H.R.1501 - Student Loan Privatization Act of 1995104th Congress (1995-1996)
|Sponsor:||Rep. Istook, Ernest J., Jr. [R-OK-5] (Introduced 04/07/1995)|
|Committees:||House - Economic and Educational; Government Reform|
|Latest Action:||06/09/1995 Sponsor introductory remarks on measure. (All Actions)|
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Summary: H.R.1501 — 104th Congress (1995-1996)All Bill Information (Except Text)
Introduced in House (04/07/1995)
TABLE OF CONTENTS:
Title I: Reforms to Improve the Accuracy of the Federal
Credit Reform Act with Respect to Budget Scoring the
Cost of the Federal Direct Student Loan Program
Title II: Phase-Out of the Federal Direct Student Loan
Title III: Improvements to the Federal Family Education Loan
Student Loan Privatization Act of 1995 - Title I: Reforms to Improve the Accuracy of the Federal Credit Reform Act with Respect to Budget Scoring the Cost of the Federal Direct Student Loan Program - Amends the Congressional Budget Act to revise its Federal Credit Reform Act provisions relating to budget accuracy of accounting for Federal costs associated with the Federal Direct Student Loan Program.
Title II: Phase-Out of the Federal Direct Student Loan Program - Amends the Higher Education Act of 1965 (HEA) to direct the Secretary of Education to phase-out the Federal Direct Student Loan Program (FDSL) in a specified manner. Eliminates related requirements involving loan volume limits and administrative expenses for such program. Repeals HEA authority for such program as of the end of FY 1997.
Title III: Improvements to the Federal Family Education Loan Program - Amends HEA to revise provisions under the Federal Family Education Loan Program (FFEL) relating to: (1) recovery of guaranty agency reserves; and (2) return to the Treasury of reserve funds returned or recovered by the Secretary.
Terminates FDSL consolidation loan authority. Consolidates FDSL program loans under the FFEL program.
Prohibits certain administrative funds from being expended to support public relations activities (by Department of Education employees or pursuant to contracts with the Department) or marketing of institutions to encourage participation in the FDSL program.
Provides for sale of FDSL loan portfolios. Directs the Secretary to provide a copy of all reports and analyses prepared in connection with auctions, for purposes of such sales, to the Directors of the Congressional Budget Office and of the Office of Management and Budget. Requires all proceeds received as a result of such auctions to be returned to the Department of the Treasury after deduction of connected expenses incurred by the Department of Education.