,,ii ,calendar ,no4 #eci #aaith ,,congress #b;d ,session ,s4 #djig ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #af1 #bjbf,ms4 ,murkowski 7for herself1 ,mr4 ,reed1 ,mr4 ,cassidy1 ,mrs4 ,shaheen1 ,mr4 ,sullivan1 ,mr4 ,lankford1 and ,mr4 ,grassley7 introduced the following bill2 which was read twice and referred to the ,committee on ,health1 ,education1 ,labor1 and ,pensions ,august #d1 #bjbf,reported by ,mr4 ,cassidy1 with an amendment,strike out all after the enacting clause and insert the part printed in italic ,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 ,act4 #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 2 or2 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 program4 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 advised1 such as in a financial aid offer1 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 #a4 ,short title ,this ,act may be cited as the ,state-,based ,education ,loan ,awareness ,act4 #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 2 or2 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 program4 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 #afje1 #afjf71 are at least as favorable as the interest rate and fees of the ,federal ,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 advised1 such as in a financial aid offer1 by an institution of higher education 7as defined in section #ajb7-- 7i7 that the borrower should exhaust ,federal student loan eligibility 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 #c4 ,,gao report on changes in trends of student loan borrowers 7a7 ,in general ,not later than #b years after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall prepare and submit a report to the ,committee on ,health1 ,education1 ,labor1 and ,pensions of the ,senate and the ,committee on ,education and ,workforce of the ,house of ,representatives on changes in trends of student loan borrowers at institutions of higher education4 7b7 ,areas of examination ,the report required under subsection 7a7 shall examine1 in particular-- 7#a7 the implementation of student loan changes made by the amendments made under title ,,viii of the ,act titled ,an ,act to provide for reconciliation pursuant to title ,,ii of ,h4 ,con4 ,res4 #ad 7,public ,law #aai-ba2 #aci ,stat4 #gb71 including-- 7,a7 the average total amount borrowed by students1 disaggregated by source1 including the aggregate total combined amount of ,federal1 ,state-based1 institutional1 and private education loans2 7,b7 changes during the #b-year period following the effective dates of the changes made by the amendments made under such title ,,viii in the rates of borrowing-- 7i7 ,federal1 ,state-based1 institutional1 and private education loans for undergraduate and graduate borrowers2 and 7ii7 on behalf of dependent students under the ,federal ,direct ,,plus ,loan program under part ,d of title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;a et seq472 and 7,c7 the average amount borrowed in ,federal1 ,state-based1 institutional1 and private education loans1 disaggregated by-- 7i7 enrollment status as a first-time student or non-first-time student2 7ii7 enrollment status as a full-time student or part-time student2 7iii7 type of degree or certificate sought by the student for whom the loan was awarded2 7iv7 ,federal ,pell ,grant recipient status under section #dja of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajgj;a72 and 7v7 program of study of the student for whom the loan was awarded2 7#b7 the availability of ,state-based education loan programs 7as defined in section #aea of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajai77 for students or parents of students at institutions of higher education1 including the extent to which ,states expand existing or create new ,state-based education loan programs2 7#c7 the differences in interest rates for ,federal1 ,state-based1 institutional1 and private education loans2 7#d7 the extent to which students or parents of students borrow both ,federal education loans and ,state-based education loans1 institutional education loans1 or private education loans1 or some combination thereof2 and 7#e7 changes in outcomes for borrowers of ,federal1 ,state-based1 institutional1 and private education loans1 both in the aggregate and disaggregated1 to the extent practicable1 by-- 7,a7 type of institution of higher education 7whether public1 private nonprofit1 or proprietary72 7,b7 program of study2 7,c7 repayment rate2 7,d7 delinquency rate2 7,e7 default rate2 7,f7 use of deferment or forbearance2 and 7,g7 rate of principal reduction4 ,august #d1 #bjbf,reported with an amendment