Page:United States Statutes at Large Volume 100 Part 2.djvu/346

 100 STAT. 1448

Claims.

PUBLIC LAW 99-498—OCT. 17, 1986

promissory note evidencing the loan or loans or in a written statement provided to the borrower. The disclosures shall include— "(1) the name of the institution of higher education, and the "/ address to which communications and payments should be sent; "(2) the scheduled date upon which the repayment period is to begin; "(3) the estimated balance owed by the borrower on the loan ' or loans covered by the disclosure as of the scheduled date on .:. which the repayment period is to begin (including, if applicable, the estimated amount of interest to be capitalized); "(4) the stated interest rate on the loan or loans, or the combined interest rate of loans with different stated interest £ rates; "(5) the nature of any fees which may accrue or be charged to the borrower during the repayment period; "(6) the repayment schedule for all loans covered by the
 * » disclosure including the date the first installment is due, and

the number, amount, and frequency of required payments; "(7) an explanation of any special options the borrower may have for loan consolidation or other refinancing of the loan; "(8) the projected total of interest charges which the borrower will pay on the loan or loans, assuming that the borrower makes payments exactly in accordance with the repayment schedule; and "(9) a statement that the borrower has the right to prepay all or part of the loan or loans covered by the disclosure at any time without penalty. "(c) CosTS AND EFFECTS OF DISCLOSURES.—Such information shall be available without cost to the borrower. The failure of an eligible institution to provide information as required by this section shall not (1) relieve a borrower of the obligation to repay a loan in accordance with its terms, (2) provide a basis for a claim for civil damages, or (3) be deemed to abrogate the obligation of the Secretary to make payments with respect to such loan. "TERMS OF LOANS

Regulations. 20 USC I087dd.

464. (a) TERMS AND CONDITIONS.—(1) Loans from any student loan fund established pursuant to an agreement under section 463 to any student by any institution shall, subject to such conditions, limitations, and requirements as the Secretary shall prescribe by regulation, be made on such terms and conditions as the institution may determine. "(2) The aggregate of the loans for all years made by institutions of higher education from loan funds established pursuant to agreements under this part may not exceed— "(A) $18,000 in the case of any graduate or professional student (as defined by regulations of the Secretary, and including any loans from such funds made to such person before he became a graduate or professional student); "(B) $9,000 in the case of a student who has successfully • completed 2 years of a program of education leading to a bachelor's degree, but who has not completed the work necessary for such a degree (determined under regulations of the i;. Secretary, and including any loans from such funds made to ", such person before he became such a student); and "(C) $4,500 in the case of any other student. "SEC.

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