1. Short title This Act may be cited as the Lowering Education Costs and Debt Act . 2. Table of contents The table of contents of this Act is as follows: Sec. 1. Short title. Sec. 2. Table of contents. TITLE I—College Transparency Sec. 101. Postsecondary student data system. Sec. 102. Repeal of prohibition on student data system. Sec. 103. Institutional requirements. Sec. 104. Transition provisions. TITLE II—Understanding the true cost of college Sec. 201. Institution Financial Aid Offer Form. Sec. 202. Mandatory form. TITLE III—Informed student borrowing Sec. 301. Counseling and financial aid disclosures. Sec. 302. Annual requirement to manually enter loan amount. Sec. 303. Work study. TITLE IV—Streamlining Accountability and Value in Education for Students Sec. 401. Loan repayment simplification and income-driven repayment reform. Sec. 402. Taxpayer and consumer protection on student loans. Sec. 403. Phase out of income-based repayment. TITLE V—Graduate opportunity and affordable loans Sec. 501. Loan limits. I College Transparency 101. Postsecondary student data system Section 132 of the Higher Education Act of 1965 ( 20 U.S.C. 1015a ) is amended— (1) by redesignating subsection (l) as subsection (m); and (2) by inserting after subsection (k) the following: (l) Postsecondary student data system (1) In general (A) Establishment of system Not later than 4 years after the date of enactment of the Lowering Education Costs and Debt Act , the Commissioner of the National Center for Education Statistics (referred to in this subsection as the Commissioner ) shall develop and maintain a secure and privacy-protected postsecondary student-level data system in order to— (i) accurately evaluate student enrollment patterns, progression, completion, and postcollegiate outcomes, and higher education costs and financial aid; (ii) assist with transparency, institutional improvement, and analysis of Federal aid programs