20 U.S.C. § 1092b : US Code - Section 1092B: National Student Loan Data System

Search 20 U.S.C. § 1092b : US Code - Section 1092B: National Student Loan Data System

(a) Development of 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 of this subchapter
and loans made under parts C and D of this subchapter, and for
allowing the electronic exchange of data between program
participants and the system. In establishing such data system, the
Secretary shall place a priority on providing for the monitoring of
enrollment, student status, information about current loan holders
and servicers, and internship and residency information. Such data
system shall also permit borrowers to use the system to identify
the current loan holders and servicers of such borrower's loan not
later than one year after October 7, 1998. 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 parts C and D of this
subchapter;
(5) (!1) the exact amount of loans partially or totally
canceled or in deferment for service under the Peace Corps Act
(22 U.S.C. 2501 et seq.)),(!2) for service under the Domestic
Volunteer Service Act of 1973 [42 U.S.C. 4950 et seq.], and for
comparable full-time service as a volunteer for a tax-exempt
organization of demonstrated effectiveness.(!3)
(5) (!1) 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 1080(a) of
this title or the guaranty agency has made a payment to the
previous holder of the loan;
(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 1087 of this title.
(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 of this subchapter. 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 subchapter, 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, C, or D of this subchapter.
(d) Omitted
(e) Standardization of data reporting
(1) In general
The Secretary shall by regulation prescribe standards and
procedures (including relevant definitions) that require all
lenders and guaranty agencies to report information on all
aspects of loans made under this subchapter and part C of
subchapter I of chapter 34 of title 42 in uniform formats in
order to permit the direct comparison of data submitted by
individual lenders, servicers or guaranty agencies.
(2) Activities
For the purpose of establishing standards under this section,
the Secretary shall -
(A) consult with guaranty agencies, lenders, institutions of
higher education, and organizations representing the groups
described in paragraph (1);
(B) develop standards designed to be implemented by all
guaranty agencies and lenders with minimum modifications to
existing data processing hardware and software; and
(C) publish the specifications selected to be used to
encourage the automation of exchanges of information between
all parties involved in loans under this subchapter and part C
of subchapter I of chapter 34 of title 42.
(f) Common identifiers
The Secretary shall, not later than July 1, 1993 -
(1) revise the codes used to identify institutions and students
in the student loan data system authorized by this section to
make such codes consistent with the codes used in each database
used by the Department of Education that contains information of
participation in programs under this subchapter and part C of
subchapter I of chapter 34 of title 42; and
(2) modify the design or operation of the system authorized by
this section to ensure that data relating to any institution is
readily accessible and can be used in a form compatible with the
integrated postsecondary education data system (IPEDS).
(g) Integration of databases
The Secretary shall integrate the National Student Loan Data
System with the Pell Grant applicant and recipient databases as of
January 1, 1994, and any other databases containing information on
participation in programs under this subchapter and part C of
subchapter I of chapter 34 of title 42.