Simplifying Access to Student Loan Information Act of 2014
Latest action (11 Mar 2014): Introduced
What this bill does
The Simplifying Access to Student Loan Information Act of 2014 would require private education lenders to submit detailed loan data—such as amounts, interest rates, servicer and lender contact information, default and repayment status, and deferment or forbearance history—to the federal National Student Loan Data System, the same system that tracks federal student loans. Lenders would have to keep this information updated and protect borrower privacy. The bill also directs the Secretary of Education to add a tool to the database letting borrowers estimate and compare repayment amounts under different federal loan repayment plans, and it sets rules ensuring cosigners can see information only about loans they cosigned, and lenders can see only their own loan data.
The bill also creates a five-year competitive grant pilot program for colleges, loan servicers, and nonprofit organizations to develop "non-traditional" borrower outreach efforts, such as improved entrance and exit counseling, mid-program check-ins, and follow-up contact after borrowers leave school or fall behind on payments, aiming to reduce loan deferments, forbearances, and defaults. At least 10% of program funds would be reserved for nonprofit loan servicers. After the pilot, the Secretary could continue funding through "Pay-for-Performance" or "Pay-for-Success" grants tied to measurable results, with annual reporting requirements for grantees and a public report from the Secretary.
This bill affects private student loan borrowers, cosigners, private lenders, loan servicers, colleges, and nonprofit organizations involved in student loan counseling. It was introduced in the Senate on March 11, 2014, by Senator Jeanne Shaheen and referred to the Committee on Health, Education, Labor, and Pensions. It did not receive a vote and did not become law.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Simplifying Access to Student Loan Information Act of 2014 - Amends the Truth in Lending Act to require private educational lenders to submit to the Secretary of Education information regarding each private education loan they make.
Requires that such information: (1) be placed in the National Student Loan Data System (System), and (2) allow for the electronic exchange of data between the borrowers of those loans and the System. (The System currently contains information regarding loans made, insured, or guaranteed under the Federal Family Education Loan program and loans made under the William D. Ford Federal Direct Loan and Federal Perkins Loan programs.)
Requires the private education loan information to include, if determined appropriate by the Secretary:
• the total amount and type of each loan;
• the interest rate on each loan;
• information regarding the borrower that the Secretary deems necessary to ensure the electronic exchange of data between the borrower and the System;
• contact information regarding the lender and servicer of each loan;
• information concerning the date of any default on the loan and the collection of the loan, including any information concerning the repayment status of any defaulted loan; and
Common questions
- What does S. 2107 do?
- The Simplifying Access to Student Loan Information Act of 2014 would require private education lenders to submit detailed loan data—such as amounts, interest rates, servicer and lender contact information, default and repayment status, and deferment or forbearance history—to the federal National Student Loan Data System, the same system that tracks federal student loans. Lenders would have to keep this information updated and protect borrower privacy. The bill also directs the Secretary of Education to add a tool to the database letting borrowers estimate and compare repayment amounts under different federal loan repayment plans, and it sets rules ensuring cosigners can see information only about loans they cosigned, and lenders can see only their own loan data. The bill also creates a five-year competitive grant pilot program for colleges, loan servicers, and nonprofit organizations to develop "non-traditional" borrower outreach efforts, such as improved entrance and exit counseling, mid-program check-ins, and follow-up contact after borrowers leave school or fall behind on payments, aiming to reduce loan deferments, forbearances, and defaults. At least 10% of program funds would be reserved for nonprofit loan servicers. After the pilot, the Secretary could continue funding through "Pay-for-Performance" or "Pay-for-Success" grants tied to measurable results, with annual reporting requirements for grantees and a public report from the Secretary. This bill affects private student loan borrowers, cosigners, private lenders, loan servicers, colleges, and nonprofit organizations involved in student loan counseling. It was introduced in the Senate on March 11, 2014, by Senator Jeanne Shaheen and referred to the Committee on Health, Education, Labor, and Pensions. It did not receive a vote and did not become law.
- Has S. 2107 become law?
- Not yet. As of 11 Mar 2014, S. 2107 is introduced.
- Who sponsored S. 2107?
- S. 2107 was sponsored by Sen. Jeanne Shaheen [D-NH] (Democrat-NH), with 1 cosponsor.
- What's the latest action on S. 2107?
- Introduced (11 Mar 2014).
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