Page:United States Statutes at Large Volume 97.djvu/508

 97 STAT. 476 PUBLIC LAW 98-79—AUG. 15, 1983 Aug. 15, 1983 [H.R. 3394] Student Loan Consolidation and Technical Amendments Act of 1983. 20 USC 1001 note. 96 Stat. 1405. 20 USC 1087-2. Public Law 98-79 98th Congress An Act To provide additional authority for the consolidation of student loans and to make certain other changes in Federal student fmancial assistance. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That this Act may be cited as the "Student Loan Consolidation and Technical Amend- ments Act of 1983". EXTENSION OF EXISTING STUDENT LOAN CONSOLIDATION AUTHORITY SEC. 2. Section 439(o) of the Higher Education Act of 1965 (hereaf- ter in this Act referred to as "the Act") is amended by striking out "on August 1, 1983" in paragraph (5) and inserting in lieu thereof "on November 1, 1983". 20 USC 1083a. DISCLOSURE OF INFORMATION TO STUDENT BORROWERS SEC. 3. (a) Section 433A of the Act is amended to read as follows: Information disclosure. STUDENT LOAN INFORMATION BY ELIGIBLE LENDERS "SEC. 433A. (a) Each eligible lender shall, at or prior to the time such lender disburses a loan to a borrower which is insured or guaranteed under this part, provide thorough and accurate loan information on such loan to the borrower. Any disclosure required by this subsection may be made by an eligible lender as part of the written application material provided to the borrower, or as part of the promissory note evidencing the loan, or on a separate written form provided to the borrower. The disclosures shall include— "(1) the name of the eligible lender, and the address to which communications and payments should be sent; "(2) the principal amount of the loan; "(3) the amount of any charges, such as the origination fee and insurance premium, collected by the lender at or prior to the disbursal of the loan and whether such charges are deducted from the proceeds of the loan or paid separately by the borrower; "(4) the stated interest rate on the loan; "(5) the yearly and cumulative maximum amounts that may be borrowed; "(6) an explanation of when repayment of the loan will be required and when the borrower will be obligated to pay inter- est that accrues on the loan; "(7) a statement as to the minimum and maximum repayment term which the lender may impose, and the minimum annual payment required by law; "(8) an explanation of any special options the borrower may have for loan consolidation or other refinancing of the loan;

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