Consolidation Student Loan Flexibility Act of 2003

Fact Sheet API

Bill Number

S 835

Introduced

Apr 9, 2003

Latest Action

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Sponsor

Cosponsors

Topics

Debtor and creditor Economics and Public Finance Education Federally-guaranteed loans Finance and Financial Sector Higher education Interest rates Student loan funds

Full Text

View Full Bill Text

Votes

Summary

Consolidation Student Loan Flexibility Act of 2003 - Amends the Higher Education Act of 1965 to allow student loan borrowers to choose a lender for loan consolidation. (Eliminates the requirement that: (1) the consolidation loan lender must already hold an outstanding student loan of the borrower; or (2) the borrower must certify to having sought and been unable to obtain a consolidation loan with income-sensitive repayment terms from any holders of the outstanding loans selected for consolidation.)

Requires clear and conspicuous notice to be provided to student loan applicants, and to student loan borrowers at their exit interviews, describing the effects of using consolidation loans, and including specified information for applicants or borrowers respectively.

Actions

Apr 9, 2003

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Apr 9, 2003

Sponsor introductory remarks on measure. (CR S5069-5070)
Apr 9, 2003

Introduced in Senate

Amendments

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