,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #aced  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #g1 #bjai,mr4     
,durb9 7= himself1 ,mr4 ,re$1 & ,ms4    
,w>r57 introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,heal?1 ,education1 ,labor1 & ,p5sions  
,a ,,bill  ,to require c]ta9 protections
 = /ud5t loan borr[]s1 & = o!r purposes4
  #a4 ,%ort title ,?is ,act may be cit$ 
z ! ,/ud5t ,loan ,borr[] ,bill (        
,rights4  #b4 ,high] ,education ,act (  
#aife am5dm5ts  7a7 ,/ud5t loan         
in=mation by eligible l5d]s ,section    
#dcc ( ! ,high] ,education ,act ( #aife 
7#bj ,u4,s4,c4 #ajhc7 is am5d$-- 7#a7 9 
subsection 7b7-- 7,a7 9 p>agraph 7#ab71 
by /rik+ & aft] ! semicolon2  7,b7 9    
p>agraph 7#ac71 by /rik+ ! p]iod at !   
end & ins]t+ 2 &2 &  7,c7 by add+ at !  
end ! foll[+3  7#ad7 a /atem5t t-- 7,a7 
! borr[] may be entitl$ to s]vicememb] &
 vet]an b5efits "u ! ,s]vicememb]s      
,civil ,relief ,act 7#ej ,u4,s4,c4 ,app4
 #eja et seq47 & o!r ,f$]al or ,/ate    

laws2 &  7,b7 a ,s]vicememb] & ,vet]ans 
,liaison designat$ "u section           
#abh7;e77#af77,k77i7 ( ! ,tru? 9 ,l5d+  
,act 7#ae ,u4,s4,c4                     
#afch7;e77#af77,k77i77 is available to  
answ] inquiries ab\t s]vicememb] &      
vet]an b5efits1 includ+ ! toll-free     
telephone numb] to contact ! ,liaison   
pursuant to su* section4  2 &  7#b7 9   
subsection 7e7-- 7,a7 9 p>agraph 7#b71  
by add+ at ! end ! foll[+3  7,d7 ,a     
/atem5t t-- 7i7 ! borr[] may be entitl$ 
to s]vicememb] & vet]an b5efits "u !    
,s]vicememb]s ,civil ,relief ,act 7#ej  
,u4,s4,c4 ,app4 #eja et seq47 & o!r     
,f$]al or ,/ate laws2 &  7ii7 a         
,s]vicememb] & ,vet]ans ,liaison        
designat$ "u section                    
#abh7;e77#af77,k77i7 ( ! ,tru? 9 ,l5d+  
,act 7#ae ,u4,s4,c4                     
#afch7;e77#af77,k77i77 is available to  
answ] inquiries ab\t s]vicememb] &      
vet]an b5efits1 includ+ ! toll-free     
telephone numb] to contact ! ,liaison   
pursuant to su* section4  7,e7 ,a       

/atem5t t a repaym5t speciali/ (fice or 
unit designat$ "u section               
#abh7;e77#af77;,j77i7 ( ! ,tru? 9 ,l5d+ 
,act 7#ae ,u4,s4,c4                     
#afch7;e77#af77;,j77i77 is available to 
answ] inquiries relat$ to alt]native    
repaym5t options1 includ+ ! toll-free   
telephone numb] to contact ! speciali/  
pursuant to section                     
#abh7;e77#af77;,j77iii7 ( su* ,act4  2 &
  7,b7 9 p>agraph 7#c71 by add+ at ! end
 ! foll[+3  7,f7 ,a /atem5t t-- 7i7 !   
borr[] may be entitl$ to s]vicememb] &  
vet]an b5efits "u ! ,s]vicememb]s ,civil
 ,relief ,act 7#ej ,u4,s4,c4 ,app4 #eja 
et seq47 & o!r ,f$]al or ,/ate laws2 &  
7ii7 a ,s]vicememb] & ,vet]ans ,liaison 
designat$ "u section                    
#abh7;e77#af77,k77i7 ( ! ,tru? 9 ,l5d+  
,act 7#ae ,u4,s4,c4                     
#afch7;e77#af77,k77i77 is available to  
answ] inquiries ab\t s]vicememb] &      
vet]an b5efits1 includ+ ! toll-free     
telephone numb] to contact ! ,liaison   
pursuant to su* section4  7,g7 ,a       

/atem5t t a repaym5t speciali/ (fice or 
unit designat$ "u section               
#abh7;e77#af77;,j77i7 ( ! ,tru? 9 ,l5d+ 
,act 7#ae ,u4,s4,c4                     
#afch7;e77#af77;,j77i77 is available to 
answ] inquiries relat$ to alt]native    
repaym5t options1 includ+ ! toll-free   
telephone numb] to contact ! speciali/  
pursuant to section                     
#abh7;e77#af77;,j77iii7 ( su* ,act4  4  
7b7 ,t]ms & conditions ( loans ,section 
#dee ( ! ,high] ,education ,act ( #aife 
7#bj ,u4,s4,c4 #ajhg;e7 is am5d$ by add+
 at ! end ! foll[+3  7r7 ,prepaym5t &   
paym5t application  7#a7 ,9 g5]al ,a    
borr[] may prepay all or "p ( a loan    
made "u ?is "p at any "t )\t p5alty4    
7#b7 ,prepaym5t  7,a7 ,9 g5]al ,if a    
borr[] pays any am\nt 9 excess ( ! am\nt
 due = a loan made "u ?is "p1 ! excess  
am\nt %all be a prepaym5t4  7,b7        
,application ( prepaym5t ,if a prepaym5t
 equals or exce$s ! mon?ly repaym5t     
am\nt "u ! borr[]'s repaym5t plan )     
respect to a loan made "u ?is "p1 !     

,secret>y %all-- 7i7 apply ! prepaid    
am\nt accord+ to ! t]ms ( ! promissory  
note sign$ by ! borr[]2 &  7ii7 ^u      
reque/ ( ! borr[]1 advance ! due date ( 
! next paym5t & notify ! borr[] ( any   
revis$ due date = ! next paym5t4  4  7c7
 ,contracts ,section #def ( ! ,high]    
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhg;f7 is am5d$-- 7#a7 9 subsection   
7a71 by /rik+ p>agraph 7#c7 & ins]t+ !  
foll[+3  7#c7 ,rules ( con/ruction  7,a7
 ,consortia ,no?+ 9 ?is section %all be 
con/ru$ z a limitation ( ! au?ority (   
any ,/ate ag5cy to ent] into an agreem5t
 = ! purposes ( ?is section z a memb] ( 
a consortium ( ,/ate ag5cies4  7,b7     
,compliance ) ,/ate & ,f$]al laws ,no?+ 
9 ?is section %all be con/ru$ z alt]+1  
limit+1 or affect+ any obligation by an 
entity ) :i* ! ,secret>y ent]s into a   
contract "u ?is section to comply ) any 
applicable ,f$]al or ,/ate law1 includ+ 
any ,f$]al consum] f9ancial law1 z def9$
 9 section #ajjb7ad7 ( ! ,consum]       
,f9ancial ,protection ,act ( #bjaj 7#ab 

,u4,s4,c4 #edha7ad774  7,c7 ,au?orities 
,no?+ 9 ?is section %all be con/ru$ z   
alt]+1 limit+1 or affect+ ! au?ority ( a
 ,/ate attorney g5]al or any o!r ,/ate  
regulatory or en=cem5t ag5cy or au?ority
 to br+ an action or o!r regulatory     
proce$+ aris+ solely "u ! law ( su*     
,/ate4  2 &  7#b7 by add+ at ! end !    
foll[+3  7d7 ,applicability ( provisions
 "u ! consum] f9ancial protection act ( 
#bjaj  7#a7 ,consum] f9ancial product or
 s]vice ,a consum] f9ancial product or  
s]vice (f]$ by an entity ) :i* !        
,secret>y ent]s into a contract "u ?is  
section = orig9ation1 s]vic+1 or        
collection describ$ 9 subsection 7b71 z 
"p ( su* contract1 %all h ! mean+ giv5 !
 t]m 9 section #ajjb ( ! ,consum]       
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #edha74  7#b7 ,cov]$ p]son    
,any entity ) :i* ! ,secret>y ent]s into
 a contract "u ?is section = orig9ation1
 s]vic+1 or collection describ$ 9       
subsection 7b7 %all be consid]$ a cov]$ 
p]son 7z def9$ 9 section #ajjb ( !      

,consum] ,f9ancial ,protection ,act (   
#bjaj 7#ab ,u4,s4,c4 #edha77 & subject  
to ! provisions ( ! ,consum] ,f9ancial  
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edha et seq474  7#c7 ,po/second>y      
educational l5d] or s]vic] ,any entity )
 :i* ! ,secret>y ent]s into a contract  
"u ?is section = orig9ation1 s]vic+1 or 
collection1 z describ$ 9 subsection 7b71
 & is engag$ 9 ! provision (1 or (f]+1  
s]vic+ %all be consid]$ a po/second>y   
educational l5d] or s]vic] 7z def9$ 9   
section #abh7;e7 ( ! ,tru? 9 ,l5d+ ,act 
7#ae ,u4,s4,c4 #afch7;e7771 & subject to
 ! provisions ( section #abh7;e7 ( !    
,tru? 9 ,l5d+ ,act 7#ab ,u4,s4,c4       
#afch7;e774  7e7 ,compla9ts f /ud5t loan
 borr[]s ,9 aw>d+ any contract "u ?is   
section = orig9ation1 s]vic+1 or        
collection describ$ 9 subsection 7b71 ! 
,secret>y %all require1 z "p ( su*      
contract1 any entity receiv+ su* an     
aw>d-- 7#a7 to respond to consum]       
compla9ts submitt$ to any ,f$]al1 ,/ate1
 or local ag5cy t accepts compla9ts f   

/ud5t loan borr[]s1 includ+ ! ,bureau ( 
,consum] ,f9ancial ,protection1 by      
borr[]s :o owe loans made "u ?is "p2 &  
7#b7 to %>e in=mation ab\t consum]      
compla9ts ) ! ,secret>y1 ! ,bureau (    
,consum] ,f9ancial ,protection1 ! ,f$]al
 ,trade ,commission1 ! ,dep>tm5t (      
,vet]ans ,affairs1 any ,/ate attorney   
g5]al1 or any o!r ,f$]al or ,/ate       
regulatory or en=cem5t ag5cy t compiles 
in=mation ab\t su* compla9ts4  7f7      
,limitations on contracts ,any entity ) 
:i* ! ,secret>y ent]s into a contract "u
 ?is section %all be prohibit$1 z "p (  
su* contract1 f m>ket+ to ! borr[] ( a  
loan made1 insur$1 or gu>ante$ "u ?is   
title a f9ancial product or s]vice--    
7#a7 us+ data obta9$ z a result ( !     
contract or ! relation%ip ) ! borr[]    
/emm+ f ! contract2  7#b7 dur+ any      
outrea* or contact ) ! borr[] result+ f 
! contract or ! relation%ip ) ! borr[]  
/emm+ f ! contract2 or  7#c7 on any     
plat=m or ?r\gh any me?od result+ f !   
contract or ! relation%ip ) ! borr[]    

