S.1400: A bill to amend the Higher Education Act of 1965 to improve the information and repayment options to student borrowers, and for other purposes.

A bill to amend the Higher Education Act of 1965 to improve the information and repayment options to student borrowers, and for other purposes. 5/15/2007--Introduced. Student Information Means a Positive Loan Experience Act of 2007 - Amends the Higher Education Act of 1965 to give borrowers under the Federal Family Education Loan (FFEL) and Direct Loan (DL) programs the option to delay the repayment of principal on such loans for the first two years that they are in repayment, regardless of their repayment plan. Requires FFEL lenders to offer extended repayment plans to borrowers with $20,000 (currently, $30,000) of FFEL debt. Revises the definition of economic hardship to include individuals whose earnings do not exceed 150% of the poverty line applicable to their family size. Requires lenders that grant FFEL loan deferment or forbearance to inform borrowers of the impact such deferment or forbearance has on the ultimate cost of the loan. Directs [...]

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