Simplifying Access to Student Loan Information Act of 2015
Amends the Truth in Lending Act to require private educational lenders to submit to the Secretary of Education information regarding each private education loan they make.
Requires that such information: (1) be placed in the National Student Loan Data System (System), and (2) allow for the electronic exchange of data between the borrowers of those loans and the System. (The System currently contains information regarding loans made, insured, or guaranteed under the Federal Family Education Loan program and loans made under the William D. Ford Federal Direct Loan and Federal Perkins Loan programs.)
Requires the private education loan information to include, if determined appropriate by the Secretary:
Requires private educational lenders to ensure the privacy of borrowers and update the loan information they submit to the System on the same schedule as information is updated under the System.
Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require the Secretary to ensure that: (1) a cosigner of a private education loan for which information is included in the System has access only to that information, and (2) a private educational lender has access to the System only to submit information regarding the lender's loans.
Directs the Secretary to establish a functionality within the System that enables student borrowers of loans made, insured, or guaranteed under title IV to input the information necessary to compare the repayment plans available to them under that title.