,,ii ,cal5d> ,no4 #eci #aai? ,,congress 
#b;d ,session  ,s4 #djig  ,,9 ,,!       
,,s5ate ,,( ,,! ,,unit$ ,,/ates  ,m>*   
#af1 #bjbf,ms4 ,murk[ski 7= h]self1 ,mr4
 ,re$1 ,mr4 ,cassidy1 ,mrs4 ,%ahe51 ,mr4
 ,sullivan1 ,mr4 ,lank=d1 & ,mr4        
,grassley7 introduc$ ! foll[+ bill2 :i* 
0 read twice & ref]r$ to ! ,committee on
 ,heal?1 ,education1 ,labor1 & ,p5sions 
,augu/ #d1 #bjbf,report$ by ,mr4        
,cassidy1 ) an amendment,strike out all 
aft] ! enact+ clause & ins]t ! "p pr9t$ 
9 italic  ,a ,,bill  ,to e/abli% t a    
,/ate-bas$ education loan program is    
exclud$ f c]ta9 requirem5ts relat+ to a 
pref]r$ l5d] arrangem5t4  #a4 ,%ort     
title ,?is ,act may be cit$ z !         
,/ate-,bas$ ,education ,loan ,aw>5ess   
,act4  #b4 ,/ate-bas$ education loan    
programs ,section #aea ( ! ,high]       
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajai7 is am5d$-- 7#a7 9 p>agraph       
7#h77;,b7-- 7,a7 9 clause 7i71 by /rik+ 
or aft] ! semicolon2  7,b7 9 clause     
7ii71 by /rik+ ! p]iod at ! end & ins]t+

 2 or2 &  7,c7 by add+ at ! end !       
foll[+3  7iii7 arrangem5ts or agreem5ts 
) respect to education loans made "u a  
,/ate-bas$ education loan program4  2 & 
7#b7 by add+ at ! end ! foll[+3  7#aj7  
,/ate-bas$ education loan program ,! t]m
 ,/ate-bas$ education loan program means
 an education loan program t-- 7,a7 is  
provid$ by a ,/ate ag5cy1 ,/ate         
au?ority1 or nonpr(it organization1     
sep>ately or jo9tly2  7,b7 makes loans t
 are n fund$1 insur$1 or gu>ante$ by !  
,f$]al ,gov]nm5t2  7,c7 is au?oriz$1    
e/abli%$1 or *>t]$ by ,/ate law1 or     
o!rwise approv$ by ! ,/ate2  7,d7 (f]s  
"o or m loans = :i* ! int]e/ rate &     
fees1 z calculat$ 9 accordance )        
sections #ajf & #ajg ( ! ,tru? 9 ,l5d+  
,act 7#ae ,u4,s4,c4 #afje2 #afjf71 are  
at lea/ z favorable z ! int]e/ rate &   
fees ( ! ,direct ,,plus loans au?oriz$  
"u "p ,d ( title ,,iv at ! "t su* loan  
is orig9at$2 &  7,e7 is available only  
to a borr[] :o has be5 advis$1 su* z 9 a
 f9ancial aid (f]1 by an in/itution (   

high] education 7z def9$ "u section     
#ajb7-- 7i7 t ! borr[] has ! opportunity
 to exhau/ eligibility = ,f$]al         
education loans made "u "p ,d ( title   
,,iv prior to accept+ a private         
education loan2 &  7ii7 ( ! int]e/      
rates1 fees1 & b5efits ( su* ,f$]al     
education loans1 includ+ income-driv5   
repaym5t options1 opportunities = loan  
=giv5ess1 =be>ance or def]m5t options1  
int]e/ subsidies1 & tax b5efits4  4  #a4
 ,%ort title ,?is ,act may be cit$ z !  
,/ate-,bas$ ,education ,loan ,aw>5ess   
,act4  #b4 ,/ate-bas$ education loan    
programs ,section #aea ( ! ,high]       
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajai7 is am5d$-- 7#a7 9 p>agraph       
7#h77;,b7-- 7,a7 9 clause 7i71 by /rik+ 
or aft] ! semicolon2  7,b7 9 clause     
7ii71 by /rik+ ! p]iod at ! end & ins]t+
 2 or2 &  7,c7 by add+ at ! end !       
foll[+3  7iii7 arrangem5ts or agreem5ts 
) respect to education loans made "u a  
,/ate-bas$ education loan program4  2 & 
7#b7 by add+ at ! end ! foll[+3  7#aj7  

,/ate-bas$ education loan program ,! t]m
 ,/ate-bas$ education loan program means
 an education loan program t-- 7,a7 is  
provid$ by a ,/ate ag5cy1 ,/ate         
au?ority1 or nonpr(it organization1     
sep>ately or jo9tly2  7,b7 makes loans t
 are n fund$1 insur$1 or gu>ante$ by !  
,f$]al ,gov]nm5t2  7,c7 is au?oriz$1    
e/abli%$1 or *>t]$ by ,/ate law1 or     
o!rwise approv$ by ! ,/ate2  7,d7 (f]s  
"o or m loans = :i* ! int]e/ rate &     
fees1 z calculat$ 9 accordance )        
sections #ajf & #ajg ( ! ,tru? 9 ,l5d+  
,act 7#ae ,u4,s4,c4 #afje1 #afjf71 are  
at lea/ z favorable z ! int]e/ rate &   
fees ( ! ,f$]al ,direct ,,plus loans    
au?oriz$ "u "p ,d ( title ,,iv at ! "t  
su* loan is orig9at$2 &  7,e7 is        
available only to a borr[] :o has be5   
advis$1 su* z 9 a f9ancial aid (f]1 by  
an in/itution ( high] education 7z def9$
 9 section #ajb7-- 7i7 t ! borr[] %\ld  
exhau/ ,f$]al /ud5t loan eligibility "u 
"p ,d ( title ,,iv prior to accept+ a   
private education loan2 &  7ii7 ( !     

