Student Borrower Bill of Rights Act of 2006

[AI summary unavailable — showing source text] Student Borrower Bill of Rights Act of 2006 - Urges the Department of Education to vigorously enforce rules requiring lenders to complete lender verification certificates in a timely manner for borrowers seeking to consolidate loans. Amends the Higher Education Act of 1965 to require specified loan participants under the Federal Family Education Loan (FFEL) and Federal Perkins Loan programs to disclose to each national credit bureau organization any on-time payments made for such loans and their status as student loans. Repeals the single holder rule which requires borrowers to apply to their current lenders for FFEL consolidation loans. Offers Federal Direct Consolidation Loans (FDCLs) to borrowers who are unable to obtain insured FFEL consolidation loans with income-sensitive repayment terms. Requires FFEL consolidation loan borrowers or lenders to pay the Department 1% of the balance owed on the sum of such loans to obtain a subsequent FFEL consolidation loan. Allows borrowers to refinance FDCLs. Creates a student borrower bill of rights requiring lenders to provide student borrowers with specified loan information at specified periods of time. Urges the Department to distribute…