,,ii #aaf? ,,congress #a/ ,session ,s4 #hhg ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,m>* #bg1 #bjai,mr4 ,grassley 7= himself1 ,ms4 ,smi?1 & ,ms4 ,ern/7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,heal?1 ,education1 ,labor1 & ,p5sions ,a ,,bill ,to revise c\nsel+ requirem5ts = c]ta9 borr[]s ( /ud5t loans1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,"k ,be=e ,y ,owe ,f$]al ,/ud5t ,loan ,act ( #bjai4 #b4 ,pre-loan c\nsel+ & c]tification ( loan am\nt ,section #dhe7l7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajib7l77 is am5d$-- 7#a7 9 ! subsection head+1 by /rik+ ,entrance ,c\nsel+ & ins]t+ ,pre-,loan ,c\nsel+2 7#b7 9 p>agraph 7#a77;,a7-- 7,a7 9 ! matt] prec$+ clause 7i71 by /rik+ a disbursem5t to a fir/-"t borr[] ( a loan & ins]t+ ! fir/ disbursem5t ( ea* new loan 7or ! fir/ disbursem5t 9 ea* aw>d ye> if m ?an "o new loan is obta9$ 9 ! same aw>d ye>72 & 7,b7 9 clause 7ii77,i71 by /rik+ an entrance c\nsel+ & ins]t+ a c\nsel+2 7#c7 9 p>agraph 7#b7-- 7,a7 by /rik+ subp>agraph 7,g7 & ins]t+ ! foll[+3 7,g7 ,an e/imate ( ! borr[]'s mon?ly paym5t am\nt comp>$ to ! borr[]'s e/imat$ mon?ly income aft] taxes1 aft] liv+ exp5ses 7us+ ,consum] ,exp5diture ,survey data f ! ,bureau ( ,labor ,/ati/ics71 aft] e/imat$ heal? insurance co/s1 & aft] any o!r relevant exp5ses1 bas$ on-- 7i7 ! be/ available data on />t+ wages = ! borr[]'s program ( /udy1 if available2 & 7ii7 ! e/imat$ total /ud5t loan debt ( ! borr[]1 includ+-- 7,i7 ,f$]al debt2 7,,ii7 to ! be/ ( ! in/itution's k1 private loan debt already incurr$2 & 7,,iii7 ! e/imat$ future debt requir$ to complete ! program ( /udy4 2 & 7,b7 by add+ at ! end ! foll[+3 7,l7 ,a /atem5t t ! borr[] %\ld borr[ ! m9imum am\nt necess>y to cov] exp5ses & t ! borr[] does n h to accept ! full am\nt ( loans = :i* ! borr[] is eligible4 7,m7 ,a w>n+ t ! high] ! borr[]'s debt-to-income ratio is1 ! m difficulty ! borr[] is likely to exp]i5ce 9 repay+ ! loan4 7,n7 ,options = r$uc+ borr[+ ?r\gh s*ol>%ips1 r$uc$ exp5ses1 "w-/udy1 or o!r "w opportunities4 7,o7 ,an explanation ( ! importance ( graduat+ on "t to avoid additional borr[+1 :at c\rse load is necess>y to graduate on "t1 & in=mation on h[ add+ an additional ye> ( /udy impacts total indebt$ness4 2 & 7#d7 by add+ at ! end ! foll[+3 7#c7 7,a7 ,9 addition to ! o!r requirem5ts ( ?is subsection & 9 accordance ) subp>agraph 7,b71 ea* eligible in/itution %all ensure t ! /ud5t manually ent]1 ei!r 9 writ+ or ?r\gh electronic means1 ! exact doll> am\nt ( ,f$]al ,direct ,loan fund+ "u "p ,d t su* /ud5t desires to borr[4 7,b7 ,! eligible in/itution %all ensure t ! /ud5t c>ries out ! activity describ$ 9 subp>agraph 7,a7-- 7i7 9 ! c\rse ( ! process us$ by ! in/itution = /ud5ts to accept a /ud5t loan aw>d2 7ii7 prior to ! in/itution c]tify+ a ,f$]al ,direct ,loan "u "p ,d = disbursem5t to