Page:United States Statutes at Large Volume 122.djvu/3274

 12 2 STA T .3 2 5 1 PUBLIC LA W 11 0– 315 — AU G .1 4, 200 8‘ ‘ (D)the t o t al a m o un t the b o r ro w er ha sp a id in interest on the loan ‘‘( E )thea g gregate amount the borrower has paid f or the loan , in c luding the amount the borrower has paid in interest, the amount the borrower has paid in fees, and the amount the borrower has paid against the balance; ‘‘( F ) a description of each fee the borrower has been charged for the most recentl y preceding installment time period; ‘‘( G ) the date by which the borrower needs to ma k e a payment in order to a v oid additional fees and the amount of such payment and the amount of such fees; ‘‘( H ) the lender ’ s or loan servicer’s address and toll - free phone number for payment and billing error purposes; and ‘‘( I ) a reminder that the borrower has the option to change repayment plans, a list of the names of the repay- ment plans available to the borrower, a link to the appro- priate page of the Department’s website to obtain a more detailed description of the repayment plans, and directions for the borrower to re q uest a change in repayment plan . ‘‘( 2 )I NFORMATI ON P RO V I DE DTOA B ORRO W ER H AVIN G DIF- FI CUL T Y MA K ING PAYMENT S . — Each eligible lender shall provide to a borrower who has notified the lender that the borrower is having difficulty making payments on a loan made, insured, or guaranteed under this part with the following information in simple and understandable terms

‘‘( A ) A description of the repayment plans available to the borrower, including how the borrower should request a change in repayment plan. ‘‘( B ) A description of the requirements for obtaining forbearance on a loan, including e x pected costs associated with forbearance. ‘‘( C ) A description of the options available to the bor- rower to avoid defaulting on the loan, and any relevant fees or costs associated with such options. ‘‘( 3 ) R E Q UIRED DISCLOSURES DURING DELINQUENCY.—Each eligible lender shall provide to a borrower who is 60 days delinquent in making payments on a loan made, insured, or guaranteed under this part with a notice, in simple and under- standable terms, of the following: ‘‘(A) T he date on which the loan will default if no payment is made. ‘‘(B) The minimum payment the borrower must make to avoid default. ‘‘(C) A description of the options available to the bor- rower to avoid default, and any relevant fees or costs associated with such options, including a description of deferment and forbearance and the requirements to obtain each. ‘‘(D) Discharge options to which the borrower may be entitled. ‘‘(E) Additional resources, including nonprofit organi z a- tions, advocates, and counselors (including the S tudent L oan O mbudsman of the Department), of which the lender is aware, where the borrower can receive advice and assist- ance on loan repayment.

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