DEFAULT REDUCTION PROGRAM.

SEC. 426. DEFAULT REDUCTION PROGRAM. Section 428F (20 U.S.C. 1078–6) is amended—(1) in subsection (a)—(A) in paragraph (1)(A), by adding at the end the following: “Upon the sale of the loan to an eligible lender, the guaranty agency or other holder of the loan shall request any consumer reporting agency to which the guaranty agency or holder, as applicable, reported the default of the loan, to remove the record of default from the borrower’s credit history.”; and(B) by adding at the end the following:“(5) Limitation.—A borrower may obtain the benefits available under this subsection with respect to rehabilitating a loan only one time per loan.”; and(2) by adding at the end the following:“(c) Financial and Economic Literacy.—Each program described in subsection (b) shall include making available financial and economic education materials for a borrower who has rehabilitated a loan.”.