a /ud5t 7o!r ?an a ,f$]al ,direct ,consolidation ,loan or a ,f$]al ,direct ,,plus loan made on behalf ( a /ud5t72 & 7iii7 aft] ensur+ t ! /ud5t has complet$ all ( ! pre-loan c\nsel+ requirem5ts "u ?is subsection4 4 #c4 ,requir$ p]iodic disclosures dur+ p]iods :5 loan paym5ts are n requir$ ,section #dcc ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhc7 is am5d$-- 7#a7 by r$esignat+ subsection 7f7 z subsection 7g72 & 7#b7 by ins]t+ aft] subsection 7e7 ! foll[+3 7f7 ,requir$ p]iodic disclosures dur+ p]iods :5 loan paym5ts are n requir$ ,dur+ any p]iod ( "t :5 a borr[] ( "o or m loans1 made1 insur$1 or gu>ante$ "u ?is "p or "p ,d is n requir$ to make a paym5t to an eligible l5d] on ! borr[]'s loan f t eligible l5d]1 su* eligible l5d] %all provide su* borr[] ) a qu>t]ly /atem5t t includes1 9 simple & und]/&able t]ms-- 7#a7 ! orig9al pr9cipal am\nt ( ea* ( ! borr[]'s loans1 & ! orig9al pr9cipal am\nt ( ^? loans 9 ! aggregate2 7#b7 ! borr[]'s curr5t balance1 z ( ! "t ( ! /atem5t1 z applicable2 7#c7 ! int]e/ rate on ea* loan2 7#d7 ! total am\nt ! borr[] has paid 9 int]e/ on ea* loan2 7#e7 ! aggregate am\nt ! borr[] has paid = ea* loan1 includ+ ! am\nt ! borr[] has paid 9 int]e/1 ! am\nt ! borr[] has paid 9 fees1 & ! am\nt ! borr[] has paid aga9/ ! balance2 7#f7 ! l5d]'s or loan s]vic]'s address1 toll-free phone numb]1 & webpage = paym5t & bill+ error purposes1 includ+ in=mation ab\t h[ a borr[] c make volunt>y paym5ts :5 a loan is n 9 repaym5t /atus2 7#g7 an explanation-- 7,a7 t ! borr[] has ! option to pay ! int]e/ t accrues on ea* loan :ile ! borr[] is a /ud5t at an in/itution ( high] education or dur+ a p]iod ( def]m5t or =be>ance1 if applicable2 & 7,b7 if ! borr[] does n pay su* int]e/ :ile att5d+ an in/itution or dur+ a p]iod ( def]m5t or =be>ance1 any accumulat$ int]e/ on ! loan w be capitaliz$ :5 ! loan goes into repaym5t1 result+ 9 m int]e/ be+ paid ov] ! life ( ! loan2 7#h7 ! am\nt ( int]e/ t has accumulat$ s9ce ! la/ /atem5t bas$ on ! typical in/allm5t "t p]iod & ! aggregate int]e/ accru$ to date2 & 7#i7 an explanation t mak+ ev5 small paym5ts ( any unspecifi$ am\nt :ile ! borr[] is a /ud5t at an in/itution ( high] education1 or dur+ a p]iod ( def]m5t or =be>ance1 if applicable1 c help to (fset int]e/ accrual ov] ! life ( ! loan4 4 #d4 ,con=m+ am5dm5ts 7a7 ,program p>ticipation agreem5ts ,section #dhg7;e77#b77;,b77ii77,,iv7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajid7;e77#b77;,b77ii77,,iv77 is am5d$-- 7#a7 by /rik+ ,entrance & exit c\nsel+ & ins]t+ ,pre-loan & exit c\nsel+2 & 7#b7 by /rik+ entrance & exit c\nsel+ & ins]t+ pre-loan & exit c\nsel+4 7b7 ,regulatory relief & improvem5t ,section #dhg;,a ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajid;a7 is am5d$ by /rik+ entrance & exit int]views & ins]t+ pre-loan & exit int]views ea* place ! t]m appe>s4