/emm+ f ! contract4  7g7 ,/ud5t loan    
s]vic+ int]ag5cy work+ gr\p  7#a7 ,9    
g5]al ,n lat] ?an #cj days aft] ! date (
 enactm5t ( ! ,/ud5t ,loan ,borr[] ,bill
 ( ,rights1 ! ,secret>y %all e/abli% a  
/ud5t loan s]vic+ int]ag5cy work+ gr\p  
co-*air$ by ! ,secret>y & ! ,director ( 
! ,bureau ( ,consum] ,f9ancial          
,protection & includ+ ! ,*ief ,op]at+   
,(fic] ( ! ,(fice ( ,f$]al ,/ud5t ,aid1 
! ,director ( ! ,(fice ( ,managem5t &   
,budget1 ! ,secret>y ( ! ,treasury1 & ! 
heads ( any o!r relevant ,f$]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%$1 !    
work+ gr\p %all publi% an advisory      
report mak+ recomm5dations to !         
,director ( ! ,bureau ( ,consum]        
,f9ancial ,protection relat$ to !       
promulgation ( regulations "u section   
#abh7;e77#ag77;,a7 ( ! ,tru? 9 ,l5d+    
,act 7#ae ,u4,s4,c4 #afch7;e77#ag77;,a77
 ) respect to entities ) :i* ! ,secret>y

 has ent]$ into a contract "u ?is       
section4  7,b7 ,public fe$back ,foll[+ !
 publication ( ! advisory report requir$
 "u subp>agraph 7,a71 ! ,secret>y %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 ! ,secret>y %all    
publi% f9al recomm5dations = ! ,director
 ( ! ,bureau ( ,consum] ,f9ancial       
,protection relat$ to ! promulgation (  
regulations "u section                  
#abh7;e77#ag77;,a7 ( ! ,tru? 9 ,l5d+    
,act 7#ae ,u4,s4,c4                     
#afch7;e77#ag77;,a774  7#d7 ,policy     
direction to f$]al /ud5t aid ,! work+   
gr\p %all develop policy direction = !  
,(fice ( ,f$]al ,/ud5t ,aid to          
incorporate1 into contracts aw>d$ "u ?is
 section1 applicable requirem5ts & /&>ds
 promulgat$ "u section                  
#abh7;e77#ag77;,a7 ( ! ,tru? 9 ,l5d+    

,act 7#ae ,u4,s4,c4 #afch7;e77#ag77;,a77
 or describ$ 9 section                  
#abh7;e77#ag77;,b77i77,,ii7 ( su* ,act4 
7#e7 ,meet+s ,aft] ! ,secret>y 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 
section #abh7;e77#ag77;,a7 ( ! ,tru? 9  
,l5d+ ,act 7#ae ,u4,s4,c4               
#afch7;e77#ag77;,a77 on entities ) :i* !
 ,secret>y has ent]$ into a contract "u 
?is section2  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 ?is section ) policy 
direction develop$ "u p>agraph 7#d7 &   
regulations promulgat$ "u section       
#abh7;e77#ag77;,a7 ( ! ,tru? 9 ,l5d+    
,act 7#ae ,u4,s4,c4 #afch7;e77#ag77;,a77
 or describ$ 9 section                  
#abh7;e77#ag77;,b77i77,,ii7 ( su* ,act2 

&  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$]al ,direct ,loan   
,program4  7#f7 ,rule ( con/ruction     
,no?+ 9 ?is subsection %all be consid]$ 
to alt]1 limit1 or re/rict ! ,bureau (  
,consum] ,f9ancial ,protection's        
obligations "u *apt] #e ( title #e1     
,unit$ ,/ates ,code 7commonly kn[n z !  
,adm9i/rative ,proc$ures ,act71 includ+ 
! ,director's obligation to provide     
notice1 solicit public comm5t1 & respond
 to su* comm5t :5 issu+ regulations4  4 
#c4 ,tru? 9 ,l5d+ ,act am5dm5ts  7a7 ,9 
g5]al ,! ,tru? 9 ,l5d+ ,act 7#ae        
,u4,s4,c4 #afja et seq47 is am5d$-- 7#a7
 9 section #abh 7#ae ,u4,s4,c4 #afch7-- 
7,a7 9 subsection 7e7-- 7i7 9 !         
subsection head+1 by /rik+ private2     
7ii7 9 p>agraph 7#a77,o71 by /rik+      
p>agraph 7#f7 & ins]t+ p>agraph 7#aj72  
7iii7 9 p>agraph 7#b77,l71 by /rik+     
p>agraph 7#f7 & ins]t+ p>agraph 7#aj72  
7iv7 9 p>agraph 7#d77;,c71 by /rik+     

p>agraph 7#g7 & ins]t+ p>agraph 7#aa72  
7v7 by r$esignat+ p>agraphs 7#e7 ?r\gh  
7#aa7 z p>agraphs 7#i7 ?r\gh 7#ae71     
respectively2  7vi7 by ins]t+ aft]      
p>agraph 7#d7 ! foll[+3  7#e7           
,disclosures be=e fir/ fully amortiz$   
paym5t ,n few] ?an #cj days & n m ?an   
#aej days be=e ! fir/ fully amortiz$    
paym5t on a po/second>y education loan  
is due f ! borr[]1 ! po/second>y        
educational l5d] or s]vic] %all disclose
 to ! borr[]1 cle>ly & conspicu\sly--   
7,a7 ! in=mation describ$ 9-- 7i7       
p>agraph 7#b77;,a7 7adju/$1 z necess>y1 
= ! rate ( int]e/ 9 effect on ! date !  
fir/ fully amortiz$ paym5t on a         
po/second>y education loan is due72     
7ii7 subp>agraphs 7,b7 ?r\gh 7,g7 (     
p>agraph 7#b72  7iii7 p>agraph 7#b77;,h7
 7adju/$1 z necess>y1 = ! rate ( int]e/ 
9 effect on ! date ! fir/ fully amortiz$
 paym5t on a po/second>y education loan 
is due72  7iv7 p>agraph 7#b77,k72 &  7v7
 subp>agraphs 7,o7 & 7,p7 ( p>agraph    
7#b72  7,b7 ! s*$ul$ date ^u :i* ! fir/ 

fully amortiz$ paym5t is due2  7,c7 ! "n
 ( ! po/second>y educational l5d] &     
s]vic]1 & ! address to :i*              
communications & paym5ts %\ld be s5t    
includ+ a telephone numb] & website :]e 
! borr[] may obta9 additional in=mation2
  7,d7 a description ( alt]native       
repaym5t options1 includ+ ,f$]al ,direct
 ,consolidation ,loans "u "p ,d ( title 
,,iv ( ! ,high] ,education ,act ( #aife 
7#bj ,u4,s4,c4 #ajhg;a et seq471 z      
applicable1 & s]vicememb] or vet]an     
b5efits "u ! ,s]vicememb]s ,civil       
,relief ,act 7#ej ,u4,s4,c4 ,app4 #eja  
et seq47 or o!r ,f$]al or ,/ate law     
relat$ to po/second>y education loans2 &
  7,e7 a /atem5t t a ,s]vicememb] &     
,vet]ans ,liaison designat$ "u p>agraph 
7#af77,k7 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 ! ,liaison pursuant to 
p>agraph 7#af77,k74  7#f7 ,disclosures  
:5 borr[] is at risk  7,a7 ,9 g5]al ,n m

 ?an #e days aft] a po/second>y         
educational l5d] or s]vic] det]m9es t a 
borr[] meets ! crit]ia e/abli%$ 9       
p>agraph 7#af77;,j77i71 ! po/second>y   
educational l5d] or s]vic] %all disclose
 to ! borr[]1 9 writ+1 cle>ly &         
conspicu\sly t a repaym5t speciali/     
(fice or unit is available to discuss   
alt]native repaym5t options & answ]     
borr[] inquiries relat$ to _!           
po/second>y educational loan1 includ+ ! 
toll-free numb] to contact ! (fice or   
unit pursuant to p>agraph               
7#af77;,j77iii74  7,b7 ,outrea* to      
at-risk borr[]s ,! ,director1 9         
accordance ) p>agraph 7#ag77;,a71 %all  
promulgate rules to e/abli% a timel9e = 
additional live outrea* by ! repaym5t   
speciali/ (fice or unit to at-risk      
borr[]s4  7#g7 ,actions :5 borr[] is #cj
 days del9qu5t  7,a7 ,9 g5]al ,n m ?an  
#e days aft] a borr[] becomes #cj days  
del9qu5t on a po/second>y education     
loan1 ! repaym5t speciali/ (fice or unit
 designat$ "u p>agraph 7#af77;,j7 %all--

 7i7 make a good fai? ef=t to e/abli%   
live contact ) ! borr[] to discuss      
alt]native repaym5t options & o!r       
options available to avoid default2 &   
7ii7 disclose to ! borr[]1 9 writ+1     
cle>ly & conspicu\sly-- 7,i7 ! m9imum   
paym5t t ! borr[] mu/ make to br+ ! loan
 curr5t2  7,,ii7 a /atem5t1 relat$ to   
pot5tial *>ge (f 7z def9$ 9 p>agraph    
7#af77;,a77 or assignm5t to collections 
z appropriate1 to include-- 7aa7 ! date 
on :i* ! loan w be *>g$ (f or assign$ to
 collections if no paym5t or ! m9imum   
paym5t requir$ to be disclos$ pursuant  
to item 7bb7 is n made2  7bb7 ! m9imum  
paym5t t mu/ be made to avoid ! loan be+
 *>g$ (f or assign$ to collection2 &    
7cc7 ! consequ5ces to ! borr[] ( *>ge (f
 or assignm5t to collections2  7,,iii7 a
 /atem5t t a ,s]vicememb] & ,vet]ans    
,liaison designat$ "u p>agraph 7#af77,k7
 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 !  

,liaison pursuant to p>agraph 7#af77,k72
 &  7,,iv7 a /atem5t t a repaym5t       
speciali/ (fice or unit designat$ "u    
p>agraph 7#af77;,j7 is available to     
answ] inquiries relat$ to alt]native    
repaym5t options1 includ+ ! toll-free   
telephone numb] to contact ! speciali/  
pursuant to p>agraph 7#af77;,j77iii74   
7,b7 ,modifications ,! disclosures      
describ$ 9 subp>agraph 7,a77ii7 may be  
modifi$ subject to regulations          
promulgat$ by ! ,director1 bas$ on      
consum] te/+ & 9 accordance ) p>agraph  
7#ag77;,a74  7#h7 ,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          
po/second>y educational l5d] or s]vic] 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 p>agraph 7#af77;,j7 %all-- 
7i7 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-- 7,i7 if ! borr[]  
is eligible = an alt]native repaym5t    
option1 includ+ ,f$]al ,direct          
,consolidation ,loans "u "p ,d ( title  
,,iv ( ! ,high] ,education ,act ( #aife 
7#bj ,u4,s4,c4 #ajhg;a et seq471 z      
applicable2  7,,ii7 if ! borr[] is      
eligible = s]vicememb] or vet]an b5efits
 "u ! ,s]vicememb]s ,civil ,relief ,act 
7#ej ,u4,s4,c4 ,app4 #eja et seq47 or   
o!r ,f$]al or ,/ate law relat$ to       
po/second>y education loans2 &  7,,iii7 
if ! po/second>y education loan is      
eligible = dis*>ge by ! ,secret>y2  7ii7
 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 
plan1 pursuant to p>agraph 7#i77;,d72   
7iii7 provide to ! borr[] 9 writ+1 9    
simple & und]/&able t]ms1 su* in=mation 
requir$ by clause 7ii72  7iv7 all[ !    

