SIMPLIFICATION OF THE LENDING PROCESS FOR BORROWERS.

SEC. 488. SIMPLIFICATION OF THE LENDING PROCESS FOR BORROWERS. Part G of title IV of the Act (20 U.S.C. 1088 et seq.) is amended by inserting after section 485B the following new section: “SEC. 485C. SIMPLIFICATION OF THE LENDING PROCESS FOR BORROWERS. “(a) All Like Loans Treated as One.— To the extent practicable, and with the cooperation of the borrower, eligible lenders shall treat all loans made to a borrower under the same section of part B as one loan and shall submit one bill to the borrower tor the repayment of all such loans for the monthly or other similar period of repayment. Any deferments on one such loan will be considered a deferment on the total amount of all such loans. “(b) One Lender, One Guaranty Agency.— To the extent practicable, and with the cooperation of the borrower, the guaranty agency shall ensure that a borrower only have one lender, one holder, one guaranty agency, and one servicer with which to maintain contact.”.