legislation: 100-s-1448

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
100-s-1448 100 s 1448 Student Loan Amendments Act of 1987 Education 1987-06-30 1987-07-27 Committee on Labor and Human Resources requested executive comment from Education Department. Senate Sen. Pell, Claiborne [D-RI] RI D P000193 12 Student Loan Amendments Act of 1987 - Amends the Higher Education Act of 1965 to revise the insurance premium rule for the guaranteed student loan program. Requires the collection of a single insurance premium which shall be applied uniformly to all loans. Requires that such premium be not less than 0.5 percent nor more than three percent of the principal amount of the loan. Provides that a multistate guaranty agency may set the premium for each State for which it has received advances as the designated State guarantor, with a single uniform rate to be set for the balance of the activity of the agency with other States. Permits a guaranty agency, after 60 days' notice, to cease to guarantee loans for students at an otherwise eligible institution if the cumulative default rate of loans at such institution in repayment exceeds 25 percent of the amount insured by the guaranty agency which holds the preponderance of the value of the loans outstanding at such institution (unless the guarantor is the designated State guaranty agency in the State where the eligible institution is located and insures loans for the lender of last resort in that State under specified provisions). 2025-08-28T20:08:48Z  

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