Simplifying Access to Student Loan Information Act of 2022

Hozzl · 2024-03-13T03:55:19Z

Explore the details of Senate Bill 5256 Simplifying Access to Student Loan Information Act of 2022 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Education. Stay informed on legislative developments.

3/13/2024, 3:55 AM

Congressional Summary of S 5256

Simplifying Access to Student Loan Information Act of 2022

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.

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Current Status of Bill S 5256

Bill S 5256 is currently in the status of Bill Introduced since December 14, 2022. Bill S 5256 was introduced during Congress 117 and was introduced to the Senate on December 14, 2022. Bill S 5256's most recent activity was Read twice and referred to the Committee on Health, Education, Labor, and Pensions. as of December 14, 2022