Sec. 402. Notification to borrowers
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/bill/116/hr/3887/ih/section-402·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than the date that is 3 months after the date of enactment of this Act— the Secretary of Education— shall take such steps as may be necessary to notify borrowers of an eligible Federal loan of the loan discharge available under title I, including the applicable deadlines; in coordination with the Secretary of the Treasury and the Director of the Bureau of Consumer Financial Protection, shall undertake a campaign to notify borrowers of loans made, insured, or guaranteed under part B or D of title IV of the Higher Education Act of 1965 that such borrowers may be eligible to refinance such loans at a lower rate of interest under section 460A of the Higher Education Act of 1965, as added by title II of this Act, which campaign shall include— developing consumer information materials about the availability of such refinancing; and requiring servicers of such loans to provide such consumer information to borrowers in a manner determined appropriate by the Secretary, in consultation with the Director of the Bureau of Consumer Financial Protection; and in coordination with the Secretary of the Treasury and the Director of the Bureau of Consumer Financial Protection, shall undertake a campaign to alert borrowers of private education loans— that such borrowers may be eligible to refinance such private loans as Federal Direct Stafford Loans under section 460B of the Higher Education Act of 1965, as added by title II of this Act; and such Federal Direct Stafford Loans may be eligible for loan discharge under title I of this Act; and the Secretary of Health and Human Services, in consultation with the Secretary of Education, shall take such steps as may be necessary to inform borrowers of a loan made, insured, or guaranteed by the Department of Health and Human Services that is eligible for consolidation under section 455(g) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(g) ), that the— borrower may be eligible for a Federal Direct Consolidation Loan under such section 455(g); and such Federal Direct Consolidation Loan may be eligible for loan discharge under title I of this Act.
Each holder of a private education loan shall, not later than the date that is 3 months after the date of enactment of this Act, notify the borrower of such private education loan that the borrower may be eligible to refinance the private education loan as a Federal Direct Stafford Loan under section 460B of the Higher Education Act of 1965, and such Federal Direct Stafford Loan may be eligible for loan discharge under title I of this Act.
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Sec. 402
Notification to borrowers
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