A bill to amend title IV of the Higher Education Act of 1965 to provide for the exchange of information concerning defaulting student borrowers with credit bureau organizations to promote responsible repayment of Federal student loans.

Summary

Amends the Higher Education Act of 1965 to direct the Commissioner of Education to enter into agreements with credit bureau organizations providing for the exchange of information concerning defaulting student borrowers. States that such agreements: (1) shall provide for disclosure by the Commissioner to such credit organizations; and (2) may provide for the disclosure, by such credit organizations to the Commissioner, of information concerning the defaulting borrower's address and other relevant information. Directs the Commissioner, within 90 days of enactment of this Act, to establish a system for the prompt notification to a defaulting borrower of any disclosure made under this Act. Includes notice of such system of disclosure to credit organizations among the terms of the written agreement evidencing: (1) a federally-guaranteed student loan made more than 180 days after enactment of this Act; (2) subsidy payments for such loans to State and nonprofit private institutions made more than 180 days after enactment of this Act; (3) Federal contributions to an institution for direct student loans; and (4) a direct student loan to an eligible student from his or her institution made more than 180 days after enactment of this Act.

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1 official file

• Introduced in House

  summary · EN · 18 June 1979

  Open at official source

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