borr[] n less ?an #cj days to apply = an
 alt]native repaym5t option or b5efits1 
if eligible2  7v7 notify ! borr[] t a   
,s]vicememb] & ,vet]ans ,liaison        
designat$ "u p>agraph 7#af77,k7 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 !  
,liaison pursuant to p>agraph 7#af77,k72
 &  7vi7 notify ! borr[] t a repaym5t   
speciali/ (fice or unit designat$ "u    
p>agraph 7#af77;,j7 is available to     
answ] inquiries relat$ to alt]native    
repaym5t options1 includ+ ! toll-free   
telephone numb] to contact ! speciali/  
pursuant to p>agraph 7#af77;,j77iii74   
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 ! po/second>y        
educational l5d] or s]vic] t a long-t]m 
alt]native repaym5t option is n         
appropriate1 ! po/second>y educational  
l5d] or s]vic] may comply ) ?is p>agraph

 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* options   
pursuant to p>agraph 7#i77;,d74  7,c7   
,notification process  7i7 ,9 g5]al ,ea*
 po/second>y educational l5d] or s]vic] 
%all e/abli% a process1 9 accordance )  
subp>agraph 7,a71 = a borr[] to notify !
 l5d] t-- 7,i7 ! borr[] is hav+         
difficulty mak+ paym5ts on a po/second>y
 education loan2 &  7,,ii7 a long-t]m   
alt]native repaym5t option is n         
appropriate4  7ii7 ,consum] f9ancial    
protection bureau requirem5ts ,!        
,director %all1 bas$ on consum] te/+1 & 
9 accordance ) p>agraph 7#ag77;,a71     
promulgate rules e/abli%+ m9imum /&>ds =
 po/second>y educational l5d]s or       
s]vic]s 9 c>ry+ out ! requirem5ts ( ?is 
p>agraph & a model =m = borr[]s to      
notify po/second>y educational l5d]s or 

s]vic]s ( ! in=mation "u ?is p>agraph4  
2  7vii7 9 p>agraph 7#i71 z r$esignat$  
by clause 7v71 by add+ at ! end !       
foll[+3  7,d7 ,model disclosure =m =    
alt]native repaym5t options1 =be>ance1 &
 def]m5t options ,n lat] ?an #b ye>s    
aft] ! date ( enactm5t ( ! ,/ud5t ,loan 
,borr[] ,bill ( ,rights1 ! ,director    
%all1 bas$ on consum] te/+ & ?r\gh      
regulations promulgat$ 9 accordance )   
p>agraph 7#ag77;,a71 develop & issue    
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 7i7 ,! total am\nt  
to be paid ov] ! life ( ! loan4  7ii7 ,!
 total am\nt 9 int]e/ to be paid ov] !  
life ( ! loan4  7iii7 ,! mon?ly paym5t  
am\nt4  7iv7 ,! expect$ pay-(f date4    
7v7 ,o!r relat$ fees & co/s1 z          
applicable4  7vi7 ,eligibility          
requirem5ts1 & h[ ! borr[] c apply = an 

alt]native repaym5t option1 =be>ance1 or
 def]m5t option4  7vii7 ,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  2  7viii7 9        
p>agraph 7#ab71 z r$esignat$ by clause  
7v71 by /rik+ p>agraph 7#g7 & ins]t+    
p>agraph 7#aa72  7ix7 by /rik+ p>agraph 
7#ad71 z r$esignat$ by clause 7v71 &    
ins]t+ ! foll[+3  7#ad7 ,def9itions ,9  
?is subsection-- 7,a7 ! t]ms cov]$      
educational in/itution1 private         
educational l5d]1 & private education   
loan h ! same mean+s z 9 section #adj2  
7,b7 ! t]m po/second>y education loan   
means-- 7i7 a private education loan2 or
  7ii7 a loan made1 insur$1 or gu>ante$ 
"u "p ,b1 ,d1 or ,e ( title ,,iv ( !    
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajga et seq41 #ajhg;a et     
seq41 & #ajhg;aa et seq472  7,c7 ! t]m  
po/second>y educational l5d] or s]vic]  
means-- 7i7 an eligible l5d] ( a loan   

made1 insur$1 or gu>ante$ "u "p ,b ( !  
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajga et seq472  7ii7 any     
entity ) :i* ! ,secret>y ent]s into a   
contract "u section #def ( ! ,high]     
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhg;f7 = orig9ation1 s]vic+1 or       
collection describ$ 9 subsection 7b7 (  
su* section #def & is engag$ 9 !        
provision (1 or (f]+1 s]vic+1 z def9$ 9 
p>agraph 7#af77;,a77iv71 or collections 
reg>dless ( :e!r ! ,secret>y id5tifies !
 entity z a s]vic] 9 su* contract2      
7iii7 a private educational l5d]2  7iv7 
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 clause 7i7 
or 7iii72 or  7v7 any o!r hold] ( a     
po/second>y education loan o!r ?an !    
,secret>y2  7,d7 ! t]m ,director means !
 ,director ( ! ,bureau2 &  7,e7 ! t]m   
,secret>y means ! ,secret>y (           
,education4  2  7x7 9 p>agraph 7#ae71 z 
r$esignat$ by clause 7v71 by /rik+      

p>agraph 7#e7 & ins]t+ p>agraph 7#i72 & 
7xi7 by add+ at ! end ! foll[+3  7#af7  
,/ud5t loan borr[] bill ( rights  7,a7  
,def9itions ,9 ?is p>agraph3 7i7 ,borr[]
 ,! t]m borr[] means ! p]son to :om a   
po/second>y education loan is ext5d$4   
7ii7 ,*>ge (f ,! t]m *>ge (f means *>ge 
to pr(it & loss1 or subject to any      
simil> action4  7iii7 ,qualifi$ writt5  
reque/  7,i7 ,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 ! po/second>y     
educational l5d] or s]vic] to receive   
communications f borr[]s t-- 7aa7       
includes1 or o!rwise enables !          
po/second>y educational l5d] or s]vic]  
to id5tify1 ! "n & acc\nt ( ! borr[]2 & 
7bb7 includes1 to ! ext5t applicable--  
7,,aa7 suffici5t detail reg>d+ !        
in=mation s\ght by ! borr[]2 or 7,,bb7 a

 /atem5t ( ! reasons = ! belief ( !     
borr[] t !re is an error reg>d+ ! acc\nt
 ( ! borr[]4  7,,ii7 ,correspond5ce     
deliv]$ to o!r addresses  7aa7 ,9 g5]al 
,a writt5 correspond5ce ( a borr[] is a 
qualifi$ writt5 reque/ if ! writt5      
correspond5ce is transmitt$ to & receiv$
 by a po/second>y educational l5d] or   
s]vic] at a mail+ address1 facsimile    
numb]1 email address1 or website address
 o!r ?an ! address or numb] designat$ by
 t po/second>y educational l5d] or      
s]vic] to receive communications f      
borr[]s b ! writt5 correspond5ce meets !
 requirem5ts "u items 7aa7 & 7bb7 (     
subclause 7,i74  7bb7 ,duty to transf]  
,a po/second>y educational l5d] or      
s]vic] %all1 )9 a reasonable p]iod ( "t1
 transf] a writt5 correspond5ce ( a     
borr[] receiv$ by ! po/second>y         
educational l5d] or s]vic] at a mail+   
address1 facsimile numb]1 email address1
 or website address o!r ?an ! address or
 numb] designat$ by t po/second>y       
educational l5d] or s]vic] to receive   

communications f borr[]s to ! correct   
address or appropriate (fice or o!r unit
 ( ! po/second>y educational l5d] or    
s]vic]4  7cc7 ,date ( receipt ,a writt5 
correspond5ce ( a borr[] transf]r$ 9    
accordance ) item 7bb7 %all be deem$ to 
be receiv$ by ! po/second>y educational 
l5d] or s]vic] on ! date on :i* ! writt5
 correspond5ce is transf]r$ to ! correct
 address or appropriate (fice or o!r    
unit ( ! po/second>y educational l5d] or
 s]vic]4  7iv7 ,s]vic+ ,! t]m s]vic+    
means #a or m ( ! foll[+3 7,i7 ,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,,ii7      
,apply+ paym5ts to ! borr[]'s acc\nt    
pursuant to ! t]ms ( ! po/second>y      
education loan or ! contract gov]n+ !   
s]vic+4  7,,iii7 ,ma9ta9+ acc\nt records
 = a po/second>y education loan4  7,,iv7
 ,communicat+ ) a borr[] reg>d+ a       
po/second>y education loan on behalf ( !
 po/second>y educational l5d] or s]vic]4

  7,v7 ,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 subclause 7,i7  
or 7,,ii74  7,b7 ,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-- 7i7 ! transf]or %all-- 
7,i7 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 
(-- 7aa7 ! sale or o!r transf]1         
assignm5t1 or transf] ( s]vic+          
obligations2  7bb7 ! id5tity ( !        
transf]ee2  7cc7 ! "n & address ( ! p>ty
 to :om subsequ5t paym5ts or            
communications mu/ be s5t2  7dd7 !      
telephone numb]s & websites ( bo? !     
transf]or & ! transf]ee2  7ee7 !        

effective date ( ! sale1 transf]1 or    
assignm5t2  7ff7 ! date on :i* !        
transf]or w /op accept+ paym5t2 &  7gg7 
! date on :i* ! transf]ee w beg9 accept+
 paym5t2  7,,ii7 =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,,iii7    
provide to ! transf]ee all borr[]       
in=mation & complete paym5t hi/ory      
in=mation = any su* po/second>y         
education loans2 &  7ii7 ! transf]ee    
%all-- 7,i7 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 (-- 7aa7 ! sale or o!r transf]1   
assignm5t1 or transf] ( s]vic+          
obligations2  7bb7 ! id5tity ( !        
transf]or2  7cc7 ! "n & address ( ! p>ty
 to :om subsequ5t paym5ts or            
communications mu/ be s5t2  7dd7 !      

telephone numb]s & websites ( bo? !     
transf]or & ! transf]ee2  7ee7 !        
effective date ( ! sale1 transf]1       
assignm5t1 or transf] ( s]vic+          
obligations2  7ff7 ! date on :i* !      
transf]or w /op accept+ paym5t2 &  7gg7 
! date on :i* ! transf]ee w beg9 accept+
 paym5t2  7,,ii7 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,,iii7 
provide borr[]s a simple1 onl9e process 
= transf]r+ exi/+ electronic fund       
transf] au?ority2 &  7,,iv7 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  7,c7 ,mat]ial *ange 9  
mail+ address or proc$ure = h&l+ paym5ts
  7i7 ,9 g5]al ,if a po/second>y        

