[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 890 Engrossed in House (EH)]
110th CONGRESS
1st Session
H. R. 890
_______________________________________________________________________
AN ACT
To establish requirements for lenders and institutions of higher
education in order to protect students and other borrowers receiving
educational loans.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Student Loan Sunshine Act''.
SEC. 2. INSTITUTION AND LENDER REPORTING AND DISCLOSURE REQUIREMENTS.
Title I of the Higher Education Act of 1965 (20 U.S.C. 1001 et
seq.) is amended by adding at the end the following:
``PART E--LENDER AND INSTITUTION REQUIREMENTS RELATING TO EDUCATIONAL
LOANS
``SEC. 151. DEFINITIONS.
``In this part:
``(1) Covered institution.--The term `covered
institution'--
``(A) means any educational institution that offers
a postsecondary educational degree, certificate, or
program of study (including any institution of higher
education, as such term is defined in section 102) and
receives any Federal funding or assistance; and
``(B) includes an agent of the educational
institution (including an alumni association, booster
club, or other organization directly or indirectly
associated with such institution) or employee of such
institution.
``(2) Educational loan.--The term `educational loan'
(except when used as part of the term `private educational
loan') means--
``(A) any loan made, insured, or guaranteed under
title IV; or
``(B) a private educational loan (as defined in
paragraph (6)).
``(3) Preferred lender arrangement.--The term `preferred
lender arrangement' means an arrangement or agreement between a
lender and a covered institution--
``(A) under which arrangement or agreement a lender
provides or otherwise issues educational loans to the
students attending the covered institution or the
parents of such students; and
``(B) which arrangement or agreement relates to the
covered institution recommending, promoting, endorsing,
or using the educational loan product of the lender.
``(4) Lender.--
``(A) In general.--The term `lender'--
``(i) means a creditor, except that such
term shall not include an issuer of credit
secured by a dwelling or under an open end
credit plan; and
``(ii) includes an agent of a lender.
``(B) Incorporation of tila definitions.--The terms
`creditor', `dwelling' and `open end credit plan' have
the meanings given such terms in section 103 of the
Truth in Lending Act (15 U.S.C. 1602).
``(5) Officer.--The term `officer' includes a director or
trustee of an institution.
``(6) Private educational loan.--The term `private
educational loan' means a private loan provided by a lender
that--
``(A) is not made, insured, or guaranteed under
title IV; and
``(B) is issued by a lender expressly for
postsecondary educational expenses to a student, or the
parent of the student, regardless of whether the loan
involves enrollment certification by the educational
institution that the student attends.
``(7) Postsecondary educational expenses.--The term
`postsecondary educational expenses' means any of the expenses
that are included as part of a student's cost of attendance, as
defined under section 472.
``SEC. 152. REQUIREMENTS FOR LENDERS AND INSTITUTIONS PARTICIPATING IN
PREFERRED LENDER ARRANGEMENTS.
``(a) Certification by Lenders.--In addition to any other
disclosure required under Federal law, each lender that participates in
one or more preferred lender arrangements shall annually certify to the
Secretary that all of the preferred lender arrangements in which it
participates is in compliance with the requirements of this Act. Such
compliance of such preferred lender arrangement shall be reported on
and attested to annually by the auditor of such lender in the audit
conducted pursuant to section 428(b)(1)(U)(iii).
``(b) Provision of Loan Information.--A lender may not provide a
private educational loan to a student attending a covered institution
with which the lender has a preferred lender arrangement, or the parent
of such student, until the covered institution has informed the student
or parent of their remaining options for borrowing under title IV,
including information on any terms and conditions of available loans
under such title that are more favorable to the borrower.
``(c) Use of Institution Name.--
``(1) In general.--A covered institution that has entered
into a preferred lender arrangement with a lender regarding
private educational loans shall not allow the lender to use the
name, emblem, mascot, or logo of the institution, or other
words, pictures, or symbols readily identified with the
institution, in the marketing of private educational loans to
the students attending the institution in any way that implies
that the institution endorses the private educational loans
offered by the lender.
``(2) Applicability.--Paragraph (1) shall apply to any
preferred lender arrangement, or extension of such arrangement,
entered into or renewed after the date of enactment of the
Student Loan Sunshine Act.
``SEC. 153. INTEREST RATE REPORT FOR INSTITUTIONS AND LENDERS
PARTICIPATING IN PREFERRED LENDER ARRANGEMENTS.
