Student Loan Default Prevention and Debt Collection Act of 1988

[AI summary unavailable — showing source text] Student Loan Default Prevention and Debt Collection Act of 1988 - Amends the Higher Education Act of 1965 to set forth provisions relating to default rates under the guaranteed student loan program. Requires each guaranty agency to furnish the Department of Education with information on the amount of each guaranteed student loan. Requires such information to be used in the National Student Loan Data System. Requires each guaranty agency to expand and standardize the confirmation reports to be submitted on the date of enactment of this Act in order to assure that such information is provided at least bimonthly on student loan delinquencies, defaults, and the change in status of borrowers whose loans are delinquent or in default. Requires each guaranty agency to provide the Secretary of Education (the Secretary) with complete and accurate data on a quarterly basis in order to facilitate the usefulness of the National Student Loan Data System. Allows the guaranty agency to enter into agreements whereby the eligible institution may make principal and interest payments on defaulted guaranteed student loans in order to reduce the default rate. Requires (current law authorizes) guaranty a…