educational l5d] or s]vic] makes a *ange
 9 ! mail+ address1 (fice1 or proc$ures 
= h&l+ paym5ts ) respect to any         
po/second>y education loan1 !           
po/second>y educational l5d] or s]vic]  
%all notify ! borr[] 9 writ+ & ?r\gh !  
borr[]'s pref]r$ or designat$ me?od (   
communication n less ?an #de cal5d> days
 9 advance ( su* *ange4  7ii7 ,borr[]   
protection w9d[ ,if a *ange describ$ 9  
clause 7i7 causes a delay 9 ! cr$it+ ( !
 acc\nt ( ! borr[] made dur+ ! #ij-;day 
p]iod foll[+ ! date on :i* su* *ange    
took effect1 ! po/second>y educational  
l5d] or s]vic] may n impose on ! borr[] 
any negative consequ5ces1 includ+       
negative cr$it report+1 lo/ eligibility 
9 borr[] b5efits1 late fees1 int]e/     
capitalization1 or o!r f9ancial injury4 
7,d7 ,int]e/ rate & t]m *anges = c]ta9  
po/second>y education loans  7i7        
,notification requirem5ts  7,i7 ,9 g5]al
 ,except z provid$ 9 clause 7iii71 a    
po/second>y educational l5d] or s]vic]  
%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,,ii7 ,mat]ial *anges 9    
t]ms ,! ,director %all1 by regulation1  
e/abli% guidel9es = det]m9+ :i* *anges 9
 t]ms are mat]ial "u subclause 7,i74    
7ii7 ,limits on int]e/ rate & fee       
increases applicable to out/&+ balance  
,except z provid$ 9 clause 7iii71 a     
po/second>y educational l5d] or s]vic]  
may n increase ! int]e/ rate or o!r fee 
applicable to an out/&+ balance on a    
po/second>y education loan4  7iii7      
,exceptions ,! requirem5ts "u clauses   
7i7 & 7ii7 %all n apply to-- 7,i7 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 
( ! po/second>y educational l5d] or     
s]vic] & is publi%$ = view+ by ! g5]al  
public2  7,,ii7 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-- 7aa7 ! 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 ( !    
arrangem5t2 &  7bb7 ! po/second>y       
educational l5d] or s]vic] has provid$ !
 borr[]1 prior to ! comm5cem5t ( su*    
arrangem5t1 ) cle> & conspicu\s         
disclosure ( ! t]ms ( ! arrangem5t      
7includ+ any increases due to su*       
completion or failure72 &  7,,iii7 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-- 
7aa7 ! borr[] )draws ! borr[]'s         
au?orization ( ! pre>rang$ recurr+      
electronic funds transf] plan2 &  7bb7  

aft] )drawal ( ! borr[]'s au?orization &
 prior to increas+ ! int]e/ rate1 !     
po/second>y educational l5d] or s]vic]  
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  7,e7 ,paym5t      
in=mation  7i7 ,/atem5t requir$ ) ea*   
bill+ cycle ,a po/second>y educational  
l5d] or s]vic] = ea* borr[]'s acc\nt t  
is be+ s]vic$ by ! po/second>y          
educational l5d] or s]vic] & 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 /atem5t t includes-- 7,i7 !   
int]e/ rate1 pr9cipal balance1 m9imum   
mon?ly paym5t1 & paym5t due date = ea*  
loan2  7,,ii7 ! out/&+ balance 9 !      
acc\nt & ea* loan at ! beg9n+ ( ! bill+ 
cycle2  7,,iii7 ! total am\nt cr$it$ to 
! acc\nt & ea* loan dur+ ! bill+ cycle2 
7,,iv7 ! total am\nt ( unpaid int]e/ = !
 acc\nt & ea* loan2  7,v7 ! am\nt ( any 

fee add$ to ! acc\nt dur+ ! bill+ cycle1
 itemiz$ to %[ ea* individual fee am\nt 
& reason = ea* fee2  7,,vi7 ! address & 
phone numb] ( ! po/second>y educational 
l5d] or s]vic] to :i* ! borr[] may      
direct bill+ inquiries2  7,,vii7 ! am\nt
 ( any paym5ts or o!r cr$its dur+ !     
bill+ cycle t 0 appli$ respectively to !
 pr9cipal & to int]e/ = ea* loan2       
7,,viii7 ! mann]1 pursuant to           
subp>agraph 7,g71 9 :i* paym5ts w be    
allocat$ among multiple loans if !      
borr[] does n provide specific paym5t   
in/ructions2  7,,ix7 :e!r ea* loan is 9 
def]m5t or =be>ance2  7,x7 in=mation on 
h[ to file a compla9t ) ! ,bureau & ) ! 
ombudsman designat$ pursuant to section 
#ajce ( ! ,consum] ,f9ancial ,protection
 ,act ( #bjaj 7#ab ,u4,s4,c4 #eece7 & ! 
,dep>tm5t ( ,education2  7,,xi7 = any   
borr[] consid]$ to be at risk1 z        
describ$ 9 subp>agraph 7,j77i71 a       
/atem5t t a repaym5t speciali/ (fice or 
unit designat$ "u subp>agraph 7,j7 is   
available to answ] inquiries relat$ to  

alt]native repaym5t options1 includ+ !  
toll-free telephone numb] to contact !  
speciali/ pursuant to subp>agraph       
7,j77iii72 &  7,,xii7 any o!r in=mation 
det]m9$ appropriate by ! ,director ?r\gh
 regulations promulgat$1 bas$ on consum]
 te/+ & 9 accordance ) p>agraph         
7#ag77;,a74  7ii7 ,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 clause 7i7 ) 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  7,f7       
,application ( paym5ts  7i7 ,apply      
paym5t on date receiv$ ,unless o!rwise  
direct$ by ! borr[]1 a po/second>y      
educational l5d] or s]vic] %all apply   
paym5ts to a borr[]'s acc\nt on ! date !

 paym5t is receiv$4  7ii7 ,promulgation 
( rules ,! ,director1 9 accordance )    
p>agraph 7#ag77;,a71 may promulgate     
rules = ! application ( po/second>y     
education loan paym5ts t-- 7,i7         
implem5ts ! requirem5ts 9 ?is section2  
7,,ii7 m9imizes ! am\nt ( fees & int]e/ 
incurr$ by ! borr[] & ! total loan am\nt
 paid by ! borr[]2  7,,iii7 m9imizes    
del9qu5cies1 assignm5ts to collection1 &
 *>ge (fs2  7,,iv7 requires po/second>y 
educational l5d]s or s]vic]s to apply   
paym5ts on ! date receiv$2 &  7,v7 all[s
 ! borr[] to in/ruct ! po/second>y      
educational l5d] or s]vic] to apply     
paym5ts 9 a mann] pref]r$ by ! borr[]4  
7iii7 ,me?od t be/ b5efits borr[] ,9    
promulgat+ ! rules "u clause 7ii71 !    
,director %all *oose ! allocation me?od 
t be/ b5efits ! borr[] & is compatible )
 exi/+ repaym5t options4  7,g7          
,allocation ( paym5ts among multiple    
loans  7i7 ,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 ! po/second>y           
educational l5d] or s]vic] %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 !  
po/second>y educational l5d] or s]vic]  
%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/$4 ,a borr[] may      
in/ruct or expressly au?orize a         
po/second>y educational l5d] or s]vic]  
to allocate paym5ts 9 a diff]5t mann]4  
7ii7 ,allocation ( excess am\nts ,unless
 o!rwise direct$ by ! borr[]1 ^u receipt
 ( a paym5t exce$+ ! total am\nt due    
among all ! borr[]'s po/second>y        
education loans1 ! po/second>y          
educational l5d] or s]vic] %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/$4 ,a     
borr[] may in/ruct or expressly au?orize
 a po/second>y educational l5d] or      
s]vic] to allocate su* excess paym5ts 9 
a diff]5t mann]4  7iii7 ,allocation (   
exact paym5ts ,unless o!rwise direct$ by
 ! borr[] ^u receipt ( a paym5t t       
exactly satisfies ! mon?ly paym5ts = ea*
 loan1 ! po/second>y educational l5d] or
 s]vic] %all allocate paym5ts to satisfy
 ea* mon?ly paym5t4  7iv7 ,promulgation 
( rules ,! ,director1 9 accordance )    
p>agraph 7#ag77;,a71 may promulgate     
rules = ! allocation ( paym5ts among    
multiple po/second>y education loans t--
 7,i7 implem5ts ! requirem5ts 9 ?is     
section2  7,,ii7 m9imizes ! am\nt ( fees
 & int]e/ incurr$ by ! borr[] & ! total 
loan am\nt paid by ! borr[]2  7,,iii7   
m9imizes del9qu5cies1 assignm5ts to     

collection1 & *>ge (fs2  7,,iv7 requires
 po/second>y educational l5d]s or       
s]vic]s to apply paym5ts on ! date      
receiv$2 &  7,v7 all[s ! borr[] to      
in/ruct po/second>y educational l5d]s or
 s]vic]s to apply paym5ts 9 a mann]     
pref]r$ by ! borr[]1 includ+ excess     
paym5ts4  7v7 ,me?od t be/ b5efits      
borr[] ,9 promulgat+ ! rules "u clause  
7iv71 ! ,director %all *oose !          
allocation me?od t be/ b5efits ! borr[] 
& is compatible ) exi/+ repaym5t        
options4  7,h7 ,late fees  7i7 ,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,i7 ,on a p]-loan     
basis :5 a borr[] has multiple          
po/second>y education loans4  7,,ii7 ,9 
an am\nt great] ?an #d p]c5t ( ! am\nt (
 ! paym5t pa/ due4  7,,iii7 ,be=e ! end 
( ! #ae-;day p]iod beg9n+ on ! date !   
paym5t is due4  7,,iv7 ,m ?an once )    
respect to a s+le late paym5t4  7,v7 ,! 
borr[] fails to make a s+ul>1           

non-successive regul>ly s*$ul$ paym5t on
 ! po/second>y education loan4  7ii7    
,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  7iii7 ,paym5ts at   
local bran*es ,if ! loan hold]1 9 ! case
 ( a po/second>y education loan acc\nt  
ref]r$ to 9 subp>agraph 7,a71 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  7,i7 ,borr[]        

inquiries  7i7 ,duty ( po/second>y      
educational l5d]s or s]vic]s to respond 
to borr[] inquiries  7,i7 ,notice (     
receipt ( reque/ ,if a borr[] submits a 
qualifi$ writt5 reque/ to ! po/second>y 
educational l5d] or s]vic] = in=mation  
relat+ to ! s]vic+ ( ! po/second>y      
education loan1 ! po/second>y           
educational l5d] or s]vic] %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,,ii7    
,action ) respect to inquiry ,n lat] ?an
 #cj bus9ess days aft] ! receipt f a    
borr[] ( a qualifi$ writt5 reque/ "u    
subclause 7,i7 &1 if applicable1 be=e   
tak+ any action ) respect to ! qualifi$ 
writt5 reque/ ( ! borr[]1 ! po/second>y 
educational l5d] or s]vic] %all-- 7aa7  
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 ( !  
po/second>y educational l5d] or s]vic]  
:o c provide assi/ance to ! borr[]72    
7bb7 aft] conduct+ an inve/igation1     
provide ! borr[] ) a writt5 explanation 
or cl>ification t includes-- 7,,aa7 to !
 ext5t applicable1 a /atem5t ( ! reasons
 = :i* ! po/second>y educational l5d] or
 s]vic] believes ! acc\nt ( ! borr[] is 
correct z det]m9$ by ! po/second>y      
educational l5d] or s]vic]2 & 7,,bb7 !  
"n & toll-free or collect-call telephone
 numb] ( an individual employ$ by1 or ! 
(fice or dep>tm5t (1 ! po/second>y      
educational l5d] or s]vic] :o c provide 
assi/ance to ! borr[]2 or  7cc7 aft]    
conduct+ an inve/igation1 provide !     
borr[] ) a writt5 explanation or        
cl>ification t includes-- 7,,aa7        
in=mation reque/$ by ! borr[] or        
explanation ( :y ! in=mation reque/$ is 
unavailable or _c be obta9$ by !        
po/second>y educational l5d] or s]vic]2 
& 7,,bb7 ! "n & toll-free or            
collect-call telephone numb] ( an       

