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Code · BILL · 113th Congress · S. 2954 (Introduced in Senate) — To improve the Higher Education Act of 1965, and for other purposes. · Sec. 427

Sec. 427. Improvements to credit reporting for Federal student loans

301 words·~1 min read·/bill/113/s/2954/is/section-427·

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Section 430A ( 20 U.S.C. 1080A ) is amended— by redesignating subsections
(d)through
(f)as subsections
(e)through (g), respectively; and by inserting after subsection
(c)the following: The Secretary and each guaranty agency, eligible lender, and subsequent holder of a loan shall take all necessary steps to ensure that information furnished under this section about a loan covered by Federal loan insurance pursuant to this part or covered by a guaranty agreement pursuant to section 428, or a loan made under part D, is reported in a manner that reflects the unique attributes of a Federal student loan under this title. The necessary steps required shall include— furnishing consumer reporting agencies with information about a loan's delinquency, default, post-default performance, rehabilitation, and post-rehabilitation performance, as applicable, in a manner that ensures the entire loan history is reported as a single open account for the duration of the borrower's financial obligation; reporting a payment as paid as agreed if the payment made— satisfies the terms of the borrower's income-based repayment plan under section 493C or any income contingent repayment plan authorized under section 455(e); or is a reasonable and affordable payment made by a borrower subject to section 428F that meet the requirements of such section; and for purposes of payments under an income-based repayment plan under section 493C or any income contingent repayment plan authorized under section 455(e), any additional steps that the Secretary determines necessary, through rulemaking or published guidance, based on the results of the study performed under section 1018 of the Higher Education Affordability Act . The requirements of paragraph
(1)shall apply to any person furnishing information about loan performance on behalf of the Secretary, a guaranty agency, eligible lender, or subsequent holder of a loan, including third party student loan servicers or collectors. .
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  • 20 USC 1080A
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Sec. 427
Improvements to credit reporting for Federal student loans
Cite20 USC 1080A
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