Page:United States Statutes at Large Volume 122.djvu/3326

 12 2 STA T .3 3 0 3 PUBLIC LA W 110 – 31 5— AU G .1 4, 200 8‘ ‘ (2)INFORMATI ON TO BEP RO V I D ED .—Theinformat ion to b e p ro v i d ed to the borro w er u nder para g raph ( 1 )( A ) s ha l l in c lude the following

‘‘(A) To the e x tent practicable , the effect of accepting the loan to be disbursed on the eligibilit y of the borrower for other forms of student financial assistance. ‘‘( B ) An explanation of the use of the master promissory note. ‘‘( C ) Information on how interest accrues and is capital - i z ed during periods when the interest is not paid by either the borrower or the S ecretary. ‘‘( D ) In the case of a loan made under section 4 2 8 B or 428 H ,a F ederal Direct PLU S Loan, or a Federal Direct Unsubsidized Stafford Loan, the option of the borrower to pay the interest while the borrower is in school. ‘‘( E ) The definition of half-time enrollment at the institution, during regular terms and summer school, if applicable, and the conse q uences of not maintaining half- time enrollment. ‘‘(F) An explanation of the importance of contacting the appropriate offices at the institution of higher education if the borrower withdraws prior to completing the bor- rower ’ s program of study so that the institution can provide exit counseling, including information regarding the bor- rower’s repayment options and loan consolidation. ‘‘( G ) Sample monthly repayment amounts based on— ‘‘(i) a range of levels of indebtedness of— ‘‘(I) borrowers of loans under section 428 or 428H and ‘‘(II) as appropriate, graduate borrowers of loans under section 428, 428B, or 428H; or ‘‘(ii) the average cumulative indebtedness of other borrowers in the same program as the borrower at the same institution. ‘‘(H) The obligation of the borrower to repay the full amount of the loan, regardless of whether the borrower completes or does not complete the program in which the borrower is enrolled within the regular time for program completion. ‘‘(I) The li k ely consequences of default on the loan, including adverse credit reports, delinquent debt collection procedures under Federal law, and litigation. ‘‘( J ) Information on the N ational Student Loan Data System and how the borrower can access the borrower’s records. ‘‘( K ) The name of and contact information for the indi- vidual the borrower may contact if the borrower has any questions about the borrower’s rights and responsibilities or the terms and conditions of the loan.’’. SEC.489 . NATIO NA L ST UD ENT LOAN DATA S Y STE M . Section 48 5 B(2 0 U.S.C. 10 9 2b) is amended— (1) in subsection (a)— (A) by redesignating paragraphs ( 6 ) through (10) as paragraphs ( 7 ) through (11), respectively;

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