individual employ$ by1 or ! (fice or    
dep>tm5t (1 ! po/second>y educational   
l5d] or s]vic] :o c provide assi/ance to
 ! borr[]4  7,,iii7 ,limit$ ext5sion (  
response "t  7aa7 ,9 g5]al ,!re may be  
#a ext5sion ( ! #cj-;day p]iod describ$ 
9 subclause 7,,ii7 ( n m ?an #ae days   
if1 be=e ! end ( su* #cj-;day p]iod1 !  
po/second>y educational l5d] or s]vic]  
notifies ! borr[] ( ! ext5sion & !      
reasons = ! delay 9 respond+4  7bb7     
,reports to bureau ,ea* po/second>y     
educational l5d] or s]vic] %all1 on an  
annual basis1 report to ! ,bureau !     
aggregate numb] ( ext5sions s\ght by !  
su* po/second>y educational l5d] or     
s]vic] "u item 7aa74  7ii7 ,protection  
aga9/ negative consequ5ces ,dur+ !      
#fj-;day p]iod beg9n+ on ! date on :i* a
 po/second>y educational l5d] or s]vic] 
receives a qualifi$ writt5 reque/ f a   
borr[] relat+ to a dispute reg>d+       
paym5ts by ! borr[]1 a po/second>y      
educational l5d] or s]vic] may n impose 
any negative consequ5ces on ! borr[]    

relat+ to ! subject ( ! qualifi$ writt5 
reque/ or to su* p]iod includ+-- 7,i7   
provid+ negative cr$it in=mation to any 
consum] report+ ag5cy 7z def9$ 9 section
 #fjc ( ! ,fair ,cr$it ,report+ ,act    
7#ae ,u4,s4,c4 #afha;a772  7,,ii7 lo/   
eligibility = a borr[] b5efit2  7,,iii7 
late fees2  7,,iv7 int]e/               
capitalization2 or  7,v7 o!r f9ancial   
injury4  7,j7 ,repaym5t speciali/s =    
at-risk borr[]s  7i7 ,at-risk borr[]s ,a
 po/second>y educational l5d] or s]vic] 
%all designate an (fice or o!r unit to  
act z a repaym5t speciali/ reg>d+       
po/second>y education loans =-- 7,i7 any
 borr[] :o-- 7aa7 becomes #cj cal5d>    
days or m del9qu5t "u ! po/second>y     
education loan2 or  7bb7 notifies !     
po/second>y educational l5d] or s]vic]  
pursuant to p>agraph 7#h77;,c7 t !      
borr[] is hav+ difficulty mak+ paym5t2  
7,,ii7 any borr[] :o reque/s in=mation  
relat$ 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,,iii7 any borr[] :o has n   
complet$ ! program ( /udy = :i* ! borr[]
 receiv$ ! loans2  7,,iv7 any borr[] :o 
is enroll$ 9 discretion>y =be>ance = m  
?an #i ( ! previ\s #ab mon?s2  7,v7 any 
borr[] :o has rehabilitat$ or           
consolidat$ #a or m po/second>y         
education loans out ( default )9 ! prior
 #bd mon?s2  7,,vi7 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,,vii7 a borr[] :o seeks
 to modify ! t]ms ( ! repaym5t ( !      
po/second>y education loan because (    
h>d%ip2 &  7,,viii7 any borr[] or segm5t
 ( borr[]s det]m9$ by ! ,director or !  
,secret>y to be at risk4  7ii7 ,tra9+   
,/aff ( ! repaym5t speciali/ (fice or   
unit designat$ "u clause 7i7 %all-- 7,i7
 receive rigor\s1 ongo+ tra9+ relat$ to 
available repaym5t plans1 loan =giv5ess1
 & cancellation & dis*>ge options2 &    

7,,ii7 be tra9$ to-- 7aa7 assess !      
borr[]'s long-t]m & %ort-t]m f9ancial   
situation 9 discuss+ alt]native repaym5t
 options ) borr[]s2  7bb7 in=m borr[]s1 
:5 !re is suffici5t in=mation to det]m9e
 t a borr[] may be eligible1 ab\t       
clos$-s*ool dis*>ge1 dis*>ge "u def5se  
to repaym5t1 or total & p]man5t         
disability dis*>ge prior to in=m+ !     
borr[] ab\t any o!r options = repaym5t2 
&  7cc7 in=m borr[]s ab\t alt]native    
repaym5t options1 prior to discuss+     
=be>ance & def]m5t4  7iii7 ,toll-free   
telephone numb] ,ea* po/second>y        
educational l5d] or s]vic] %all ma9ta9 a
 toll-free telephone numb] t %all-- 7,i7
 connect directly to ! repaym5t         
speciali/ (fice or unit designat$ "u    
clause 7i72  7,,ii7 be made available on
 ! prim>y int]net website ( !           
po/second>y educational l5d] or s]vic]1 
on mon?ly bill+ /atem5ts1 & any         
disclosures requir$ by p>agraph 7#f72 & 
7,,iii7 n subject borr[]s to            
unreasonable call wait times4  7iv7     

,comp5sation ,/aff ( ! repaym5t         
speciali/ (fice or unit designat$ "u    
clause 7i7 %all n be comp5sat$ on !     
basis ( ! volume ( calls or acc\nts     
h&l$1 doll> am\nts collect$1 brevity (  
calls1 or 9 any o!r mann] t may enc\rage
 undue ha/e & lack ( dilig5ce or quality
 cu/om] s]vice4  7,k7 ,s]vicememb]s1    
vet]ans1 & po/second>y education loans  
7i7 ,s]vicememb] & vet]ans liaison ,ea* 
po/second>y educational l5d] or s]vic]  
%all designate an employee to act z !   
s]vicememb] & vet]ans liaison :o is     
responsible = answ]+ inquiries f        
s]vicememb]s & vet]ans1 & is specially  
tra9$ on s]vicememb] & vet]an b5efits "u
 ! ,s]vicememb]s ,civil ,relief ,act    
7#ej ,u4,s4,c4 ,app4 #eja et seq47 & o!r
 ,f$]al or ,/ate laws relat$ to         
po/second>y education loans4  7ii7      
,toll-free telephone numb] ,ea*         
po/second>y educational l5d] or s]vic]  
%all ma9ta9 a toll-free telephone numb] 
t %all-- 7,i7 connect directly to !     
s]vicememb] & vet]ans liaison designat$ 

"u clause 7i72  7,,ii7 be made available
 on ! prim>y int]net website (          
po/second>y educational l5d] or s]vic] &
 on mon?ly bill+ /atem5ts2 &  7,,iii7 n 
subject borr[]s to unreasonable call    
wait times4  7iii7 ,prohibition on *>ge 
(fs & default ,a po/second>y educational
 l5d] or s]vic] 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  7iv7 ,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 ,act  
7#ej ,u4,s4,c4 ,app4 #eja et seq474     
7,l7 ,borr[]'s loan hi/ory  7i7 ,9 g5]al
 ,a po/second>y educational l5d] or     
s]vic] %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,i7 paym5t      
hi/ory1 includ+ repaym5t plan &         
paym5ts-- 7aa7 made on su* loan to      
previ\s po/second>y educational l5d]s or
 s]vic]s2 &  7bb7 qualify+ t[>d a loan  
=giv5ess program & designat+ su*        
program2  7,,ii7 loan hi/ory1 includ+   
any =be>ances1 def]rals1 del9qu5cies1   
assignm5t to collection1 & *>ge (fs2    
7,,iii7 annual p]c5tage rate hi/ory2    
7,,iv7 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,v7 
am\nt due to pay (f ! out/&+ balance2 & 
7,,vi7 any o!r items det]m9$ by !       
,director ?r\gh regulations promulgat$ 9
 accordance ) p>agraph 7#ag77;,a74  7ii7
 ,orig9al docum5tation ,a po/second>y   
educational l5d] or s]vic] %all make    
available to ! borr[]1 if reque/$1 at no
 *>ge1 copies ( ! orig9al loan docum5ts 
& ! promissory note = ea* po/second>y   
education loan4  7,m7 ,error resolution 
,! ,director1 9 consultation ) !        
,secret>y1 %all promulgate rules requir+
 po/second>y educational l5d]s or       
s]vic]s to e/abli% error resolution     
proc$ures to all[ borr[]s to inquire    
ab\t errors relat$ to _! po/second>y    
education loans & obta9 timely          
resolution ( su* errors4  7,n7          
,additional s]vic+ /&>ds  7i7           
,prohibitions ,a po/second>y educational
 l5d] or s]vic] may n-- 7,i7 *>ge a fee 
= respond+ to a qualifi$ writt5 reque/  
"u ?is p>agraph2  7,,ii7 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,,iii7 fail to take   
reasonable /eps to avail ! borr[] ( all 
possible alt]native repaym5t arrangem5ts
 to avoid default2  7,,iv7 fail to p]=m 
! obligations requir$ "u title ,,iv ( ! 
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajgj et seq472  7,v7 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,,vi7 fail to comply ) any applicable  
requirem5t ( ! ,s]vicememb]s ,civil     
,relief ,act 7#ej ,u4,s4,c4 ,app4 #eja  
et seq472  7,,vii7 *>ge a conv5i5ce1    
process+1 or any o!r fee = paym5ts made 
electronically or by telephone2         
7,,viii7 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,,ix7 fail to p]=m o!r   
/&>d s]vic+ duties & functions4  7ii7   
,bus9ess h\rs ,po/second>y educational  
l5d]s or s]vic]s %all be op5 = borr[]   
inquiries & outrea* dur+ & aft] normal  
bus9ess h\rs1 includ+ availability aft] 
#e3jj p4m4 9 all cont95tal ,unit$ ,/ates
 "t zones & "s week5d h\rs4  7iii7      
,additional /&>ds ,! ,director may      
promulgate regulations1 9 accordance )  
p>agraph 7#ag77;,a71 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  7,o7      
,prohibition on limit+ borr[] legal     
action by po/second>y educational l5d]s 
& s]vic]s  7i7 ,waiv] ( rights & rem$ies
 ,any rights & rem$ies available to     
borr[]s aga9/ po/second>y educational   
l5d]s or s]vic]s may n be waiv$ by any  

agreem5t1 policy1 or =m1 includ+ by a   
m&atory pr$ispute arbitration agreem5t  
or class action waiv]4  7ii7 ,pr$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$ispute arbitration agreem5ts 
& class action waiv]s1 %all be valid or 
en=ceable by a po/second>y educational  
l5d] or s]vic]1 includ+ z a ?ird-p>ty   
b5efici>y or by e/oppel4  7,p7          
,preemption ,no?+ 9 ?is p>agraph may be 
con/ru$ to preempt any provision ( ,/ate
 law reg>d+ po/second>y education loans 
:]e ! ,/ate law provides /rong] consum] 
protections4  7,q7 ,civil liability ,a  
po/second>y educational l5d] or s]vic] 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* po/second>y          
educational l5d] or s]vic] %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  7,r7       
,eligibility = dis*>ge ,! ,director1 9  
accordance ) p>agraph 7#ag77;,a71 %all  
promulgate rules requir+ po/second>y    
educational l5d]s & s]vic]s to-- 7i7    
id5tify & contact borr[]s :o may be     
eligible = /ud5t loan dis*>ge by !      
,secret>y1 includ+ "u section #dcg ( !  
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajhg72 &  7ii7 provide !     
borr[]1 9 writ+1 9 simple & und]/&able  
t]ms1 in=mation ab\t obta9+ su* dis*>ge4
  7#ag7 ,consum] f9ancial protection    
bureau requirem5ts  7,a7 ,rulemak+ ,!   
,director %all1 bas$ on consum] te/+ 7z 
appropriate7 & ^u consid]ation ( any    
f9al recomm5dations publi%$ by !        
,secret>y "u section #def7;g77#c7 ( !   
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajhg;f7g77#c771 promulgate   
regulations 9 consultation ) !          
,secret>y1 to c>ry out ! requirem5ts (  
?is subsection4  7,b7 ,compliance =     