``(a) Duties of the Secretary.--
``(1) Report and model format.--Not later than 180 days
after the date of enactment of the Student Loan Sunshine Act,
the Secretary shall--
``(A) prepare a report on the adequacy of the
information provided to students and the parents of
such students about educational loans, after consulting
with students, representatives of covered institutions
(including financial aid administrators, registrars,
and business officers), lenders, loan servicers, and
guaranty agencies;
``(B) develop and prescribe by regulation a model
disclosure form to be used by lenders and covered
institutions in carrying out subsections (b) and (c)
that--
``(i) will be easy for students and parents
to read and understand;
``(ii) will be easily usable by lenders,
institutions, guaranty agencies, and loan
servicers;
``(iii) will provide students and parents
with the relevant information about the terms
and conditions for both Federal and private
educational loans;
``(iv) is based on the report's findings
and developed in consultation with--
``(I) students;
``(II) representatives from
institutions of higher education,
including financial aid administrators,
registrars, business officers, and
student affairs officials;
``(III) lenders;
``(IV) loan servicers;
``(V) guaranty agencies; and
``(VI) with respect to the
requirements of clause (vi) concerning
private educational loans, the Board of
Governors of the Federal Reserve
System;
``(v) provides information on the
applicable interest rates and other terms and
conditions of the educational loans provided by
a lender to students attending the institution,
or the parents of such students, disaggregated
by each type of educational loans provided to
such students or parents by the lender,
including--
``(I) the interest rate of the
loan;
``(II) any fees associated with the
loan;
``(III) the repayment terms
available on the loan;
``(IV) the opportunity for
deferment or forbearance in repayment
of the loan, including whether the loan
payments can be deferred if the student
is in school;
``(V) any additional terms and
conditions applied to the loan,
including any benefits that are
contingent on the repayment behavior of
the borrower;
``(VI) the annual percentage rate
for such loans, computed determined in
the manner required under section 107
of the Truth in Lending Act (15 U.S.C.
1606) on the basis of the actual net
disbursed amount of the loan;
``(VII) the average amount borrowed
from the lender by students enrolled in
the institution who obtain loans of
such type from the lender for the
preceding academic year;
``(VIII) the average interest rate
on such loans provided to such students
for the preceding academic year;
``(IX) contact information for the
lender; and
``(X) any philanthropic
contributions made by the lender to the
covered institution; and
``(vi) provides, in addition, with respect
to private educational loans, the following
information with respect to loans made by each
lender recommended by the covered institution:
``(I) the method of determining the
interest rate of the loan;
``(II) whether, and under what
conditions, early repayment may be
available without penalty;
``(III) late payment penalties; and
``(IV) such other information as
the Secretary may require; and
``(C)(i) submit the report and model disclosure
form to the Committee on Health, Education, Labor, and
Pensions of the Senate and the Committee on Education
and Labor of the House of Representatives; and
``(ii) make the report and model disclosure form
available to covered institutions, lenders, and the
public.
``(2) Model form update.--Not later than 1 year after the
submission of the report and model disclosure form described in
paragraph (1)(B), the Secretary shall--
``(A) assess the adequacy of the model disclosure
form;
``(B) after consulting with students,
representatives of covered institutions (including
financial aid administrators, registrars, and business
officers), lenders, loan servicers, and guaranty
agencies--
``(i) prepare a list of any improvements to
the model disclosure form that have been
identified as beneficial to borrowers; and
``(ii) update the model disclosure form
after taking such improvements into
consideration; and
``(C)(i) submit the list of improvements and
updated model disclosure form to the Committee on
Health, Education, Labor, and Pensions of the Senate
and the Committee on Education and Labor of the House
of Representatives; and
``(ii) make updated model disclosure form available
to covered institutions, lenders, and the public.
``(3) Use of form.--The Secretary shall take such steps as
necessary to make the model disclosure form, and any updated
model disclosure form, available to covered institutions and to
encourage--
``(A) lenders subject to subsection (b) to use the
model disclosure form or updated model disclosure form
(if available) in providing the information required
under subsection (b); and
``(B) covered institutions to use such format in
preparing the information reported under subsection
(c).
``(4) Procedures.--Sections 482(c) and 492 of this Act
shall not apply to the model disclosure form in the regulations
prescribed under paragraph (1)(B), but shall apply to the
updating of such form under paragraph (2).
