,,ii  #aafth ,,congress  #ast ,session  
,s4 #cjed  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,december #af1 
#bjai,ms4 ,murkowski 7for herself1 ,mr4 
,reed1 and ,mr4 ,braun7 introduced the  
following bill2 which was read twice and
 referred to the ,committee on ,health1 
,education1 ,labor1 and ,pensions  ,a   
,,bill  ,to establish that a            
,state-based education loan program is  
excluded from certain requirements      
relating to a preferred lender          
arrangement4  #a4 ,short title ,this    
,act may be cited as the ,state-based   
,education ,loan ,awareness ,act 4  #b4 
,state-based education loan programs    
,section #aea of the ,higher ,education 
,act of #aife 7#bj ,u4,s4,c4 #ajai7 is  
amended--  7#a7 in paragraph 7#h77;,b7--
 7,a7 in clause 7i71 by striking or     
after the semicolon2  7,b7 in clause    
7ii71 by striking the period at the end 
and inserting a semicolon2 and  7,c7 by 
adding at the end the following3  7iii7 
arrangements or agreements with respect 

to education loans made under a         
,state-based education loan program2 or 
7iv7 arrangements or agreements with    
respect to education loans funded1      
insured1 or guaranteed by any other     
,federal agency that is not the         
,department of ,education4  2 and  7#b7 
by adding at the end the following3     
7#aj7 ,state-based education loan       
program ,the term ,state-based education
 loan program means an education loan   
program that--  7,a7 is provided by a   
,state agency1 ,state authority1 or     
nonprofit organization1 separately or   
jointly2  7,b7 makes loans that are not 
funded1 insured1 or guaranteed by the   
,federal ,government2  7,c7 is          
authorized1 established1 or chartered by
 ,state law1 or otherwise approved by   
the ,state2  7,d7 offers one or more    
loans for which the interest rate and   
fees1 as calculated in accordance with  
sections #ajf and #ajg of the ,truth in 
,lending ,act 7#ae ,u4,s4,c4 #afje2     
#afjf71 are at least as favorable as the

 interest rate and fees of the ,direct  
,,plus loans authorized under part ,d of
 title ,,iv at the time such loan is    
originated2 and  7,e7 is available only 
to a borrower who has been advised by an
 institution of higher education 7as    
defined under section #ajb7--  7i7 that 
the borrower has the opportunity to     
exhaust eligibility for ,federal        
education loans made under part ,d of   
title ,,iv prior to accepting a private 
education loan2 and  7ii7 of the        
interest rates1 fees1 and benefits of   
such ,federal education loans1 including
 income-driven repayment options1       
opportunities for loan forgiveness1     
forbearance or deferment options1       
interest subsidies1 and tax benefits4  4