S. 835
S. 835 - Consolidation Student Loan Flexibility Act of 2003
Amends the Higher Education Act of 1965 to allow student loan borrowers to choose a lender for loan consolidation. (Eliminates the requirement that: (1) the consolidation loan lender must already hold an outstanding student loan of the borrower; or (2) the borrower must certify to having sought and been unable to obtain a consolidation loan with income-sensitive repayment terms from any holders of the outstanding loans selected for consolidation.)
Requires clear and conspicuous notice to be provided to student loan applicants, and to student loan borrowers at their exit interviews, describing the effects of using consolidation loans, and including specified information for applicants or borrowers respectively.
This bill only deals with first-time consolidation loans; it does not provide for refinancing.