``(b) Lender Duties.--Each lender that has a preferred lender
arrangement with a covered institution shall annually, by a date
determined by the Secretary, provide to the covered institution and to
the Secretary the information included on the model disclosure form or
an updated model disclosure form (if available) for each type of
educational loan provided by the lender to students attending the
covered institution, or the parents of such students, for the preceding
academic year.
``(c) Covered Institution Reports.--Each covered institution
shall--
``(1) prepare and submit to the Secretary an annual report,
by a date determined by the Secretary, that includes, for each
lender that has a preferred lender arrangement with the covered
institution and that has submitted to the institution the
information required under subsection (b)--
``(A) the information included on the model
disclosure form or updated model disclosure form (if
available) for each type of educational loan provided
by the lender to students attending the covered
institution, or the parents of such students; and
``(B) a detailed explanation of why the covered
institution believes the terms and conditions of each
type of educational loan provided pursuant to the
agreement are beneficial for students attending the
covered institution, or the parents of such students;
and
``(2) ensure that the report required under paragraph (1)
is made available to the public and provided to students
attending or planning to attend the covered institution, and
the parents of such students, in time for the student or parent
to take such information into account before applying for or
selecting an educational loan.
``(d) Disclosures by Covered Institutions.--A covered institution
shall disclose, on its website and in the informational materials
described in subsection (e)--
``(1) a statement that--
``(A) indicates that students are not limited to or
required to use the lenders the institutions
recommends; and
``(B) the institution is required to process the
documents required to obtain a loan from any eligible
lender the student selects;
``(2) at a minimum, all of the information provided by the
model disclosure form prescribed under subsection (a)(1)(B)
with respect to any lender recommended by the institution for
Federal student loans and, as applicable, private educational
loans;
``(3) the maximum amount of Federal grant and loan aid
available to students in an easy-to-understand format; and
``(4) the institution's cost of attendance (as determined
under section 472).
``(e) Informational Materials.--The informational materials
described in this subsection are any publications, mailings, or
electronic messages or media distributed to prospective or current
students and parents of students that describe, discuss, or relate to
the financial aid opportunities available to students at an institution
of higher education.
``SEC. 154. PRIVATE EDUCATIONAL LOAN DISCLOSURE REQUIREMENTS FOR
COVERED INSTITUTIONS.
``A covered institution that provides information to any student,
or the parent of such student, regarding a private educational loan
from a lender shall, prior to or concurrent with such information--
``(1) inform the student or parent of--
``(A) the student or parent's eligibility for
assistance and loans under title IV; and
``(B) the terms and conditions of such private
educational loan that are less favorable than the terms
and conditions of educational loans for which the
student or parent is eligible, including interest
rates, repayment options, and loan forgiveness; and
``(2) ensure that information regarding such private
educational loan is presented in such a manner as to be
distinct from information regarding loans that are made,
insured, or guaranteed under title IV.
``SEC. 155. INTEGRITY PROVISIONS.
``(a) Institution Code of Conduct Required.--
``(1) Code of conduct.--Each institution of higher
education that participates in the Federal student loan
programs under title IV or has students that obtain private
educational loans shall--
``(A) develop a code of conduct in accordance with
paragraph (2) with which its officers, employees, and
agents shall comply with respect to educational loans;
``(B) publish the code of conduct prominently on
its website; and
``(C) administer and enforce such code in
accordance with the requirements of this subsection.
``(2) Contents of code.--The code required by this section
shall--
``(A) prohibit a conflict of interest or the
appearance of a conflict of interest with the
responsibilities of such officer, employee, or agent
with respect to student loans or other financial aid;
and
``(B) at a minimum, include provisions in
compliance with the provisions of the following
subsections of this section.
``(3) Training and compliance.--An institution of higher
education shall administer and enforce a code of conduct
required by this section by, at a minimum, requiring all of its
officers, employees, and agents with responsibilities with
respect to student loans or other financial aid to obtain
training annually in compliance with the code.
``(b) Gift Ban.--
``(1) Prohibition.--A lender, guarantor, or servicer of
educational loans shall not offer any gift to an officer,
employee, or agent of a covered institution.
