Page:United States Statutes at Large Volume 96 Part 1.djvu/1446

 96 STAT. 1404 42 USC 2751.

PUBLIC LAW 97-301—OCT. 13, 1982

year 1981 bears to the total amount appropriated pursuant to section 441(b) for the fiscal year 1981. NATIONAL DIRECT STUDENT LOAN APPORTIONMENT FOR FISCAL YEARS 1983, 1984, AND 1985

20 USC 1087bb note. 20 USC 1087bb. 20 USC 1087aa.

SEC, 12. Notwithstanding subsections (a) and (b) of section 462 of the Higher Education Act of 1965, if in fiscal year 1983, fiscal year 1984, or fiscal year 1985 the sums appropriated pursuant to section 461(b)(1) of the Higher Education Act of 1965 are less than the sums appropriated pursuant to such section for the fiscal year 1981, the Secretary shall apportion the sums appropriated pursuant to section 461(b)(1) of the Higher Education Act of 1965 for such fiscal year among the States so that each State's apportionment bears the same ratio to the total amount appropriated as that State's apportionment in fiscal year 1981 bears to the total amount appropriated pursuant to section 461(b)(1) for the fiscal year 1981. LOAN REPAYMENT DISCLOSURE

20 USC 1083a.

SEC. 13. (a)(1) Section 433A of the Higher Education Act of 1965 is amended by inserting "(a)" after the section designation and by adding at the end thereof the following new subsections: "(b) Each eligible lender shall enter into an agreement with the Secretary under which the eligible lender will, prior to the start of the repayment period of the student borrower on loans made, insured, or guaranteed under this part, disclose to the student borrower the information required under this subsection. The disclosures required by this subsection shall include— "(1) the itemization of and the total of amounts financed, calculated by adding all amounts borrowed by the student borrower under this part, and subtracting all charges, including any origination fee or insurance premium, paid by the student borrower; "(2) the dollar cost to the student borrower of the amount borrowed; "(3) the dollar amount of total scheduled payments, calculated by adding the amounts in clauses (1) and (2); and "(4) the repayment schedule of the student borrower, including the number, amounts, and frequency of payments. "(c) The loan information required by this section shall be made available in a conspicuous form either in the note or other written evidence of the loan or in another written form signed by the borrower.". (2) The second sentence of such section is amended— (A) by striking out "section" and inserting in lieu thereof "subsection"; and (B) by redesignating clauses (5) through (7) as clauses (6) through (8), respectively, and by inserting after clause (4) the following new clause: "(5) the amount of any other charges, including the origination fee, and the rate of the insurance premium charged to the student by the lender;". 20USei087cc-i. (b)(1) Section 463A of the Higher Education Act of 1965 is amended by inserting "(a)" after the section designation and by adding at the end thereof the following new subsections:

