Simplifying Access to Student Loan Information Act of 2020

Simplifying Access to Student Loan Information Act of 2020

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.