Sec. 302. Elimination of disclosure requirements relating to capitalization
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/bill/117/hr/8872/ih/section-302·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 428(b)(1)(Y) of the Higher Education Act of 1965 ( 20 U.S.C. 1078(b)(1)(Y) ) is amended— in clause (i)(IV), by inserting and after the semicolon; in clause (ii), by striking ; and and inserting a period; and by striking clause (iii). Section 428(c)(3)(C) of such Act of 1965 ( 20 U.S.C. 1078(c)(3)(C) ) is amended— in clause (ii), by inserting and after the semicolon; and by striking clauses
(iii)and
(iv)and inserting the following: the lender shall contact the borrower not less often than once every 180 days during the period of forbearance to inform the borrower of— the amount of unpaid principal and the amount of interest that has accrued since the last statement of such amounts provided to the borrower by the lender; the fact that interest will accrue on the loan for the period of forbearance; the responsibility of the borrower to pay the interest that has accrued; and the borrower’s option to discontinue the forbearance at any time; and . Section 433(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1083(a) ) is amended— by amending paragraph
(6)to read as follows: for loans made under section 428H or to a student borrower under section 428B, an explanation that the borrower has the option to pay the interest that accrues on the loan while the borrower is a student at an institution of higher education; ; and in paragraph (7)— in subparagraph (A), by inserting and after the semicolon; by striking subparagraph (B); and by redesignating subparagraph
(C)as subparagraph (B). Section 433(b)(3) of the Higher Education Act of 1965 ( 20 U.S.C. 1083(b)(3) ) is amended by striking (including, if applicable, the estimated amount of interest to be capitalized) . Section 433(d) of the Higher Education Act of 1965 ( 20 U.S.C. 1083(d) ) is amended— in the matter preceding paragraph (1)— by striking resulting from capitalization of interest ; and by striking borrower of— and inserting borrower of paying the interest as the interest accrues. ; and by striking paragraphs
(1)and (2). Section 463A(b)(3) of the Higher Education Act of 1965 ( 20 U.S.C. 1087cc–1(b)(3) ) is amended by striking (including, if applicable, the estimated amount of interest to be capitalized) . Section 485(d)(1) of the Higher Education Act of 1965 ( 20 U.S.C. 1092(d)(1) ) is amended by striking , including the increase in debt that results from capitalization of interest . Section 485(l)(2)(C) of the Higher Education Act of 1965 ( 20 U.S.C. 1092(l)(2) ) is amended by striking and is capitalized .
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- 20 USC 1087cc–1(b)(3)
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Sec. 302
Elimination of disclosure requirements relating to capitalization
Cite20 USC 1087cc–1(b)(3)
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