Student Borrower HELP Act of 2016

Student Borrower Higher Education Lending Protection Act of 2016 or the Student Borrower HELP Act of 2016 This bill amends the Truth in Lending Act to provide to student borrowers of private education loans: (1) loan payment deferments without interest accruing during any period in which the student borrower is temporarily disabled, and (2) loan discharges if a student borrower dies or becomes totally or permanently disabled. If a student borrower dies or becomes totally or permanently disabled, the student borrower, any cosigner on the loan, or the estate of either the student borrower or the cosigner shall not be obligated to make any additional loan payments. The Internal Revenue Code is amended to exclude from an individual's gross income (which would otherwise include cancellation of debt as income) amounts based on the discharge of a student loan under this bill. An individual is therefore not subject to tax liability for the discharge of student loan debt under this bill. Private educational lenders must disclose to borrowers the number of private education loans they offer and the number and rate of defaults on such loans.