Simplifying Access to Student Loan Information Act of 2022
Latest action (14 Dec 2022): Introduced
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
This bill was introduced on December 14, 2022, in a previous session of Congress, but it did not receive a vote.
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