A bill to require improved collection of defaulted NDSL loans by institutions of higher education and by the Department of Education, and for other purposes.

Summary

Amends the Higher Education Act of 1965 to direct the Secretary of Education to reduce the amount of Federal capital contributions for direct student loans (under the national defense student loan program, "NDSL") to any institution of higher education with a default rate for such loans of more than ten percent for any fiscal year beginning on or after October 1, 1982. Directs the Secretary to exclude from applications unjustified increases requested in anticipation of such reductions. Allows institutions of higher education to provide information concerning student borrowers who have defaulted on direct loans to the Secretary and to collection agencies, in accordance with regulations. Revises provisions relating to student default under the Federal loan insurance program to replace authority to contract with "private business concerns" with authority to contract with "nonprofit private organizations and agencies" for loan recovery purposes.

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Documents

1 official file

• Introduced in House

  summary · EN · 3 December 1981

  Open at official source

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