraging the exhaustion of ,federal student loan eligibility by borrowers prior to taking on private education loan debt2 and 7,b7 lowering student private education loan debt by borrowers4 #g4 ,centralized point of access ,part ,g of title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhh et seq47 is amended by adding at the end the following3 #dic;,e4 ,centralized point of access ,not later than #b years after the date of enactment of the ,student ,loan ,borrower ,bill of ,rights1 the ,secretary shall establish a centralized point of access for all borrowers of loans that are made1 insured1 or guaranteed under this title that are in repayment1 including a central location for account information and payment processing for such loan servicing1 regardless of the specific entity engaged in servicing4 4 #h4 ,education loan ombudsman ,section #ajce of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eece7 is amended-- 7#a7 in the section heading1 by striking private2 7#b7 in subsection 7a7-- 7,a7 by striking a ,private and inserting an2 and 7,b7 by striking private2 7#c7 in subsection 7b71 by striking private education student loan and inserting postsecondary education loan2 7#d7 in subsection 7c7-- 7,a7 in the matter preceding paragraph 7#a71 by striking subsection and inserting section2 7,b7 in paragraph 7#a71 by striking private2 7,c7 by striking paragraph 7#b7 and inserting the following3 7#b7 coordinate with the unit of the ,bureau established under section #ajac7;b77#c71 in order to monitor complaints by borrowers and responses to those complaints by the ,bureau or other appropriate ,federal or ,state agency2 2 and 7,d7 in paragraph 7#c71 by striking private2 7#e7 in subsection 7d7-- 7,a7 in paragraph 7#b7-- 7i7 by striking on the same day annually2 and 7ii7 by inserting and be made available to the public after ,representatives2 and 7,b7 by adding at the end the following3 7#c7 ,contents ,the report required under paragraph 7#a7 shall include information on the number1 nature1 and resolution of complaints received1 disaggregated by postsecondary educational lender or servicer1 region1 ,state1 and institution of higher education4 2 and 7#f7 by striking subsection 7e7 and inserting the following3 7e7 ,definitions ,in this section3 7#a7 ,borrower ,the term borrower means a borrower of a postsecondary education loan4 7#b7 ,institution of higher education ,the term institution of higher education has the meaning given the term in section #adj of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej74 7#c7 ,postsecondary education loan ,the term postsecondary education loan means-- 7,a7 a private education loan1 as defined in section #adj of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej72 or 7,b7 a loan made1 insured1 or guaranteed under part ,b1 ,d1 or ,e of title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajga et seq41 #ajhg;a et seq41 and #ajhg;aa et seq474 4 #i4 ,report on private education loans and private educational lenders 7a7 ,in general ,not later than #b years after the date of enactment of this ,act1 the ,director of the ,bureau of ,consumer ,financial ,protection and the ,secretary of ,education1 in consultation with the ,commissioners of the ,federal ,trade ,commission and the ,attorney ,general of the ,united ,states1 shall submit a report to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 the ,committee on ,health1 ,education1 ,labor1 and ,pensions of the ,senate1 the ,committee on ,financial ,services of the ,house of ,representatives1 and the ,committee on ,education and ,labor of the ,house of ,representatives on private education loans 7as that term is defined in section #adj of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej77 and private educational lenders 7as that term is defined in such section74 7b7 ,contents ,the report required by this section shall examine1 at a minimum-- 7#a7 the growth and changes of the private education loan market in the ,united ,states2 7#b7 factors influencing such growth and changes2 7#c7 the extent to which students and parents of students rely on private education loans to finance postsecondary education and the private education loan indebtedness of borrowers2 7#d7 the characteristics of private education loan borrowers1 including-- 7,a7 the types of institutions of higher education that they attend2 7,b7 socioeconomic characteristics 7including income and education levels1 racial characteristics1 geographical background1 age1 and gender72 7,c7 what other forms of financing borrowers use to pay for education2 7,d7 whether they exhaust their ,federal loan options before taking out a private education loan2 7,e7 whether such borrowers are dependent or independent students 7as determined under part ,f of title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhgkk et seq477 or parents of such students2 7,f7 whether such borrowers are students enrolled in a program leading to a certificate1 license1 or credential other than a degree1 an associates degree1 a baccalaureate degree1 or a graduate or professional degree2 and 7,g7 if practicable1 employment and repayment behaviors2 7#e7 the characteristics of private educational lenders1 including whether such creditors are for-profit1 nonprofit1 or institutions of higher education2 7#f7 the underwriting criteria used by private educational lenders1 including the use of cohort default rate 7as such term is defined in section #dce7m7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhe7m7772 7#g7 the terms1 conditions1 and pricing of private education loans2 7#h7 the consumer protections available to private education loan borrowers1 including the effectiveness of existing disclosures and requirements and borrowers' awareness and understanding about terms and conditions of various financial products2 7#i7 whether ,federal regulators and the public have access to information sufficient to provide them with assurances that private education loans are provided in accord with the ,nation's fair lending laws and that allows public officials to determine lender compliance with fair lending laws2 and 7#aj7 any statutory or legislative recommendations necessary to improve consumer protections for private education loan borrowers and to better enable ,federal regulators and the public to ascertain private educational lender compliance with fair lending laws4 #aj4 ,report on postsecondary education loan servicing ,not later than #a year after the date of enactment of this ,act1 the ,director of the ,bureau of ,consumer ,financial ,protection and the ,secretary of ,education shall submit a joint report to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 the ,committee on ,health1 ,education1 ,labor1 and ,pensions of the ,senate1 the ,committee on ,financial ,services of the ,house of ,representatives1 and the ,committee on ,education and ,labor of the ,house of ,representatives on servicing of postsecondary education loans1 including-- 7#a7 any legislative recommendations to improve servicing standards2 and 7#b7 information on proactive early intervention methods by postsecondary educational lenders or servicers to help distressed postsecondary education loan borrowers enroll in any eligible repayment plans4