Sec. 9. Report on private education loans and private educational lenders
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Not later than 2 years after the date of enactment of this Act, the Director of the Bureau of Consumer Financial Protection and the Secretary of Education, in consultation with the Commissioners of the Federal Trade Commission and the Attorney General of the United States, shall submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on Health, Education, Labor, and Pensions of the Senate, the Committee on Financial Services of the House of Representatives, and the Committee on Education and Labor of the House of Representatives on private education loans (as that term is defined in section 140 of the Truth in Lending Act ( 15 U.S.C. 1650 )) and private educational lenders (as that term is defined in such section).
The report required by this section shall examine, at a minimum— the growth and changes of the private education loan market in the United States; factors influencing such growth and changes; the extent to which students and parents of students rely on private education loans to finance postsecondary education and the private education loan indebtedness of borrowers; the characteristics of private education loan borrowers, including— the types of institutions of higher education that they attend; socioeconomic characteristics (including income and education levels, racial characteristics, geographical background, age, and gender); what other forms of financing borrowers use to pay for education; whether they exhaust their Federal loan options before taking out a private education loan; whether such borrowers are dependent or independent students (as determined under part F of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1087kk et seq.)) or parents of such students; whether such borrowers are students enrolled in a program leading to a certificate, license, or credential other than a degree, an associates degree, a baccalaureate degree, or a graduate or professional degree; and if practicable, employment and repayment behaviors; the characteristics of private educational lenders, including whether such creditors are for-profit, nonprofit, or institutions of higher education; the underwriting criteria used by private educational lenders, including the use of cohort default rate (as such term is defined in section 435(m) of the Higher Education Act of 1965 ( 20 U.S.C. 1085(m) )); the terms, conditions, and pricing of private education loans; the consumer protections available to private education loan borrowers, including the effectiveness of existing disclosures and requirements and borrowers’ awareness and understanding about terms and conditions of various financial products; whether Federal regulators and the public have access to information sufficient to provide them with assurances that private education loans are provided in accord with the Nation’s fair lending laws and that allows public officials to determine lender compliance with fair lending laws; and any statutory or legislative recommendations necessary to improve consumer protections for private education loan borrowers and to better enable Federal regulators and the public to ascertain private educational lender compliance with fair lending laws.
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Sec. 9
Report on private education loans and private educational lenders
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