Page:United States Statutes at Large Volume 122.djvu/3143

 12 2 STA T .3 12 0PUBLIC LA W 110 – 31 5— AU G .1 4, 200 8of f er e dpu r s u ant to a preferred l ender arran g e -m entoft h e organ iz ation to students of su c h institution or the families of such students .‘ ‘ (B)PRIVATE E DUC ATI ONL OAN DI S CLOSURES. —A co v - ered institution , or an institution-affiliated organization of such covered institution, that provides information regarding a private education loan from a lender to a prospective b orro w er shall— ‘‘(i) provide the prospective borrower with the information the Board of G overnors of the F ederal R eserve Sy stem re q uires to be disclosed under section 128 (e)(1) of the T ruth in L ending Act (1 5U .S. C . 1 63 8(e)(1)) for such loan ‘‘(ii) inform the prospective borrower that— ‘‘( I ) the prospective borrower may qualify for loans or other assistance under title I V ‘‘(II) the terms and conditions of loans made, insured, or guaranteed under title IV may be more favorable than the provisions of private education loans; and ‘‘(iii) ensure that information regarding private education loans is presented in such a manner as to be distinct from information regarding loans that are made, insured, or guaranteed under title IV. ‘‘(C) IN F OR M ATIONAL MATERIALS.—The informational materials described in this subparagraph are publications, mailings, or electronic messages or materials that— ‘‘(i) are distributed to prospective or current stu- dents of a covered institution and families of such students; and ‘‘(ii) describe or discuss the financial aid opportuni- ties available to students at an institution of higher education. ‘‘(2) USE OF INSTITUTION NAME.—A covered institution, or an institution-affiliated organization of such covered institution, that enters into a preferred lender arrangement with a lender regarding private education loans shall not agree to the lender ’ s use of the name, emblem, mascot, or logo of such institution or organization, or other words, pictures, or symbols readily identified with such institution or organization, in the mar- k eting of private education loans to students attending such institution in any way that implies that the loan is offered or made by such institution or organization instead of the lender. ‘‘(3) USE OF LENDER NAME.—A covered institution, or an institution-affiliated organization of such covered institution, that enters into a preferred lender arrangement with a lender regarding private education loans shall ensure that the name of the lender is displayed in all information and documentation related to such loans. ‘‘(b) LENDER RES P ONSI B ILITIES.— ‘‘(1) D ISCLOSURES B Y LENDERS.— ‘‘(A) DISCLOSURES TO BORRO W ERS.— ‘‘(i) FEDERAL EDUCATION LOANS.—For each edu- cation loan that is made, insured, or guaranteed under part B or D of title IV (other than a loan made under section 4 28C or a Federal Direct Consolidation Loan),
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