int]e/ rates1 fees1 & b5efits ( su*     
,f$]al education loans1 includ+         
income-driv5 repaym5t options1          
opportunities = loan =giv5ess1 =be>ance 
or def]m5t options1 int]e/ subsidies1 & 
tax b5efits4  4  #c4 ,,gao report on    
*anges 9 tr5ds ( /ud5t loan borr[]s  7a7
 ,9 g5]al ,n lat] ?an #b ye>s aft] !    
date ( enactm5t ( ?is ,act1 !           
,comptroll] ,g5]al ( ! ,unit$ ,/ates    
%all prep>e & submit a report to !      
,committee on ,heal?1 ,education1       
,labor1 & ,p5sions ( ! ,s5ate & !       
,committee on ,education & ,work=ce ( ! 
,h\se ( ,repres5tatives on *anges 9     
tr5ds ( /ud5t loan borr[]s at           
in/itutions ( high] education4  7b7     
,areas ( exam9ation ,! report requir$ "u
 subsection 7a7 %all exam9e1 9          
p>ticul>-- 7#a7 ! implem5tation ( /ud5t 
loan *anges made by ! am5dm5ts made "u  
title ,,viii ( ! ,act titl$ ,an ,act to 
provide = reconciliation pursuant to    
title ,,ii ( ,h4 ,con4 ,res4 #ad        
7,public ,law #aai-ba2 #aci ,/at4 #gb71 

includ+-- 7,a7 ! av]age total am\nt     
borr[$ by /ud5ts1 disaggregat$ by s\rce1
 includ+ ! aggregate total comb9$ am\nt 
( ,f$]al1 ,/ate-bas$1 in/itutional1 &   
private education loans2  7,b7 *anges   
dur+ ! #b-ye> p]iod foll[+ ! effective  
dates ( ! *anges made by ! am5dm5ts made
 "u su* title ,,viii 9 ! rates (        
borr[+-- 7i7 ,f$]al1 ,/ate-bas$1        
in/itutional1 & private education loans 
= und]graduate & graduate borr[]s2 &    
7ii7 on behalf ( dep5d5t /ud5ts "u !    
,f$]al ,direct ,,plus ,loan program "u  
"p ,d ( title ,,iv ( ! ,high] ,education
 ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;a et 
seq472 &  7,c7 ! av]age am\nt borr[$ 9  
,f$]al1 ,/ate-bas$1 in/itutional1 &     
private education loans1 disaggregat$   
by-- 7i7 enrollm5t /atus z a fir/-"t    
/ud5t or non-fir/-"t /ud5t2  7ii7       
enrollm5t /atus z a full-"t /ud5t or    
"p-"t /ud5t2  7iii7 type ( degree or    
c]tificate s\ght by ! /ud5t = :om ! loan
 0 aw>d$2  7iv7 ,f$]al ,pell ,grant     
recipi5t /atus "u section #dja ( !      

,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajgj;a72 &  7v7 program (    
/udy ( ! /ud5t = :om ! loan 0 aw>d$2    
7#b7 ! availability ( ,/ate-bas$        
education loan programs 7z def9$ 9      
section #aea ( ! ,high] ,education ,act 
( #aife 7#bj ,u4,s4,c4 #ajai77 = /ud5ts 
or p>5ts ( /ud5ts at in/itutions ( high]
 education1 includ+ ! ext5t to :i*      
,/ates exp& exi/+ or create new         
,/ate-bas$ education loan programs2     
7#c7 ! diff]5ces 9 int]e/ rates =       
,f$]al1 ,/ate-bas$1 in/itutional1 &     
private education loans2  7#d7 ! ext5t  
to :i* /ud5ts or p>5ts ( /ud5ts borr[   
bo? ,f$]al education loans & ,/ate-bas$ 
education loans1 in/itutional education 
loans1 or private education loans1 or "s
 comb9ation !re(2 &  7#e7 *anges 9      
outcomes = borr[]s ( ,f$]al1 ,/ate-bas$1
 in/itutional1 & private education      
loans1 bo? 9 ! aggregate & disaggregat$1
 to ! ext5t practicable1 by-- 7,a7 type 
( in/itution ( high] education 7:e!r    
public1 private nonpr(it1 or            

propriet>y72  7,b7 program ( /udy2  7,c7
 repaym5t rate2  7,d7 del9qu5cy rate2   
7,e7 default rate2  7,f7 use ( def]m5t  
or =be>ance2 &  7,g7 rate ( pr9cipal    
r$uction4  ,augu/ #d1 #bjbf,report$ ) an
 am5dm5t