United States · Amendment · HAMDT

HAMDT 591 (101st)

An amendment to address the student loan default situation by changes in current policy, including requiring a reduced federal guarantee to lenders when their student loan portfolios are heavily weighted toward high default rate schools, and toughening accreditation requirements for schools with career training courses (including requiring these schools to be accredited by independent accrediting agencies and requiring their claims regarding placement and graduation rates to be audited). The amendment also requires borrowers to report additional information to facilitate their location when default occurs, clarifies procedures for reporting defaults to credit bureaus, prohibits the sale of student lists, and establishes a toll-free hotline to enable students to report fraud and abuse by institutions.