Student Loan Consolidation and Technical Amendments Act of 1983

(Measure passed Senate, amended)

Student Loan Consolidation and Technical Amendments of 1983 - Amends the Higher Education Act of 1965 (HEA) to extend the authority of the Student Loan Marketing Association (Sallie Mae) to consolidate student loans through November 1, 1983.

Revises provisions relating to the information required to be disclosed to student borrowers by eligible lenders under part B (guaranteed student loan program) and by eligible institutions under part E (direct student loan program). Includes, among such disclosure information requirement revisions, a requirement that an explanation be given to the borrower of any special options for loan consolidation or other refinancing. Provides that the failure to provide any such required disclosure information shall not: (1) relieve a borrower of the obligation to repay a loan; (2) provide a basis for a claim of civil damages; or (3) abrogate specified obligations of the Secretary or of a State or nonprofit private agency. Authorizes the Secretary to limit, suspend, or terminate the continued participation of an eligible lender in making loans under part B for failure by that lender to comply with such information disclosure requirements.

Amends the Student Financial Assistance Technical Amendments of 1982 to revise provisions relating to the family contribution schedules for the Pell Grant and guaranteed student loan programs. Permits, within specified limits, increased cost attendance ("commuter") allowances for students not residing at home or in institutionally owned or operated housing for academic years 1984-85, for purposes of calculating eligibility for and the amount of Pell Grants. Continues through academic year 1985-86 the separation of the system of need analysis for the Pell Grant family contribution schedule from that for specified campus-based student assistance programs. Maintains the 1983-84 Pell Grant family contribution schedule for academic years 1984-85 and 1985-86, with appropriate updating for family size offsets. Sets deadlines for the publication of such schedules. Requires that the criteria for determination of independent student status used for academic year 1982-83 be used for academic years 1983-84, 1984-85, and 1985-86. Maintains the 1982-83 guaranteed student loan program family contribution schedule (which current law requires to be used for academic year 1983-84) for academic years 1984-85 and 1985-86, with appropriate updating. Sets deadlines for the publication of such schedules.

Revises HEA part B provisions relating to applicable interest rates on guaranteed student loans. Provides that only specified new borrowers are eligible to receive eight percent interest rate on guaranteed student loans under specified conditions when interest rates are lowered. Defines "period of instruction" and "period of enrollment" for purposes of applicable interest rate provisions.

Prohibits any part B lender from discriminating against any borrower or applicant for credit or insurance on the basis of race, national origin, religion, sex or marital status, age, or handicapped status.

Revises part B provisions for special allowances to require State guarantee authorities, in order to be eligible for such allowances, to submit to the Secretary an operational plan containing specified restrictions. Repeals specified provisions of the Education Amendments of 1980 relating restrictions on special allowances.

Extends through FY 1988 the waiver of Federal priority over the indebtedness of Sallie Mae.

Makes specified provisions of the Education Amendments of 1980 providing for administrative cost allowances for lenders effective retroactively as if enacted as part of specified provisions of the Education Amendments of 1976.

Revises HEA provisions (relating to the eligibility of student borrowers and terms of federally insured student loans and relating to Federal payments to reduce student interest costs) to provide that repayment of guaranteed student loans begins six months after the month in which a borrower is no longer a full-time student. Provides that such revision shall apply to any guaranteed student loan under part B of title IV of HEA on which repayment has not commenced prior to the date of enactment of this Act.

Extends until November 1, 1983, the termination date of the National Commission on Student Financial Assistance.

Provides that parent borrowers of auxiliary loans shall not be eligible for specified deferments.