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162 records in 1988

Records

Bill· HRH.R. 3878 (100th)referred

Guaranteed Student Loan Default Reform Act of 1988

United States · United States Congress · 28 January 1988

Guaranteed Student Loan Default Reform Act of 1988 - Amends the Higher Education Act of 1965 (the Act) to revise guaranteed student loan program provisions relating to default rates. Requires guaranty agencies to meet certain data system information requirements. Includes among such requirements information on loan delinquencies and defaults, as well as on changes in enrollment or repayment status of borrowers whose loans are delinquent or in default. Requires guaranty agencies furnishing information to eligible institutions to include information on students who are delinquent in repaying loans (as well as those in default). Allows such information to be in the form of monthly lists, identifying the date on which the delinquency or default commenced. Requires eligible institutions to: (1) review such information and report any corrections to the guaranty agency; and (2) make certain additional information relevant to loan collection available to guaranty agencies. Requires eligible lenders or holders of loans to: (1) furnish to the appropriate guaranty agency a monthly list of the names of student borrowers who are delinquent, their last known address, the remaining loan balance, and the date the loan became delinquent; and (2) notify the borrower and eligible institution within 30 days of the sale or other transfer of the loan. Requires guaranty agencies to submit to eligible institutions monthly lists of any student borrower who is delinquent, his or her last known address, the remaining loan balance, and the date the loan became delinquent. Requires eligible institutions to review such information and report to the guaranty agency any corrections and other relevant information that may assist in locating the borrower. Sets forth provisions as to the basis and timing of limitation, suspension, and termination actions against eligible institutions. Prohibits any such action unless specified criteria are met. Sets forth a formula for default rate computation. Defines "high risk students" and "successful high risk students" for purposes of such computation. Requires eligible institutions under the guaranteed and direct student loan programs to require all student borrowers to sign a form outlining loan terms and borrower rights and responsibilities. Requires withholding of academic transcripts to a borrower who is in default until the institution receives notice that the borrower has reentered payment status. Requires eligible institutions to give student borrowers a statement on the consequences of defaulting on a guaranteed student loan. Requires student borrowers, in order to be eligible for any loan under the Act, to submit to the institution of higher education their current address, name and address of next of kin, and driver's license number. Requires each eligible institution to require, during the exit counseling, student borrowers to submit their address, name and address of next of kin, and driver's license number. Requires eligible institutions under the guaranteed student loan program to develop a default prevention policy and plan. Prohibits the Secretary of Education (the Secretary) from promulgating regulations on such policy and planning requirements. Directs the Secretary to develop a plan for disseminating information about default prevention programs for eligible institutions, lenders, and guaranty agencies. Expresses the sense of the Congress that the income tax refund offset program for the collection of defaulted student loans should continue. Provides for quarterly disbursements of guaranteed student loans. Directs the Secretary to report annually to the Congress on the progress made under the guaranteed student loan program to address the default problem. Requires such report to also contain data showing default rates by eligible institutions, guaranty agencies, and eligible lenders.

Bill· HRH.R. 3876 (100th)referred

Guaranteed Student Loan Default Reduction Act

United States · United States Congress · 28 January 1988

Guaranteed Student Loan Default Reduction Act - Amends the Higher Education Act of 1965 to revise guaranteed student loan program provisions to authorize the Secretary of Education (the Secretary) to limit, suspend, or terminate an institution's eligibility for such program unless it enters into and complies with a default reduction agreement (the agreement) containing specified provisions the Secretary deems necessary. Allows the agreement to require the institution to: (1) pay a supplemental insurance premium; (2) delay certification of a student's loan eligibility until he or she has completed at least one month of attendance; (3) obtain specified information from the student; (4) submit monthly reviews and reports to guaranty agencies on students who have left for reasons other than graduation; (5) provide students in-school and exit counseling on loan obligations; (6) provide students notification and certain information during the grace period before repayment; and (7) pay the Government costs of administering such agreement. Sets the applicable maximum default rate at 25 percent, with specified exceptions. Directs the Secretary to annually publish data on the default rates of eligible institutions, eligible lenders, and guaranty agencies. Requires lenders to seek preclaims assistance from the guarantor within 90 days after any loan becomes delinquent. Requires the guaranty agency to notify the eligible institution of the performance of pre-claims assistance with respect to borrowers who received loans while attending such institution. Requires the institution to verify the accuracy of the information in such notice. Requires the holder of the loan to notify the eligible institution promptly if the student fails to make the first loan payment within 60 days after it is due and to send the institution a copy of the final demand letter sent to the borrower. Requires the lender to notify the eligible institution of any sale or other transfer of loans made to its students to any other holder, and that holder's address. Authorizes the Secretary, in approving or disapproving an accrediting agency for certain purposes, to take into account the extent to which such agency: (1) reviews the academic programs and performance of institutions whose default rates exceed 25 percent; and (2) performs annual inspections and program reviews of such institutions with particular attention to dropout rates and job placement rates as indicators of inadequate counseling and instructional programs and causes of such default rates. Authorizes guaranty agencies to require eligible institutions to submit information on student admissions policies, student withdrawal and dropout rates, and student placement rates. Directs the Secretary to promulgate guidelines for eligible institutions to encourage student loan repayment. Requires such guidelines to: (1) delineate legal requirements relating to disclosure of borrower records to third parties, the Fair Debt Collection Practices Act, and other applicable Federal law; and (2) include a model program, with sample letters and telephone scripts.

