REVISION OF NATIONAL STUDENT LOAN DATA SYSTEM.

SEC. 2008. REVISION OF NATIONAL STUDENT LOAN DATA SYSTEM. Section 485B of the Higher Education Act of 1965 (20 U.S.C 1092(b)) is amended to read as follows: “national student loan data system “Sec. 485B. (a) Development of the System.—The Secretary shall consult with a representative group of guaranty agencies, eligible lenders, and eligible institutions to develop a mutually agreeable proposal for the establishment of a National Student Loan Data System containing information regarding loans made, insured, or guaranteed under part B and loans made under part E. The information in the data system shall include (but is not limited to)— “(1) the amount and type of each such loan made; “(2) the names and social security numbers of the borrowers; “(3) the guaranty agency responsible for the guarantee of the loan; “(4) the institution of higher education or organization responsible for loans made under part E; “(5) the eligible institution in which the student was enrolled or accepted for enrollment at the time the loan was made, and any additional institutions attended by the borrower, “(6) the total amount of loans made to any borrower and the remaining balance of the loans; “(7) the lender, holder, and servicer of such loans; “(8) information concerning the date of any default on the loan and the collection of the loan, including any information concerning the repayment status of any defaulted loan on which the Secretary has made a payment pursuant to section 430(a) or the guaranty agency has made a payment to the previous holder of the loan; 103 STAT. 2122 “(9) information regarding any deferments or forbearance granted on such loans; and “(10) the date of cancellation of the note upon completion of repayment by the borrower of the loan or payment by the Secretary pursuant to section 437. “(b) Additional Information.—For the purposes of research and policy analysis, the proposal shall also contain provisions for obtaining additional data concerning the characteristics of borrowers and the extent of student loan indebtedness on a statistically valid sample of borrowers under part B. Such data shall include— “(1) information concerning the income level of the borrower and his family and the extent of the borrower’s need for student financial assistance, including loans; “(2) information concerning the type of institution attended by the borrower and the year of the program of education for which the loan was obtained; “(3) information concerning other student financial assistance received by the borrower; and “(4) information concerning Federal costs associated with the student loan program under part B of this title, including the costs of interest subsidies, special allowance payments, and other subsidies. “(c) Verification.—The Secretary may require lenders, guaranty agencies, or institutions of higher education to verify information or obtain eligibility or other information through the National Student Loan Data System prior to making, guaranteeing, or certifying a loan made under part B or part E. “(d) Report to Congress.—The Secretary shall prepare and submit to the appropriate committees of the Congress, in each fiscal year, a report describing the results obtained by the establishment and operation of the student loan data system authorized by this section.”.