Federal Student Loan Act

Federal Student Loan Act - Title I: Loans for College Students - Authorizes the Commissioner of Education to enter into an agreement with any public or nonprofit institution of higher education which desires to participate in a program making financial loans to students. Sets forth the terms which must be included in the agreement. Provides that the average loan shall not exceed $1,500 per year for an undergraduate student or $2,000 per year for a graduate student.

Provides for repayment of such loans commencing 2 years after the recipient ceases to be a bona fide student. Establishes repayment terms based on a percentage of personal net taxable income or a percentage of the total amount of the loan.

Title II: Definitions and Other Provisions Applicable to Entire Act - Defines "institution of higher education", "high school", "non-profit educational institution" and "States".

Authorizes the Commissioner, with the approval of the Secretary of HEW, to appoint advisory committees to consult with him with respect to the administration of his functions under this Act.

Title III: National Study - Directs the Commissioner to undertake a study and to report his findings and recommendations concerning the extent to which this Act can reasonably replace various other Federal grants or assistance programs.