``(2) Inspector general report.--The Inspector General of
the Department of Education shall investigate any reported
violation of this subsection and shall annually submit a report
to the Committee on Health, Education, Labor, and Pensions of
the Senate and the Committee on Education and Labor of the
House of Representatives identifying all reported violations of
the gift ban under paragraph (1), including the lenders
involved in each such violation, for the preceding year.
``(3) Definition of gift.--
``(A) In general.--In this subsection, the term
`gift' means any gratuity, favor, discount,
entertainment, hospitality, loan, or other item having
a monetary value of more than a de minimus amount. The
term includes a gift of services, transportation,
lodging, or meals, whether provided in kind, by
purchase of a ticket, payment in advance, or
reimbursement after the expense has been incurred.
``(B) Exceptions.--The term `gift' shall not
include any of the following:
``(i) Standard informational material
related to a loan or financial literacy, such
as a brochure.
``(ii) Food, refreshments, training, or
informational material furnished to an officer,
employee, or agent of an institution as an
integral part of a training session that is
designed to improve the lender's service to the
covered institution, if such training
contributes to the professional development of
the officer, employee, or agent of the
institution.
``(iii) Favorable terms, conditions, and
borrower benefits on an educational loan
provided to a student employed by the covered
institution if such terms, conditions, or
benefits are comparable to those provided to
all students of the institution.
``(iv) Exit counseling services provided to
borrowers to meet a covered institution's
responsibilities for exit counseling as
required by section 485(b) provided that--
``(I) a covered institution's staff
are in control of the counseling
(whether in person or via electronic
capabilities); and
``(II) such counseling does not
promote the products or services of any
lender.
``(C) Rule for gifts to family members.--For
purposes of this section, a gift to a family member of
an officer, employee, or agent of a covered
institution, or a gift to any other individual based on
that individual's relationship with the officer,
employee, or agent, shall be considered a gift to the
officer, employee, or agent if--
``(i) the gift is given with the knowledge
and acquiescence of the officer, employee, or
agent; and
``(ii) the officer, employee, or agent has
reason to believe the gift was given because of
the official position of the officer, employee,
or agent.
``(c) Fees From Lenders for Service Prohibited.--An officer,
employee, or agent who is employed in the financial aid office of the
institution, or who otherwise has responsibilities with respect to
educational loans or other financial aid, shall not accept from any
lender or affiliate of any lender (as the term affiliate is defined in
section 487(a)) any fee, payment, or other financial benefit (including
the opportunity to purchase stock) as compensation for consulting
services, serving on an advisory council, or otherwise advising such
lender or affiliate.
``(d) Ban on Educational Loan Arrangements.--
``(1) Prohibition.--An institution of higher education
shall not enter into any educational loan arrangement with any
lender.
``(2) Definition.--For purposes of this subsection, an
educational loan arrangement is an arrangement between an
institution of higher education (or an agent of the
institution) and a lender under which--
``(A) a lender provides or issues educational loans
to students attending the institution or to parents of
such students;
``(B) the institution recommends the lender or the
loan products of the lender; and
``(C) the lender pays a fee or provides other
material benefits, including profit or revenue sharing,
to the institution or officers, employees, or agents of
the institution.
``(e) Ban on Staffing Assistance.--
``(1) Prohibition.--An institution of higher education
shall not request or accept from any lender any assistance with
call center staffing or financial aid office staffing.
``(2) Certain assistance permitted.--Nothing in paragraph
(1) shall be construed to prohibit an institution from
requesting or accepting assistance from a lender related to--
``(A) professional development training for
financial aid administrators; or
``(B) providing educational counseling materials,
financial literacy materials, or debt management
materials to borrowers, provided that such materials
disclose to borrowers the identification of any lender
that assisted in preparing or providing such materials.
``(f) Ban on Opportunity Pools.--An institution of higher education
shall not request, accept, or consider from any lender any offer of
funds to be used for private educational loans to students in exchange
for the covered institution providing concessions or promises to the
lender, and a lender shall not make any such offer.
``(g) Ban on Participation on Advisory Councils.--An officer,
employee, or agent who is employed in the financial aid office of a
covered institution, or who otherwise has responsibilities with respect
to educational loans or other financial aid, shall not serve on or
otherwise participate with advisory councils of lenders or affiliates
of lenders. Nothing in this subsection shall prohibit lenders from
seeking advice from covered institutions or groups of covered
institutions (including through telephonic or electronic means, or a
meeting) in order to improve products and services for borrowers,
provided there are no gifts or compensation (including for
transportation, lodging, or related expenses) provided by lenders in
connection with seeking this advice from such institutions.
