Sec. 4108. Student loan contract and loan disclosures
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Section 432(m)(1)(D) of the Higher Education Act of 1965 ( 20 U.S.C. 1082(m)(1)(D) ) is amended by adding at the end the following: Any master promissory note form described in this subparagraph that is developed or used for loans made under part D for periods of enrollment beginning on or after the date of enactment of the College Affordability Act shall be referred to as a student loan contract . Notwithstanding clause (i), each student loan contract for a part D loan made for periods of enrollment beginning on or after the date of enactment of the College Affordability Act shall— not be entered into by a student unless the student has completed all required counseling related to such loan, including counseling required under section 485(l); be signed by the student entering such student loan contract after completion of such counseling; and be used only for the academic year for which the initial loans are made under the contract, and shall not be valid for additional loans for the same or subsequent periods of enrollment. .
Section 432(m)(1)(D) of the Higher Education Act of 1965 ( 20 U.S.C. 1082(m)(1)(D) ) is further amended by adding after clause
(iv)(as amended) the following: For loans made for periods of enrollment beginning on or after the date of enactment of the College Affordability Act , the Secretary shall take such steps as are necessary to streamline the student loan disclosure requirements under this Act. The Secretary shall ensure that information required to be disclosed to a student who is applying for, receiving, or preparing to repay a loan under part D of this Act shall be streamlined in a manner that— based upon consumer testing, reduces and simplifies the paperwork students are required to complete; and limits the number of times students are presented with disclosures by incorporating the streamlined disclosures into required student loan counseling under section 485(l), the student loan contract under this subparagraph, or both. .
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Sec. 4108
Student loan contract and loan disclosures
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