Sec. 1106. Longitudinal study of the causes of student loan default
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Not later than 1 year after the date of enactment of this Act, the Secretary of Education and the Director of the Bureau of Consumer Financial Protection, acting through the Director of the Institute of Education Sciences, shall begin conducting a rigorous longitudinal study of the causes of default on loans made, insured, or guaranteed under part B, D, or E of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1071 et seq. , 1087a et seq., 1087aa et seq.). The longitudinal study shall include— information about borrowers of loans described in subsection (a), disaggregated by age, race, ethnicity, gender, status as an individual with a disability, and status as a low-income individual, regarding possible risk factors for default, including— the type of institution attended by the borrower; the degree or program in which the borrower was enrolled; educational attainment level; personal and financial circumstances; employment status; types of loans held by the borrower; the interest rate on outstanding loans held by the borrower; the repayment plan selected by the borrower; loan servicing difficulties; outstanding debt level; and such other factors as the Secretary and Director of the Bureau of Consumer Financial Protection may determine; consideration of the relevance of the possible risk factors; and policy recommendations designed to decrease the likelihood of student loan default.
Not later than 18 months after the commencement of the study described under this section, and annually thereafter, the Secretary shall evaluate the progress of the study and report any short-term findings to the appropriate committees of Congress. Upon completion of the study described under this section, the Secretary shall prepare and submit a final report regarding the findings of the study to the appropriate committees of Congress. There are authorized to be appropriated to carry out this section such sums as may be necessary for fiscal year 2015 and each of the 4 succeeding fiscal years.
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Sec. 1106
Longitudinal study of the causes of student loan default
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