Simplifying Access to Student Loan Information Act of 2020
The source supplies the latest action, but no lifecycle stage.
Latest action (28 Jan 2020): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
What this bill does
The Simplifying Access to Student Loan Information Act of 2020 would expand the National Student Loan Data System (NSLDS) to include information on private education loans, in addition to federal student loans which are already present. This expansion would require private educational lenders to submit details about these loans, such as outstanding balances and interest rates, to the NSLDS.
The bill affects students, borrowers, and private educational lenders. It aims to provide borrowers with more comprehensive information about their student loans in one place. The Department of Education would be responsible for managing access to this data, ensuring cosigners can only view information for loans they are associated with, and that lenders can only submit their own loan data, not view others'. A new feature would also be created within the NSLDS to help federal student loan borrowers compare different repayment plans.
This bill was introduced in the Senate in January 2020 by Senator Jeanne Shaheen and referred to the Committee on Health, Education, Labor, and Pensions. Its current status is "Introduced." For the bill to become law, it would need to pass through the committee process and then be voted on and approved by both the Senate and the House of Representatives, before being signed by the President.
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 2020
This bill expands the National Student Loan Data System (NSLDS) to include information about private education loans.
Specifically, the bill requires private educational lenders to submit to the NSLDS information regarding private education loans made to borrowers, including the outstanding balances and interest rates of such loans. Currently, only federal student loan information is available in the NSLDS.
The bill requires the Department of Education to
• ensure that a cosigner of a private education loan for which information is included in the NSLDS has access only to that information in a separate account,
• ensure that a private educational lender has access to the NSLDS only to submit information regarding the lender's loans, and
• establish a functionality within the NSLDS that enables a student borrower of federal student loans to input the information necessary to compare repayment plans.
Timeline
28 Jan 2020
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Common questions
- What does S. 3243 do?
- The Simplifying Access to Student Loan Information Act of 2020 would expand the National Student Loan Data System (NSLDS) to include information on private education loans, in addition to federal student loans which are already present. This expansion would require private educational lenders to submit details about these loans, such as outstanding balances and interest rates, to the NSLDS. The bill affects students, borrowers, and private educational lenders. It aims to provide borrowers with more comprehensive information about their student loans in one place. The Department of Education would be responsible for managing access to this data, ensuring cosigners can only view information for loans they are associated with, and that lenders can only submit their own loan data, not view others'. A new feature would also be created within the NSLDS to help federal student loan borrowers compare different repayment plans. This bill was introduced in the Senate in January 2020 by Senator Jeanne Shaheen and referred to the Committee on Health, Education, Labor, and Pensions. Its current status is "Introduced." For the bill to become law, it would need to pass through the committee process and then be voted on and approved by both the Senate and the House of Representatives, before being signed by the President.
- Has S. 3243 become law?
- The source does not supply a confirmed lifecycle stage for S. 3243. Check the latest action and official source below.
- Who sponsored S. 3243?
- S. 3243 was sponsored by Sen. Shaheen, Jeanne [D-NH] (D-NH), with 0 cosponsors.
- What's the latest action on S. 3243?
- Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (28 Jan 2020).
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