S. 1102: Protect Student Borrowers Act of 2015

114th Congress · introduced 2015-04-27 · Education · Latest: Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (Sponsor introductory remarks on measure:CR S2433)

federal

Follow this bill, step by step

Where it came from: introduced 2015-04-27 · official record
Who proposed it: Sen. Reed, Jack [D-RI] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (Sponsor introductory remarks on measure:CR S2433) Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Protect Student Borrowers Act of 2015

Plain summary

Protect Student Borrowers Act of 2015 This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to require institutions of higher education (IHEs) participating in the William D. Ford Federal Direct Loan program to accept specified risk-sharing requirements. For any fiscal year in which at least 25% of the IHE's student body is participating in the Direct Loan program, the IHE must remit a risk-sharing payment (a percentage of the total amount of its defaulted Direct Loans) that declines as the cohort default rate declines. If an IHE develops and implements an approved student loan management plan that includes individualized financial aid counseling for students and strategies to minimize student loan default and delinquency, the Department of Education (ED) must modify the risk-sharing requirements. ED may waive or reduce an IHE's risk-sharing payments in certain other instances. An IHE may not deny admission or financial aid based on a perception that a student may be at risk for defaulting on a Direct Loan. ED may enter into contracts or cooperative agreements for: (1) statewide or institutionally-based programs for the prevention of federal student loan delinquency and default at IHEs that have a high cohort default rate or serve large numbers of students who have a higher risk of defaulting on student loans under title IV, and (2) increasing the number of borrowers who successfully rehabilitate defaulted loans. Risk-sharing payments are to be deposited in a separate account in the Treasury and used as follows: (1) up to 50% for ED to enter into the contracts or cooperative agreements for delinquency and default prevention or rehabilitation, and (2) the remainder to offset any future shortfalls in funding under the Federal Pell Grant program. An IHE's ability to meet its obligation to make risk-sharing payments shall be part of the determination of its eligibility to participate in title IV programs.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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What does this mean? (plain words)

Official text

Protect Student Borrowers Act of 2015

Source: Congressional Research Service summary (Introduced in Senate)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Reed, Jack [D-RI] · 3 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Elizabeth Warren (D-MA), Richard J. Durbin (D-IL), Christopher Murphy (D-CT)

Sponsor's campaign money: Sen. Reed, Jack [D-RI] reported raising $3.7 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (3)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Fiscal year: The 12-month period a government uses for its budget. The federal fiscal year runs from October 1 to September 30 and is named for the calendar year in which it ends. Most states use July 1 to June 30.
Obligation: A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114s1102.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/s>

Record fed-us-cong114-s1102 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114