12 2 STA T .3506PUBLIC LA W 110 – 315 — AU G .1 4, 200 8education, u s edint h e unde rw ritin g criteria to deter m ine the p ricing o f pri v ate education l oans
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toe x amine whether and to what extent the inclusion of such nonindividual factors — ( A ) increases access to private education loans for b or - rowers who lac k credit histor y or results in less favorable rates for such borrowers; and ( B ) affects the types of private education loan products and rates available at certain institutions of higher edu- cation, including a comparison of such impact— (i) on private and public institutions; and (ii) on historically Black colleges and universities and institutions of higher education; and ( 3 ) to assess the extent to which the use of such nonindi- vidual factors in underwriting may have a disparate impact on the pricing of private education loans, based on gender, race, income level, and covered educational institution . (c) REPORT .— N ot later than one year after the date of enact- ment of this Act, the C omptroller G eneral of the U nited S tates shall submit a report to the Committee on Banking, H ousing, and Urban Affairs and the Committee on Health, E ducation, L abor, and P ensions of the Senate and the Committee on F inancial Services of the House of Representatives on the results of the study re q uired by this section. SEC.1 1 23 . F E A S IB I L I TY ST UD YF OR STUDE N T LOAN CLEARIN GH OUSE. (a) IN GENER AL .—Not later than 18 months after the date of enactment of this Act, the Comptroller General of the United States shall conduct a study of the feasibility of developing a national student loan clearinghouse on the website of the D epart- ment of Education that would provide for one or more of the following
(1) A registry of real-time information on Federal student loans (including loans under parts B and D of title I V of the Higher Education Act of 1 965 (2 0 U.S.C. 10 7 1 et seq. and 1087a et seq.) and private education loans (as defined in section 1 4 0of the T ruth in Lending Act)), for both under- graduate and graduate students, and parents of students, for use by prospective borrowers or any person desiring information regarding available interest rates, fees, and other terms from lenders. (2) A mechanism whereby prospective borrowers could be matched with lenders that offer highly competitive products and loan servicing quality, including any procedures and safe- guards necessary to minimi z e potentially adverse effects of multiple inquiries into participating borrowers ’ credit histories recorded by consumer reporting agencies. (3) O ptions concerning the establishment and ongoing maintenance of such a system, including whether such a system should be operated by one or more entities, and methods to finance such a system at no or minimal cost to consumers and the Government. (4) Other features that could help prospective borrowers make informed decisions in selecting lenders from whom to obtain Federal and private education loans. Deadlin e . Deadline.
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