c]ta9 entities  7i7 ,9 g5]al ,!         
,director may promulgate regulations "u 
subp>agraph 7,a7 to require an entity or
 class ( entities ) :i* ! ,secret>y has 
ent]$ into a contract "u section #def ( 
! ,high] ,education ,act ( #aife 7#bj   
,u4,s4,c4 #ajhg;f7 to comply ) an       
alt]native requirem5t or /&>d promulgat$
 by ! ,director 9 lieu ( compliance )   
any requirem5t or /&>d "u ?is subsection
 if ! ,director det]m9es t-- 7,i7 su*   
entity or class ( entities are n requir$
 by ! ,secret>y pursuant to ! contract  
to p]=m a s]vic+ function gov]n$ by !   
requirem5t or /&>d1 & :]e su* function  
is requir$ by ! ,secret>y1 to be p]=m$  
by ano!r entity or class ( entities2 or 
7,,ii7 ! ,secret>y1 9 consultation ) !  
,*ief ,op]at+ ,(fic] ( ,f$]al ,/ud5t    
,aid1 has promulgat$ regulations to     
e/abli% an alt]native requirem5t or /&>d
 ) respect to su* entity or class (     
entities t bett] b5efits or protects    
borr[]s & ! ,director incorporates su*  
requirem5t or /&>d t bett] b5efits or   

protects borr[]s into regulations       
promulgat$ "u subp>agraph 7,a74  7ii7   
,reports ,! ,director %all report to !  
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs ( ! ,s5ate1 ! ,committee on    
,heal?1 ,education1 ,labor1 & ,p5sions (
 ! ,s5ate1 ! ,committee on ,f9ancial    
,s]vices ( ! ,h\se ( ,repres5tatives1 & 
! ,committee on ,education & ,labor ( ! 
,h\se ( ,repres5tatives on any          
regulations promulgat$ "u clause 7i74   
7#ah7 ,po/second>y educational l5d]s or 
s]vic]s & contracts or subcontracts     
7,a7 ,9 g5]al ,any p]son or entity t    
ent]s into a contract or subcontract ) a
 po/second>y educational l5d] or s]vic] 
to p]=m ! s]vic+ ( a po/second>y        
educational loan may fulfill !          
obligations ( ! po/second>y educational 
l5d] or s]vic] "u ?is subsection4  7,b7 
,jo9t & sev]al liability = s]vice       
provid]s ,any entity or p]son describ$ 9
 subp>agraph 7,a7 %all be jo9tly &      
sev]ally liable = ! actions ( ! entity  
or p]son 9 fulfill+ ! obligations ( !   

po/second>y educational l5d] or s]vic]  
"u ?is subsection4  2 &  7,b7 by add+ at
 ! end ! foll[+3  7g7 ,in=mation ,to be 
available at no *>ge ,! in=mation       
requir$ to be disclos$ "u ?is section   
%all be made available at no *>ge to !  
borr[]4  2 &  7#b7 9 section #acj7;a7-- 
7,a7 9 p>agraph 7#c71 by /rik+          
#abh7;e77#g7 & ins]t+ #abh7;e77#aa72 &  
7,b7 9 ! flu% matt] at ! end1 by /rik+  
or p>agraph 7#d77;,c71 7#f71 7#g71 or   
7#h7 ( section #abh7;e71 & ins]t+ or    
p>agraph 7#d77;,c71 7#aj71 7#aa71 or    
7#ab7 ( section #abh7;e714  7b7         
,effective date  7#a7 ,9 g5]al ,!       
am5dm5ts made "u subsection 7a7 %all be 
effective #ahj days aft] ! date (       
enactm5t ( ?is ,act4  7#b7 ,delay ,!    
,director ( ! ,bureau ( ,consum]        
,f9ancial ,protection %all delay !      
effective date ( ! am5dm5ts made "u     
subsection 7a7 = n m ?an #a additional  
ye> ) respect to entities engag$ 9      
s]vic+ pursuant to a contract aw>d$ "u  
section #def ( ! ,high] ,education ,act 

( #aife 7#bj ,u4,s4,c4 #ajhg;f7 p5d+ !  
,secret>y ( ,education's f9al           
recomm5dations requir$ "u section       
#def7;g7 ( su* ,act relat$ to !         
promulgation ( regulations by !         
,director "u section #abh7;e77#ag7 ( !  
,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4       
#afch7;e77#ag774  #d4 ,rehabilitation ( 
private education loans ,section        
#fbc7;a77#a77;,e7 ( ! ,fair ,cr$it      
,report+ ,act 7#ae ,u4,s4,c4            
#afhas-#b7;a77#a77;,e77 is am5d$ to read
 z foll[s3  7,e7 ,rehabilitation (      
private education loans  7i7 ,9 g5]al   
,if a borr[] ( a private education loan 
rehabilitates su* loan 9 accordance )   
section #abh7;e77#bc7 ( ! ,tru? 9 ,l5d+ 
,act 7#ae ,u4,s4,c4 #afch7;e77#bc771 !  
private educational l5d] or entity      
engag$ 9 s]vic+ su* loan %all reque/ t  
any consum] report+ ag5cy to :i* !      
*>ge-(f 0 report$ remove ! del9qu5cy t  
l$ to ! *>ge-(f & ! *>ge-(f f ! borr[]'s
 cr$it hi/ory4  7ii7 ,bank+ ag5cies     
7,i7 ,9 g5]al ,if a private educational 

l5d] is sup]vis$ by a ,f$]al bank+      
ag5cy1 ! private educational l5d] %all  
seek writt5 approval f ! ,f$]al bank+   
ag5cy t ! t]ms & conditions ( ! loan    
rehabilitation program ( ! l5d] meet !  
requirem5ts ( section #abh7;e77#bc7 ( ! 
,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4       
#afch7;e77#bc774  7,,ii7 ,fe$back ,an   
appropriate ,f$]al bank+ ag5cy %all     
provide fe$back to a private educational
 l5d] )9 #abj days ( a reque/ = approval
 "u subclause 7,i74  7iii7 ,def9itions  
,= purposes ( ?is subp>agraph-- 7,i7 !  
t]m appropriate ,f$]al bank+ ag5cy has !
 mean+ giv5 ! t]m 9 section #c ( !      
,f$]al ,deposit ,insurance ,act 7#ab    
,u4,s4,c4 #ahac72 &  7,,ii7 ! t]m       
private education loan has ! mean+ giv5 
! t]m 9 section #adj7;a7 ( ! ,tru? 9    
,l5d+ ,act 7#ae ,u4,s4,c4 #afej7;a774  4
  #e4 ,improv$ consum] protections =    
private education loans ,section        
#abh7;e7 ( ! ,tru? 9 ,l5d+ ,act 7#ae    
,u4,s4,c4 #afch7;e771 z am5d$ by section
 #c1 is fur!r am5d$-- 7#a7 by add+ at ! 

end ! foll[+3  7#ai7 ,dis*>ge ( private 
education loans 9 ! ev5t ( dea? or      
disability ( ! borr[] ,ea* private      
education loan %all include t]ms t      
provide t ! liability to repay ! loan   
%all be cancel$-- 7,a7 ^u ! dea? ( !    
borr[]2  7,b7 if ! borr[] becomes       
p]man5tly & totally disabl$1 z det]m9$  
"u section #dcg7;a77#a7 ( ! ,high]      
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhg7;a77#a77 & ! regulations          
promulgat$ by ! ,secret>y "u t section2 
or  7,c7 if ! ,secret>y ( ,vet]ans      
,affairs or ! ,secret>y ( ,def5se       
det]m9es t ! borr[] is unemployable due 
to a s]vice-connect$ condition or       
disability1 9 accordance ) ! requirem5ts
 ( section #dcg7;a77#b7 ( su* ,act & !  
regulations promulgat$ by ! ,secret>y "u
 t section4  7#bj7 ,t]ms = co-borr[]s   
,ea* private education loan %all include
 t]ms t cle>ly def9e ! requirem5ts to   
release a co-borr[] f ! obligation4     
7#ba7 ,prohibition ( accel]ation (      
paym5ts on private education loans  7,a7

 ,9 g5]al ,except z provid$ 9           
subp>agraph 7,b71 a private education   
loan execut$ aft] ! date ( enactm5t (   
?is p>agraph may n include a provision t
 p]mits ! private educational l5d]1 loan
 hold]1 or entity engag$ 9 s]vic+ su*   
loan to accel]ate1 9 :ole or 9 "p1      
paym5ts on ! private education loan4    
7,b7 ,accel]ation caus$ by a paym5t     
default ,a private education loan may   
include a provision t p]mits accel]ation
 ( ! loan 9 cases ( paym5t default4     
7#bb7 ,prohibition on d5ial ( cr$it due 
to eligibility = protection "u          
,s]vicememb]s ,civil ,relief ,act ,a    
private educational l5d] may n d5y or   
refuse cr$it to an individual :o is     
entitl$ to any "r or protection provid$ 
"u ! ,s]vicememb]s ,civil ,relief ,act  
7#ej ,u4,s4,c4 ,app4 #eja et seq47 or   
subject1 solely by reason ( su*         
entitlem5t1 su* individual to any o!r   
action describ$ 9 p>agraphs 7#a7 ?r\gh  
7#f7 ( section #ajh ( su* ,act4  7#bc7  
,rehabilitation ( private education     

loans  7,a7 ,9 g5]al ,if a borr[] ( a   
private education loan successfully &   
volunt>ily makes #i paym5ts )9 #bj days 
( ! due date dur+ #aj consecutive mon?s 
( am\nts ow$ on ! private education     
loan1 or o!rwise br+s ! private         
education loan curr5t aft] ! loan is    
*>g$ (f1 ! loan %all be consid]$        
rehabilitat$1 & ! l5d] or entity engag$ 
9 s]vic+ su* loan %all reque/ t any     
consum] report+ ag5cy to :i* ! *>ge (f 0
 report$ remove ! del9qu5cy t l$ to !   
*>ge (f & ! *>ge (f f ! borr[]'s cr$it  
hi/ory4  7,b7 ,t]ms ,no private         
educational l5d] %all (f] a borr[]      
rehabilitation ( loans :]e ! paym5t     
requir$ to rehabilitate a default$      
private education loan is less ?an !    
mon?ly paym5t am\nt requir$ ^u          
completion ( rehabilitation4  2  7#b7 9 
p>agraph 7#a7-- 7,a7 by /rik+           
subp>agraph 7,d7 & ins]t+ ! foll[+3     
7,d7 requirem5ts = a co-borr[]1         
includ+-- 7i7 any *anges 9 ! applicable 
int]e/ rates )\t a co-borr[]2 &  7ii7   

any conditions ! borr[] is requir$ meet 
9 ord] to release a co-borr[] f !       
private education loan obligation2  2   
7,b7 by r$esignat+ subp>agraphs 7,o71   
7,p71 7,q71 & 7,r7 z subp>agraphs 7,p71 
7,q71 7,r71 & 7,s71 respectively2 &     
7,c7 by ins]t+ aft] subp>agraph 7,n7 !  
foll[+3  7,o7 9 ! case ( a ref9anc+ (   
education loans t include a ,f$]al /ud5t
 loan made1 insur$1 or gu>ante$ "u title
 ,,iv ( ! ,high] ,education ,act ( #aife
 7#bj ,u4,s4,c4 #ajgj et seq47-- 7i7 a  
li/ conta9+ ea* loan to be ref9anc$1 :i*
 %all id5tify :e!r ! loan is a private  
education loan or a ,f$]al /ud5t loan   
made1 insur$1 or gu>ante$ "u title ,,iv 
( ! ,high] ,education ,act ( #aife 7#bj 
,u4,s4,c4 #ajgj et seq472 &  7ii7       
b5efits t ! borr[] may be =feit+1       
includ+ income-driv5 repaym5t options1  
opportunities = loan =giv5ess1 =be>ance 
or def]m5t options1 int]e/ subsidies1 & 
tax b5efits2  2 &  7#c7 9 p>agraph      
7#b7-- 7,a7 by r$esignat+ subp>agraphs  
7,o7 & 7,p7 z subp>agraphs 7,p7 & 7,q71 

