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Sponsored by Sen. Murkowski, Lisa [R-AK](R-AK)
State-Based Education Loan Awareness Act This bill excludes certain arrangements or agreements regarding education loans from the definition of a preferred lender arrangement. A preferred lender arrangement is an arrangement or agreement between a lender and an institution of higher education (IHE) that receives federal funding or assistance (1) under which a lender issues education loans to students attending the IHE; and (2) that relates to the IHE recommending, promoting, or endorsing the education loan products of the lender. The bill provides that arrangements or agreements made under a state-based education loan program do not meet the definition of a preferred lender agreement for purposes of certain required disclosures to student borrowers.
State-Based Education Loan Awareness Act This bill excludes certain arrangements or agreements regarding education loans from the definition of a preferred lender arrangement. A preferred lender arrangement is an arrangement or agreement between a lender and an institution of higher education (IHE) that receives federal funding or assistance (1) under which a lender issues education loans to students attending the IHE; and (2) that relates to the IHE recommending, promoting, or endorsing the education loan products of the lender. The bill provides that arrangements or agreements made under a state-based education loan program do not meet the definition of a preferred lender agreement for purposes of certain required disclosures to student borrowers.
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