Page:United States Statutes at Large Volume 122.djvu/3272

 12 2 STA T .3 2 49PUBLIC LA W 11 0– 31 5— AU G .14 , 200 8‘ ‘ (1)thenam e of the e lig i b le len d e r or loan s er v i c er , and the address to w hich comm u nications and p a y ments should be sent ‘‘( 2 ) the scheduled date upon which the repayment period is to begin or the deferment period under section 4 2 8B (d)(1) is to end, as applicable; ‘‘( 3 ) the estimated balance owed by the borrower on the loan or loans covered by the disclosure (including, if applicable, the estimated amount of interest to be capitali z ed) as of the scheduled date on which the repayment period is to begin or the deferment period under 428B(d)(1) is to end, as applicable; ‘‘(4) the stated interest rate on the loan or loans, or the combined interest rate of loans with different stated interest rates; ‘‘( 5 ) information on loan repayment benefits offered for the loan or loans, including — ‘‘( A ) whether the lender offers any benefits that are contingent on the repayment behavior of the borrower, such as— ‘‘(i) a reduction in interest rate if the borrower repays the loan by automatic payroll or chec k ing account deduction; ‘‘(ii) a reduction in interest rate if the borrower makes a specified number of on - time payments; and ‘‘(iii) other loan repayment benefits for which the borrower could be eligible that would reduce the amount of repayment or the length of the repayment period; ‘‘(B) if the lender provides a loan repayment benefit— ‘‘(i) any limitations on such benefit; ‘‘(ii) e x plicit information on the reasons a borrower may lose eligibility for such benefit; ‘‘(iii) for a loan repayment benefit that reduces the borrower ’ s interest rate— ‘‘( I ) examples of the impact the interest rate reduction would have on the length of the bor- rower’s repayment period and the amount of repay- ment; and ‘‘(II) upon the re q uest of the borrower, the effect the reduction in interest rate would have with respect to the borrower’s payoff amount and time for repayment; and ‘‘(iv) whether and how the borrower can regain eligibility for a benefit if a borrower loses a benefit; ‘‘( 6 ) a description of all the repayment plans that are avail- able to the borrower and a statement that the borrower may change from one plan to another during the period of repay- ment; ‘‘( 7 ) the repayment schedule for all loans covered by the disclosure, including— ‘‘(A) the date the first installment is due; and ‘‘(B) the number, amount, and frequency of required payments, which shall be based on a standard repayment plan or, in the case of a borrower who has selected another repayment plan, on the repayment plan selected by the borrower;

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