Protecting Students From Automatic Default Act of 2014

Summary

Protecting Students From Automatic Default Act of 2014 - Amends the Truth in Lending Act to require a private educational lender to notify a borrower immediately if, upon receiving notification of the death or bankruptcy of a cosigner jointly liable for the private education loan, the lender deems the borrower to be in default, changes the terms of the loan, or accelerates the loan's repayment terms. Requires a private educational lender to give a borrower at least 90 days after such a notification to identify a new cosigner for that loan. Retains the lender's right to renegotiate loan terms based on the creditworthiness of the new cosigner.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 29 April 2014

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• Introduced in House (PDF)

  Introduced in House · EN · 29 April 2014

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• Introduced in House

  summary · EN · 29 April 2014

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