Sec. 3. Disclosure required prior to disbursement

252 words·~1 min read·/bill/114/hr/3594/eas/section-3

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Section 463A(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1087cc–1(a) ) is amended— in paragraph (12), by striking and after the semicolon; in paragraph (13), by striking the period at the end and inserting a semicolon; and by adding at the end the following: a notice and explanation regarding the end to future availability of loans made under this part; a notice and explanation that repayment and forgiveness benefits available to borrowers of loans made under part D are not available to borrowers participating in the loan program under this part; a notice and explanation regarding a borrower's option to consolidate a loan made under this part into a Federal Direct Loan under part D, including any benefit of such consolidation; with respect to new undergraduate Federal Perkins loan borrowers, as described in section 461(b)(1)(A), a notice and explanation providing a comparison of the interest rates of loans under this part and part D and informing the borrower that the borrower has reached the maximum annual borrowing limit for which the borrower is eligible as referenced under subparagraphs

(A)and

(D)of section 455(a)(2); and with respect to current undergraduate Federal Perkins loan borrowers, as described in section 461(b)(1)(B), a notice and explanation providing a comparison of the interest rates of loans under this part and part D and informing the borrower that the borrower has reached the maximum annual borrowing limit for which the borrower is eligible on Federal Direct Stafford Loans as referenced under section 455(a)(2)(A). .

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20 USC 1087cc–1(a)

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Sec. 3

Disclosure required prior to disbursement

Cite20 USC 1087cc–1(a)

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