Simplifying Access to Student Loan Information Act of 2022
The source supplies the latest action, but no lifecycle stage.
Latest action (14 Dec 2022): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
What this bill does
**Simplifying Access to Student Loan Information Act of 2022 (S. 5256)**
This bill would require private education lenders to report detailed loan information—such as loan amounts, interest rates, lender and servicer contact information, default and repayment status, and deferment or forbearance records—to the federal government's National Student Loan Data System (NSLDS), the same database used to track federal student loans. Lenders would need to keep this information updated and protect borrower privacy. The requirement would apply to private loans made for the 2023–2024 academic year or later, with full implementation required within one year of enactment. The bill also directs the Department of Education to give loan cosigners separate, limited access to relevant loan data, restrict lenders from viewing other lenders' loan information, and build a tool within the NSLDS allowing federal student loan borrowers to input information and compare estimated repayment amounts across different repayment plans.
The bill would primarily affect private student loan borrowers and cosigners, private education lenders, and federal student loan borrowers, by centralizing more loan information in one government database and adding a repayment-comparison tool.
The bill was introduced in the Senate on December 14, 2022, by Senator Jeanne Shaheen and referred to the Senate Committee on Health, Education, Labor, and Pensions. It did not receive a vote before the end of the 117th Congress, meaning it 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 2022
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
14 Dec 2022
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Common questions
- What does S. 5256 do?
- **Simplifying Access to Student Loan Information Act of 2022 (S. 5256)** This bill would require private education lenders to report detailed loan information—such as loan amounts, interest rates, lender and servicer contact information, default and repayment status, and deferment or forbearance records—to the federal government's National Student Loan Data System (NSLDS), the same database used to track federal student loans. Lenders would need to keep this information updated and protect borrower privacy. The requirement would apply to private loans made for the 2023–2024 academic year or later, with full implementation required within one year of enactment. The bill also directs the Department of Education to give loan cosigners separate, limited access to relevant loan data, restrict lenders from viewing other lenders' loan information, and build a tool within the NSLDS allowing federal student loan borrowers to input information and compare estimated repayment amounts across different repayment plans. The bill would primarily affect private student loan borrowers and cosigners, private education lenders, and federal student loan borrowers, by centralizing more loan information in one government database and adding a repayment-comparison tool. The bill was introduced in the Senate on December 14, 2022, by Senator Jeanne Shaheen and referred to the Senate Committee on Health, Education, Labor, and Pensions. It did not receive a vote before the end of the 117th Congress, meaning it did not become law.
- Has S. 5256 become law?
- The source does not supply a confirmed lifecycle stage for S. 5256. Check the latest action and official source below.
- Who sponsored S. 5256?
- S. 5256 was sponsored by Sen. Shaheen, Jeanne [D-NH] (D-NH), with 0 cosponsors.
- What's the latest action on S. 5256?
- Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (14 Dec 2022).
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