``SEC. 156. COMPLIANCE AND ENFORCEMENT.
``(a) Condition of Any Federal Assistance.--Notwithstanding any
other provision of law, a covered institution or lender shall comply
with this part as a condition of receiving Federal funds or assistance
provided after the date of enactment of the Student Loan Sunshine Act.
``(b) Penalties.--Notwithstanding any other provision of law, if
the Secretary determines, after providing notice and an opportunity for
a hearing for a covered institution or lender, that the covered
institution or lender has violated subsection (a)--
``(1) in the case of a covered institution, or a lender
that does not participate in a loan program under title IV, the
Secretary may impose a civil penalty in an amount of not more
than $25,000; and
``(2) in the case of a lender that does participate in a
program under title IV, the Secretary may limit, terminate, or
suspend the lender's participation in such program.
``(c) Considerations.--In taking any action against a covered
institution or lender under subsection (b), the Secretary shall take
into consideration the nature and severity of the violation of
subsection (a).''.
SEC. 3. PROGRAM PARTICIPATION AGREEMENTS.
Section 487(a) of the Higher Education Act of 1965 (20 U.S.C.
1094(a)) is amended by adding at the end the following:
``(24)(A) In the case of an institution (including an
officer (including a director or trustee), employee, or agent
of an institution) that maintains a preferred lender list, in
print or any other medium, through which the institution
recommends 1 or more specific lenders for educational loans (as
such term is defined in section 151 of this Act, but excluding
loans under part D of this title) to the students attending the
institution (or the parents of such students), the institution
will--
``(i) clearly and fully disclose on the preferred
lender list--
``(I) why the institution has included each
lender as a preferred lender, especially with
respect to terms and conditions favorable to
the borrower; and
``(II) that the students attending the
institution (or the parents of such students)
do not have to borrow from a lender on the
preferred lender list;
``(ii) ensure, through the use of the list provided
by the Secretary under subparagraph (C), that--
``(I) there are not less than 3 lenders
named on the each preferred lending list
offered by the institution that are not
affiliates of each other; and
``(II) the preferred lender list--
``(aa) specifically indicates, for
each lender on the list, whether the
lender is or is not an affiliate of
each other lender on the list; and
``(bb) if the lender is an
affiliate of another lender on the
list, describes the specifics of such
affiliation;
``(iii) establish and prominently disclose a
process to ensure that lenders are placed upon the
preferred lender list on the basis of the benefits
provided to borrowers, including--
``(I) highly competitive interest rates,
terms, or conditions for loans made under part
B;
``(II) high-quality servicing for such
loans; or
``(III) additional benefits beyond the
standard terms and conditions for such loans;
``(iv) exercise a duty of care and a duty of
loyalty to compile the preferred lender list without
prejudice and for the sole benefit of the student;
``(v) not deny or otherwise impede the borrower's
choice of a lender or cause unnecessary delays in loan
certification under this title for those borrowers who
choose a lender than has not been recommended or
suggested by the institution.
``(B) For the purposes of subparagraph (A)(ii)--
``(i) the term `affiliate' means a person that
controls, is controlled by, or is under common control
with another person; and
``(ii) a person controls, is controlled by, or is
under common control with another person if--
``(I) the person directly or indirectly, or
acting through 1 or more others, owns,
controls, or has the power to vote 5 percent or
more of any class of voting securities of such
other person;
``(II) the person controls, in any manner,
the election of a majority of the directors or
trustees of such other person; or
``(III) the Secretary determines (after
notice and opportunity for a hearing) that the
person directly or indirectly exercises a
controlling interest over the management or
policies of such other person.
``(C) The Secretary shall maintain and update a list of
lender affiliates of all eligible lenders, and shall provide
such list to the eligible institutions for use in carrying out
subparagraph (A).''.
SEC. 4. NOTICE OF AVAILABILITY OF FUNDS FROM FEDERAL SOURCES.
Section 128 of the Truth in Lending Act (15 U.S.C. 1638) is amended
by adding at the end the following:
``(e) Disclosures Relating to Private Educational Loans.--
``(1) In general.--In the case of an extension of credit
that is a private educational loan, other than a loan secured
by a dwelling or an open end credit plan, the creditor shall
provide in every application for such extensions of credit and
together with any solicitation, marketing, or advertisement of
such extensions of credit, written, electronic, or otherwise,
the disclosures described in paragraph (2).
