Page:United States Statutes at Large Volume 96 Part 1.djvu/1447

 PUBLIC LAW 97-301—OCT. 13, 1982

96 STAT. 1405

"(h) Each institution of higher education, in order to carry out the provisions of section 463(a)(8), shall, prior to the start of the repayment period of the student borrower on loans made 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)(A) The first sentence of such section is amended by striking out "section 463(a)(7)" and inserting in lieu thereof "section 463(a)(8)". (B) 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;".

20 USC 1087CC.

STUDENT LOAN MARKETING ASSOCIATION

SEC. 14. (a) The last sentence of section 439(1) of the Higher Education Act of 1965 is amended by striking out "September 30, 95 Stat. 1610. 1982" and inserting in lieu thereof "September 30, 1984". (b) Section 439(o) is amended by adding at the end thereof the Termination. following new paragraph: 20 USC 1087-2. "(5) The authority of the Association to make loans under this section shall terminate on August 1, 1983.".

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