respectively2 &  7,b7 by ins]t+ aft]    
subp>agraph 7,n7 ! foll[+3  7,o7 9 !    
case ( a ref9anc+ ( education loans t   
include a ,f$]al /ud5t loan made1       
insur$1 or gu>ante$ "u title ,,iv ( !   
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajgj et seq47-- 7i7 a li/    
conta9+ ea* loan to be ref9anc$1 :i*    
%all id5tify :e!r ! loan is a private   
education loan or a ,f$]al /ud5t loan   
made1 insur$1 or gu>ante$ "u title ,,iv 
( ! ,high] ,education ,act ( #aife 7#bj 
,u4,s4,c4 #ajgj et seq472 &  7ii7       
b5efits t ! borr[] may be =feit+1       
includ+ income-driv5 repaym5t options1  
opportunities = loan =giv5ess1 =be>ance 
or def]m5t options1 int]e/ subsidies1 & 
tax b5efits2  4  #f4 ,"k be=e y owe  7a7
 ,am5dm5ts to ! ,tru? 9 ,l5d+ ,act  7#a7
 ,9 g5]al ,section #abh7;e7 ( ! ,tru? 9 
,l5d+ ,act 7#ae ,u4,s4,c4 #afch7;e771 z 
am5d$ by sections #c & #e1 is fur!r     
am5d$-- 7,a7 by /rik+ p>agraph 7#c7 &   
ins]t+ ! foll[+3  7#c7 ,in/itutional    
c]tification requir$  7,a7 ,9 ,g5]al    

,except z provid$ 9 subp>agraph 7,b71   
be=e a cr$itor may issue any funds )    
respect to an ext5sion ( cr$it describ$ 
9 ?is subsection1 ! cr$itor %all obta9 f
 ! relevant in/itution ( high] education
 :]e su* loan is to be us$ = a /ud5t1   
su* in/itution's c]tification (-- 7i7 ! 
enrollm5t /atus ( ! /ud5t2  7ii7 !      
/ud5t's co/ ( att5dance at ! in/itution 
z det]m9$ by ! in/itution "u "p ,f (    
title ,,iv ( ! ,high] ,education ,act ( 
#aife 7#bj ,u4,s4,c4 #ajhgkk et seq472 &
  7iii7 ! diff]5ce betwe5-- 7,i7 su* co/
 ( att5dance2 &  7,,ii7 ! /ud5t's       
e/imat$ f9ancial assi/ance1 includ+ su* 
assi/ance receiv$ "u title ,,iv ( !     
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajgj et seq47 7except =      
,f$]al ,direct ,,plus ,loans made on    
behalf ( ! /ud5t7 & o!r f9ancial        
assi/ance kn[n to ! in/itution1 z       
applicable 7except = loans made "u !    
,public ,heal? ,s]vice ,act 7#db        
,u4,s4,c4 #bja et seq4774  7,b7         
,exception ,not)/&+ subp>agraph 7,a71 a 

cr$itor may issue funds1 n to exce$ !   
am\nt describ$ 9 subp>agraph 7,a77iii71 
) respect to an ext5sion ( cr$it        
describ$ 9 ?is subsection )\t obta9+ f !
 relevant in/itution ( high] education  
su* in/itution's c]tification if su*    
in/itution fails to provide )9 #ae      
bus9ess days ( ! cr$itor's reque/ = su* 
c]tification-- 7i7 notification ( !     
in/itution's refusal to c]tify ! reque/2
 or  7ii7 notification t ! in/itution   
has receiv$ ! reque/ = c]tification & w 
ne$ additional "t to comply ) !         
c]tification reque/4  7,c7 ,loans       
,disburs$ ,)\t ,c]tification ,if a      
cr$itor issues funds )\t obta9+ a       
c]tification1 z describ$ 9 subp>agraph  
7,b71 su* cr$itor %all report ! issuance
 ( su* funds 9 a mann] det]m9$ by !     
,director4  2 &  7,b7 by add+ at ! end !
 foll[+3  7#bd7 ,provision ( in=mation  
7,a7 ,provision ( ,in=mation to ,/ud5ts 
7i7 ,loan ,/atem5t ,a cr$itor t issues  
any funds ) respect to an ext5sion (    
cr$it describ$ 9 ?is subsection %all s5d

 loan /atem5ts1 :]e su* loan is to be   
us$ = a /ud5t1 to borr[]s ( su* funds n 
less ?an once e #c mon?s dur+ ! "t t su*
 /ud5t is enroll$ at an in/itution (    
high] education4  7ii7 ,cont5ts ( ,loan 
,/atem5t ,ea* /atem5t describ$ 9 clause 
7i7 %all-- 7,i7 report ! borr[]'s total 
rema9+ debt to ! cr$itor1 includ+ accru$
 b unpaid int]e/ & capitaliz$ int]e/2   
7,,ii7 report any debt increases s9ce ! 
la/ /atem5t2 &  7,,iii7 li/ ! curr5t    
int]e/ rate = ea* loan4  7,b7           
,notification ( loans disburs$ )\t      
c]tification ,on or be=e ! date a       
cr$itor issues any funds ) respect to an
 ext5sion ( cr$it describ$ 9 ?is        
subsection1 ! cr$itor %all notify !     
relevant in/itution ( high] education1 9
 writ+1 ( ! am\nt ( ! ext5sion ( cr$it &
 ! /ud5t on ^: behalf cr$it is ext5d$4  
,! =m ( su* writt5 notification %all be 
subject to ! regulations ( ! ,bureau (  
,consum] ,f9ancial ,protection4  7,c7   
,annual ,report ,a cr$itor t issues     
funds ) respect to an ext5sion ( cr$it  

describ$ 9 ?is subsection %all prep>e & 
submit an annual report to ! ,bureau (  
,consum] ,f9ancial ,protection conta9+ !
 requir$ in=mation ab\t private /ud5t   
loans to be det]m9$ by ! ,bureau (      
,consum] ,f9ancial ,protection1 9       
consultation ) ! ,secret>y4  4  7#b7    
,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 add+ 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  7#c7 ,regulations ,n lat]  
?an #cfe days aft] ! date ( enactm5t (  
?is ,act1 ! ,director ( ! ,bureau (     
,consum] ,f9ancial ,protection %all     
issue regulations 9 f9al =m to implem5t 
p>agraphs 7#c7 & 7#bc7 ( section        
#abh7;e7 ( ! ,tru? 9 ,l5d+ ,act 7#ae    

,u4,s4,c4 #afch7;e771 z am5d$ by        
p>agraph 7#a74 ,su* regulations %all    
become effective n lat] ?an #f mon?s    
aft] _! date ( issuance4  7b7 ,am5dm5ts 
to ! ,high] ,education ,act ( #aife     
7#a7 ,program p>ticipation agreem5ts    
,section #dhg7;a7 ( ! ,high] ,education 
,act ( #aife 7#bj ,u4,s4,c4 #ajid7;a77  
is am5d$ by /rik+ p>agraph 7#bh7 &      
ins]t+ ! foll[+3  7#bh7 7,a7 ,^u !      
reque/ ( a private educational l5d]1    
act+ 9 connection ) an application      
initiat$ by a borr[] = a private        
education loan 9 accordance ) section   
#abh7;e77#c7 ( ! ,tru? 9 ,l5d+ ,act 7#ae
 ,u4,s4,c4 #afch7;e77#c771 ! in/itution 
%all )9 #ae days ( receipt ( a          
c]tification reque/-- 7i7 provide su*   
c]tification to su* private educational 
l5d]-- 7,i7 t ! /ud5t :o initiat$ !     
application = ! private education loan1 
or on ^: behalf ! application 0         
initiat$1 is enroll$ or is s*$ul$ to    
enroll at ! in/itution2  7,,ii7 ( su*   
/ud5t's co/ ( att5dance at ! in/itution 

z det]m9$ "u "p ,f ( ?is title2 &       
7,,iii7 ( ! diff]5ce betwe5-- 7aa7 ! co/
 ( att5dance at ! in/itution2 &  7bb7 ! 
/ud5t's e/imat$ f9ancial assi/ance      
receiv$ "u ?is title 7except = ,f$]al   
,direct ,,plus ,loans made on behalf ( !
 /ud5t7 & o!r assi/ance kn[n to !       
in/itution1 z applicable 7except = loans
 made "u ! ,public ,heal? ,s]vice ,act  
7#db ,u4,s4,c4 #bja et seq4772  7ii7    
notify ! cr$itor t ! in/itution has     
receiv$ ! reque/ = c]tification & w ne$ 
additional "t to comply ) ! c]tification
 reque/2 or  7iii7 provide notice to !  
private educational l5d] ( !            
in/itution's refusal to c]tify ! private
 education loan "u subp>agraph 7,d74    
7,b7 ,) respect to a c]tification reque/
 describ$ 9 subp>agraph 7,a71 & prior to
 provid+ su* c]tification "u subp>agraph
 7,a77i7 or provid+ notice ( ! refusal  
to provide c]tification "u subp>agraph  
7,a77iii71 ! in/itution %all-- 7i7      
det]m9e :e!r ! /ud5t :o initiat$ !      
application = ! private education loan1 

or on ^: behalf ! application 0         
initiat$1 has appli$ = & exhau/$ !      
,f$]al f9ancial assi/ance available to  
su* /ud5t "u ?is title & in=m ! /ud5t   
accord+ly2 &  7ii7 provide ! borr[] ^:  
loan application has prompt$ !          
c]tification reque/ by a private        
educational l5d]1 z describ$ 9          
subp>agraph 7,a77i71 ) ! foll[+         
in=mation & disclosures3 7,i7 ,!        
availability (1 & ! borr[]'s pot5tial   
eligibility =1 ,f$]al f9ancial assi/ance
 "u ?is title1 includ+ disclos+ ! t]ms1 
conditions1 int]e/ rates1 & repaym5t    
options & programs ( ,f$]al /ud5t loans4
  7,,ii7 ,! borr[]'s ability to select a
 private educational l5d] ( ! borr[]'s  
*oice4  7,,iii7 ,! impact ( a propos$   
private education loan on ! borr[]'s    
pot5tial eligibility = o!r f9ancial     
assi/ance1 includ+ ,f$]al f9ancial      
assi/ance "u ?is title4  7,,iv7 ,!      
borr[]'s "r to accept or reject a       
private education loan )9 ! #cj-;day    
p]iod foll[+ a private educational      