``(2) Disclosures.--Disclosures required by this subsection
shall include a clear and prominent statement--
``(A) that the borrower may qualify for Federal
financial assistance through a program under title IV
of the Higher Education Act of 1965, in lieu of or in
addition to a loan from a non-Federal source;
``(B) that in many cases, a Federal student loan
may provide the consumer with more beneficial terms and
conditions, including a lower annual percentage rate
and fewer and lower fees, than private educational
loans;
``(C) that the consumer may obtain additional
information concerning such Federal financial
assistance from their institution of higher education
or at the website of the Department of Education; and
``(D) such other information as the Board may
require.
``(3) Clear and conspicuous disclosure.--The disclosure
required under paragraph (2) shall be placed in a conspicuous
and prominent location on or with any written application,
solicitation, or other document or paper relating to any
extension of credit consisting of or involving a private
educational loan for which such disclosure is required under
this subsection.
``(4) Written acknowledgment of receipt.--In each case in
which a disclosure is provided pursuant to paragraph (2) and an
application initiated, a creditor shall obtain a written
acknowledgment from the consumer that the consumer has read and
understood the disclosure.
``(5) Additional disclosures.--In the case of an extension
of credit that is a private educational loan, other than a loan
secured by a dwelling or an open end credit plan, the creditor
shall make available, in a clear and accessible manner
(including through the website of the creditor), the
information required by sections 153(a)(1)(B)(iv) and (v) of
the Higher Education Act of 1965.
``(6) Provision of information.--Before a creditor may
issue any funds with respect to an extension of credit
described in paragraph (1) for an amount equal to more than
$1,000, the creditor shall notify the relevant postsecondary
educational institution, in writing, of the proposed extension
of credit and the amount thereof.
``(7) Regulatory authority.--The Board--
``(A) shall issue such rules and regulations as may
be necessary to implement this subsection; and
``(B) may, by rule, establish appropriate
exceptions to the requirements of this subsection.
``(8) Definitions.--As used in this subsection, the terms
`private educational loan' and `covered institution' have the
same meanings as in section 151 of the Higher Education Act of
1965.''.
SEC. 5. IMPROVED INFORMATION CONCERNING THE FEDERAL STUDENT FINANCIAL
AID WEBSITE.
Section 131 of the Higher Education Act of 1965 (20 U.S.C. 1015) is
amended by adding at the end the following new subsection:
``(e) Promotion of the Department of Education Federal Student
Financial Aid Website.--The Secretary--
``(1) shall display a link to the Federal student financial
aid website of the Department of Education in a prominent place
on the homepage of the Department of Education website; and
``(2) may use administrative funds available for the
Department's operations and expenses for the purpose of
advertising and promoting the availability of the Federal
student financial aid website.
``(f) Promotion of Availability of Information Concerning Student
Financial Aid Programs of Other Departments and Agencies.--
``(1) Availability of information.--The Secretary shall
ensure that the eligibility requirements, application
procedures, financial terms and conditions, and other relevant
information for each non-departmental student financial
assistance program are easily accessible through the Federal
student financial aid website and are incorporated into the
search matrix on such website in a manner that permits students
and parents to readily identify the programs that are
appropriate to their needs and eligibility.
``(2) Agency response.--Each Federal department and agency
shall promptly respond to surveys or other requests for the
information required by paragraph (1), and shall identify for
the Secretary any non-departmental student financial assistance
program operated, sponsored, or supported by such Federal
department or agency.
``(3) Definition.--For purposes of this subsection, the
term `non-departmental student financial assistance program'
means any grant, loan, scholarship, fellowship, or other form
of financial aid for students pursuing a postsecondary
education that is--
``(A) distributed directly to the student or to the
student's account at the institution of higher
education; and
``(B) operated, sponsored, or supported by a
Federal department or agency other than the Department
of Education.''.
Passed the House of Representatives May 9, 2007.
Attest:
Clerk.
110th CONGRESS
1st Session
H. R. 890
_______________________________________________________________________
AN ACT
To establish requirements for lenders and institutions of higher
education in order to protect students and other borrowers receiving
educational loans.