Sec. 482. Standard notification format for delinquent borrowers; explanation of benefits of Federal loans
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Part G of title IV ( 20 U.S.C. 1088 et seq. ) is amended by inserting after section 483 the following: The Secretary, in consultation with the Director of the Bureau of Consumer Financial Protection, shall develop and submit for consumer testing in accordance with section 483C, a standard format to be used to notify, by writing and by telephone, any borrower who is delinquent, or at risk of becoming delinquent, on loans made, insured, or guaranteed under part B or D of the borrower's repayment options, including deferment, forbearance, the income-based repayment plan available under section 493C, loan forgiveness opportunities, and, if applicable, the possibility for loan discharge.
To the extent practicable, the information provided through the standard format to borrowers described in paragraph
(1)shall include all terms, conditions, fees, and costs associated with the available repayment plans in a format that allows the borrower to compare the borrower's current repayment plan with the alternatives. The Secretary, in consultation with the Director of the Bureau of Consumer Financial Protection, shall prepare and make available to eligible institutions, for disclosure in accordance with section 485(l)(2)(L)(ii), a written explanation of the benefits that are unique to Federal student loans (including repayment plans, loan forgiveness, and loan deferment) and a description of the loan terms that borrowers should examine carefully if considering a private education loan. .
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Sec. 482
Standard notification format for delinquent borrowers; explanation of benefits of Federal loans
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