l5d]'s approval ( a borr[]'s application
 & ab\t a borr[]'s #c-;day "r to cancel 
p]iod4  7,c7 ,= purposes ( ?is p>agraph1
 ! t]ms private educational l5d] &      
#8private education loan' h ! mean+s    
giv5 su* t]ms 9 section #adj ( ! ,tru? 9
 ,l5d+ ,act 7#ae ,u4,s4,c4 #afej74  7,d7
 7i7 ,an in/itution %all n provide a    
c]tification ) respect to a private     
education loan "u ?is p>agraph unless ! 
private education loan includes t]ms t  
provide-- 7,i7 ! borr[] alt]native      
repaym5t options1 includ+ loan          
consolidation or ref9anc+2 &  7,,ii7 = !
 dis*>ge ( ! borr[] & co-borr[]'s1 if   
applicable1 liability to repay ! loan   
pursuant to p>agraphs 7#ai7 & 7#bj7 (   
section #abh7;e7 ( ! ,tru? 9 ,l5d+ ,act 
7#ae ,u4,s4,c4 #afch7;e774  7ii7 ,9 ?is 
p>agraph1 ! t]m disability means a      
p]man5t & total disability1 z det]m9$ 9 
accordance ) ! regulations ( ! ,secret>y
 ( ,education1 or a det]m9ation by !    
,secret>y ( ,vet]ans ,affairs t ! borr[]
 is unemployable due to a s]vice        

connect$-disability4  4  7#b7 ,effective
 date ,! am5dm5t made by p>agraph 7#a7  
%all take effect on ! effective date ( !
 regulations describ$ 9 subsection      
7a77#c74  7#c7 ,pref]r$ l5d] arrangem5t 
,section #aea7h77;,a77ii7 ( ! ,high]    
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajai7h77;,a77ii77 is am5d$ by ins]t+   
c]tify+1 aft] promot+14  7c7 ,report    
7#a7 ,9 g5]al ,n lat] ?an #bd mon?s aft]
 ! issuance ( regulations "u subsection 
7a77#c71 ! ,director ( ! ,bureau (      
,consum] ,f9ancial ,protection & !      
,secret>y ( ,education %all jo9tly      
submit to ,congress a report on !       
compliance (-- 7,a7 private educational 
l5d]s ) section #abh7;e77#c7 ( ! ,tru? 9
 ,l5d+ ,act 7#ae ,u4,s4,c4 #afch7;e771 z
 am5d$ by subsection 7a72 &  7,b7       
in/itutions ( high] education ) section 
#dhg7;a77#bh7 ( ! ,high] ,education ,act
 ( #aife 7#bj ,u4,s4,c4 #ajid7;a771 z   
am5d$ by subsection 7b74  7#b7 ,cont5ts 
,! report "u p>agraph 7#a7 %all include 
in=mation ab\t ! degree to :i* specific 

in/itutions utilize c]tifications 9     
effectively-- 7,a7 enc\rag+ ! exhau/ion 
( ,f$]al /ud5t loan eligibility by      
borr[]s prior to tak+ on private        
education loan debt2 &  7,b7 l[]+ /ud5t 
private education loan debt by borr[]s4 
#g4 ,c5traliz$ po9t ( access ,"p ,g (   
title ,,iv ( ! ,high] ,education ,act ( 
#aife 7#bj ,u4,s4,c4 #ajhh et seq47 is  
am5d$ by add+ at ! end ! foll[+3        
#dic;,e4 ,c5traliz$ po9t ( access ,n    
lat] ?an #b ye>s aft] ! date ( enactm5t 
( ! ,/ud5t ,loan ,borr[] ,bill (        
,rights1 ! ,secret>y %all e/abli% a     
c5traliz$ po9t ( access = all borr[]s ( 
loans t are made1 insur$1 or gu>ante$ "u
 ?is title t are 9 repaym5t1 includ+ a  
c5tral location = acc\nt in=mation &    
paym5t process+ = su* loan s]vic+1      
reg>dless ( ! specific entity engag$ 9  
s]vic+4  4  #h4 ,education loan         
ombudsman ,section #ajce ( ! ,consum]   
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #eece7 is am5d$-- 7#a7 9 !    
section head+1 by /rik+ private2  7#b7 9

 subsection 7a7-- 7,a7 by /rik+ a       
,private & ins]t+ an2 &  7,b7 by /rik+  
private2  7#c7 9 subsection 7b71 by     
/rik+ private education /ud5t loan &    
ins]t+ po/second>y education loan2  7#d7
 9 subsection 7c7-- 7,a7 9 ! matt]      
prec$+ p>agraph 7#a71 by /rik+          
subsection & ins]t+ section2  7,b7 9    
p>agraph 7#a71 by /rik+ private2  7,c7  
by /rik+ p>agraph 7#b7 & ins]t+ !       
foll[+3  7#b7 coord9ate ) ! unit ( !    
,bureau e/abli%$ "u section             
#ajac7;b77#c71 9 ord] to monitor        
compla9ts by borr[]s & responses to ^?  
compla9ts by ! ,bureau or o!r           
appropriate ,f$]al or ,/ate ag5cy2  2 & 
7,d7 9 p>agraph 7#c71 by /rik+ private2 
7#e7 9 subsection 7d7-- 7,a7 9 p>agraph 
7#b7-- 7i7 by /rik+ on ! same day       
annually2 &  7ii7 by ins]t+ & be made   
available to ! public aft]              
,repres5tatives2 &  7,b7 by add+ at !   
end ! foll[+3  7#c7 ,cont5ts ,! report  
requir$ "u p>agraph 7#a7 %all include   
in=mation on ! numb]1 nature1 &         

resolution ( compla9ts receiv$1         
disaggregat$ by po/second>y educational 
l5d] or s]vic]1 region1 ,/ate1 &        
in/itution ( high] education4  2 &  7#f7
 by /rik+ subsection 7e7 & ins]t+ !     
foll[+3  7e7 ,def9itions ,9 ?is section3
 7#a7 ,borr[] ,! t]m borr[] means a     
borr[] ( a po/second>y education loan4  
7#b7 ,in/itution ( high] education ,!   
t]m in/itution ( high] education has !  
mean+ giv5 ! t]m 9 section #adj ( !     
,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4       
#afej74  7#c7 ,po/second>y education    
loan ,! t]m po/second>y education loan  
means-- 7,a7 a private education loan1 z
 def9$ 9 section #adj ( ! ,tru? 9 ,l5d+ 
,act 7#ae ,u4,s4,c4 #afej72 or  7,b7 a  
loan made1 insur$1 or gu>ante$ "u "p ,b1
 ,d1 or ,e ( title ,,iv ( ! ,high]      
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajga et seq41 #ajhg;a et seq41 &       
#ajhg;aa et seq474  4  #i4 ,report on   
private education loans & private       
educational l5d]s  7a7 ,9 g5]al ,n lat] 
?an #b ye>s aft] ! date ( enactm5t ( ?is

 ,act1 ! ,director ( ! ,bureau (        
,consum] ,f9ancial ,protection & !      
,secret>y ( ,education1 9 consultation )
 ! ,commission]s ( ! ,f$]al ,trade      
,commission & ! ,attorney ,g5]al ( !    
,unit$ ,/ates1 %all submit a report to !
 ,committee on ,bank+1 ,h\s+1 & ,urban  
,affairs ( ! ,s5ate1 ! ,committee on    
,heal?1 ,education1 ,labor1 & ,p5sions (
 ! ,s5ate1 ! ,committee on ,f9ancial    
,s]vices ( ! ,h\se ( ,repres5tatives1 & 
! ,committee on ,education & ,labor ( ! 
,h\se ( ,repres5tatives on private      
education loans 7z t t]m is def9$ 9     
section #adj ( ! ,tru? 9 ,l5d+ ,act 7#ae
 ,u4,s4,c4 #afej77 & private educational
 l5d]s 7z t t]m is def9$ 9 su* section74
  7b7 ,cont5ts ,! report requir$ by ?is 
section %all exam9e1 at a m9imum-- 7#a7 
! gr[? & *anges ( ! private education   
loan m>ket 9 ! ,unit$ ,/ates2  7#b7     
factors influ5c+ su* gr[? & *anges2     
7#c7 ! ext5t to :i* /ud5ts & p>5ts (    
/ud5ts rely on private education loans  
to f9ance po/second>y education & !     

private education loan indebt$ness (    
borr[]s2  7#d7 ! *>act]i/ics ( private  
education loan borr[]s1 includ+-- 7,a7 !
 types ( in/itutions ( high] education t
 !y att5d2  7,b7 socioeconomic          
*>act]i/ics 7includ+ income & education 
levels1 racial *>act]i/ics1 geographical
 backgr\nd1 age1 & g5d]72  7,c7 :at o!r 
=ms ( f9anc+ borr[]s use to pay =       
education2  7,d7 :e!r !y exhau/ _!      
,f$]al loan options be=e tak+ out a     
private education loan2  7,e7 :e!r su*  
borr[]s are dep5d5t or indep5d5t /ud5ts 
7z det]m9$ "u "p ,f ( title ,,iv ( !    
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajhgkk et seq477 or p>5ts (  
su* /ud5ts2  7,f7 :e!r su* borr[]s are  
/ud5ts enroll$ 9 a program lead+ to a   
c]tificate1 lic5se1 or cr$5tial o!r ?an 
a degree1 an associates degree1 a       
baccalaureate degree1 or a graduate or  
pr(essional degree2 &  7,g7 if          
practicable1 employm5t & repaym5t       
behaviors2  7#e7 ! *>act]i/ics ( private
 educational l5d]s1 includ+ :e!r su*    

cr$itors are =-pr(it1 nonpr(it1 or      
in/itutions ( high] education2  7#f7 !  
und]writ+ crit]ia us$ by private        
educational l5d]s1 includ+ ! use (      
cohort default rate 7z su* t]m is def9$ 
9 section #dce7m7 ( ! ,high] ,education 
,act ( #aife 7#bj ,u4,s4,c4 #ajhe7m7772 
7#g7 ! t]ms1 conditions1 & pric+ (      
private education loans2  7#h7 ! consum]
 protections available to private       
education loan borr[]s1 includ+ !       
effectiv5ess ( exi/+ disclosures &      
requirem5ts & borr[]s' aw>5ess & und]/&+
 ab\t t]ms & conditions ( v>i\s f9ancial
 products2  7#i7 :e!r ,f$]al regulators 
& ! public h access to in=mation        
suffici5t to provide !m ) assurances t  
private education loans are provid$ 9   
accord ) ! ,nation's fair l5d+ laws & t 
all[s public (ficials to det]m9e l5d]   
compliance ) fair l5d+ laws2 &  7#aj7   
any /atutory or legislative             
recomm5dations necess>y to improve      
consum] protections = private education 
loan borr[]s & to bett] enable ,f$]al   

regulators & ! public to asc]ta9 private
 educational l5d] compliance ) fair l5d+
 laws4  #aj4 ,report on po/second>y     
education loan s]vic+ ,n lat] ?an #a ye>
 aft] ! date ( enactm5t ( ?is ,act1 !   
,director ( ! ,bureau ( ,consum]        
,f9ancial ,protection & ! ,secret>y (   
,education %all submit a jo9t report to 
! ,committee on ,bank+1 ,h\s+1 & ,urban 
,affairs ( ! ,s5ate1 ! ,committee on    
,heal?1 ,education1 ,labor1 & ,p5sions (
 ! ,s5ate1 ! ,committee on ,f9ancial    
,s]vices ( ! ,h\se ( ,repres5tatives1 & 
! ,committee on ,education & ,labor ( ! 
,h\se ( ,repres5tatives on s]vic+ (     
po/second>y education loans1 includ+--  
7#a7 any legislative recomm5dations to  
improve s]vic+ /&>ds2 &  7#b7 in=mation 
on proactive e>ly int]v5tion me?ods by  
po/second>y educational l5d]s or s]vic]s
 to help di/ress$ po/second>y education 
loan borr[]s enroll 9 any eligible      
repaym5t plans4