Bill· HRH.R. 3871 (100th)referred

Student Loan Default Prevention and Debt Collection Act of 1988

United States · United States Congress · 27 January 1988

Student Loan Default Prevention and Debt Collection Act of 1988 - Amends the Higher Education Act of 1965 to set forth provisions relating to default rates under the guaranteed student loan program. Requires each guaranty agency to furnish the Department of Education with information on the amount of each guaranteed student loan. Requires such information to be used in the National Student Loan Data System. Requires each guaranty agency to expand and standardize the confirmation reports to be submitted on the date of enactment of this Act in order to assure that such information is provided at least bimonthly on student loan delinquencies, defaults, and the change in status of borrowers whose loans are delinquent or in default. Requires each guaranty agency to provide the Secretary of Education (the Secretary) with complete and accurate data on a quarterly basis in order to facilitate the usefulness of the National Student Loan Data System. Allows the guaranty agency to enter into agreements whereby the eligible institution may make principal and interest payments on defaulted guaranteed student loans in order to reduce the default rate. Requires (current law authorizes) guaranty agencies to furnish to eligible institutions, upon request, specified information on students who are delinquent or have defaulted on guaranteed student loans. Requires that such information include names and addresses of such students. Revises the definition of "default." Includes supplemental loans for students under specified eligibility provisions. Requires (current law authorizes) the Secretary to establish and carry out the National Student Loan Data System. Prohibits guaranty agencies from making any limitation, suspension, or termination action with respect to an eligible institution based on a default rate unless the default rate is based upon an average of three years' experience in the guaranteed student loan program. Requires eligible lenders or holders of loans under the guaranteed student loan program to: (1) furnish the appropriate eligible institution a copy of the first delinquency notice and final demand letter to the guaranty agency; and (2) notify the borrower and the eligible institution within 30 days of the sale or other transfer of the loan. Directs the Secretary, in establishing criteria for disqualification of eligible institutions under the guaranteed student loan program, to include provisions giving eligible institutions credit for successfully serving high risk students in the calculation of the default rate. Requires each eligible institution to maintain and make available to guaranty agencies upon request additional information on student borrowers, including family addresses, the parents' place of business, and other information relevant to the collection of guaranteed student loans that are delinquent or in default. Requires eligible institutions to require all student borrowers to sign a form at or before the first disbursement of a guaranteed student loan outlining its terms and conditions and the borrower's rights and responsibilities. Requires eligible institutions to withhold academic transcripts of any borrower in default on a guaranteed student loan: (1) until the institution has received notice from the guaranty agency that the borrower has reentered payment status; or (2) unless this requirement is waived pursuant to regulations by the Secretary because the borrower is unemployed or disabled. Requires eligible institutions to develop, carry out, and periodically review a guaranteed student loan default prevention policy and plan. Prohibits the Secretary from promulgating regulations with respect to such policy and planning requirements. Requires eligible institutions to require guaranteed student loan borrowers to submit to the institution during a required exit interview the borrower's address after graduation (or after leaving the institution for any other reason), the address of the borrower's next of kin, and the borrower's driver's license number. Requires a statement on the consequences of defaulting on a guaranteed student loan to be included in an eligible institution's financial assistance information for students. Revises the definition of "prospective student" for purposes of such information requirements. Directs the Secretary to develop and publish an annual default report to the Congress on the guaranteed student loan program beginning on September 30, 1988. Sets forth the contents for such report. Directs the Secretary to develop a plan, to be published for public comments, for the conduct of program reviews, at least once triennially, of all eligible institutions and eligible lenders under the guaranteed student loan program. Requires the Secretary to report annually to the Congress on the results of such reviews. Prohibits an eligible institution, in the case of a guaranteed student loan obtained by a borrower for the first period of instruction at that institution, from certifying the eligibility of such student to receive the loan prior to a specified period after classes have begun.

Bill· HRH.R. 3873 (100th)referred

Parental Assistance With Tuition Savings Certificates Act of 1987

United States · United States Congress · 27 January 1988

Parental Assistance With Tuition Savings Certificates Act of 1987 - Authorizes the Secretary of Education (the Secretary) to issue and redeem a postsecondary education savings certificate to be known as the Parental Assistance With Tuition Savings Certificate. Sets forth terms for such certificates. Directs the Secretary to prescribe regulations for such certificates and sets forth their method of issuance. Authorizes appropriations to cover the costs of selling and redeeming certificates. Provides for incentive payments to postsecondary education institutions which accept such certificates and whose tuition cost increases have not exceeded a specified rate. Provides that certificate funds shall not be considered as income or resources in determining eligibility for assistance under federally funded programs, except in the case of specified types of students applying for student assistance under the Higher Education Act of 1965. Sets forth nondiscrimination provisions. Directs the Secretary to support participation in the certificates program by: (1) encouraging the private sector and Government to promote employee participation in payroll deductions for the purchase of certificates; (2) encouraging businesses, nonprofit organizations, charitable groups, educational organizations, and individuals to participate in programs to provide needy youngsters with access to such certificates; and (3) work with the Secretary of the Treasury to reinstitute the Savings Stamp program to enable children to save toward the purchase of certificates.

Bill· SS. 2005 (100th)referred

Student Loan Amendments of 1988

United States · United States Congress · 26 January 1988

Student Loan Amendments of 1988 - Amends the Higher Education Act of 1965 to permit guaranteed student loans to students from families with incomes equal to or less than $30,000 without the use of a need analysis. Directs the Secretary of Education (the Secretary) to apply certain need analysis rules as necessary. Directs the Secretary, through the Office of Education Research and Improvement or the Center for Education Statistics, to study and report on the impact of the amendments made by the Higher Education Amendments of 1986 on students applying for guaranteed student loans and the effects on student enrollment in higher education.

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