20 U.S.C. § 1083: Student loan information by eligible lenders

a statement prominently and clearly displayed and in bold print that the borrower is receiving a loan that must be repaid; the name of the eligible lender, and the address to which communications and payments should be sent; the principal amount of the loan; collected by the lender at or prior to the disbursal of the loan; deducted from the proceeds of the loan; paid separately by the borrower; or paid by the lender; the stated interest rate on the loan; 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 if the borrower does not pay such interest while attending an institution, when and how often interest on the loan will be capitalized; that the parent has the option to defer payment on the loan while the student is enrolled on at least a half-time basis in an institution of higher education; if the parent does not pay the interest on the loan while the student is enrolled in an institution, when and how often interest on the loan will be capitalized; and that the parent may be eligible for a deferment on the loan if the parent is enrolled on at least a half-time basis in an institution of higher education; the yearly and cumulative maximum amounts that may be borrowed; a statement of the total cumulative balance, including the loan being disbursed, owed by the borrower to that lender, and an estimate of the projected monthly payment, given such cumulative balance; an explanation of when repayment of the loan will be required and when the borrower will be obligated to pay interest that accrues on the loan; a description of the types of repayment plans that are available for the loan; a statement as to the minimum and maximum repayment terms which the lender may impose, and the minimum annual payment required by law; an explanation of any special options the borrower may have for loan consolidation or other refinancing of the loan; a statement that the borrower has the right to prepay all or part of the loan, at any time, without penalty; a statement summarizing circumstances in which repayment of the loan or interest that accrues on the loan may be deferred; a statement summarizing the circumstances in which a borrower may obtain forbearance on the loan; a description of the options available for forgiveness of the loan, and the requirements to obtain loan forgiveness; a definition of default and the consequences to the borrower if the borrower defaults, including a statement that the default will be reported to a consumer reporting agency; and an explanation of any cost the borrower may incur during repayment or in the collection of the loan, including fees that the borrower may be charged, such as late payment fees and collection costs. the name of the eligible lender or loan servicer, and the address to which communications and payments should be sent; the scheduled date upon which the repayment period is to begin or the deferment period under section 1078–2(d)(1) of this title is to end, as applicable; the estimated balance owed by the borrower on the loan or loans covered by the disclosure (including, if applicable, the estimated amount of interest to be capitalized) as of the scheduled date on which the repayment period is to begin or the deferment period under 1078–2(d)(1) of this title is to end, as applicable; the stated interest rate on the loan or loans, or the combined interest rate of loans with different stated interest rates; a reduction in interest rate if the borrower repays the loan by automatic payroll or checking account deduction; a reduction in interest rate if the borrower makes a specified number of on-time payments; and other loan repayment benefits for which the borrower could be eligible that would reduce the amount of repayment or the length of the repayment period; any limitations on such benefit; explicit information on the reasons a borrower may lose eligibility for such benefit; examples of the impact the interest rate reduction would have on the length of the borrower’s repayment period and the amount of repayment; and upon the request of the borrower, the effect the reduction in interest rate would have with respect to the borrower’s payoff amount and time for repayment; and whether and how the borrower can regain eligibility for a benefit if a borrower loses a benefit; a description of all the repayment plans that are available to the borrower and a statement that the borrower may change from one plan to another during the period of repayment; the date the first installment is due; and the number, amount, and frequency of required payments, which shall be based on a standard repayment plan or, in the case of a borrower who has selected another repayment plan, on the repayment plan selected by the borrower; an explanation of any special options the borrower may have for loan consolidation or other refinancing of the loan and of the availability and terms of such other options; the projected total of interest charges which the borrower will pay on the loan or loans, assuming that the borrower makes payments exactly in accordance with the repayment schedule; and if the borrower has already paid interest on the loan or loans, the amount of interest paid; the nature of any fees which may accrue or be charged to the borrower during the repayment period; a statement that the borrower has the right to prepay all or part of the loan or loans covered by the disclosure at any time without penalty; a description of the options by which the borrower may avoid or be removed from default, including any relevant fees associated with such options; and additional resources, including nonprofit organizations, advocates, and counselors (including the Student Loan Ombudsman of the Department) of which the lender is aware, where borrowers may receive advice and assistance on loan repayment. Each eligible lender shall, at the time such lender notifies a borrower of approval of a loan which is insured or guaranteed under this part, provide the borrower with a separate notification which summarizes, in simple and understandable terms, the rights and responsibilities of the borrower with respect to the loan, including a statement of the consequences of defaulting on the loan and a statement that each borrower who defaults will be reported to a consumer reporting agency. The requirement of this subsection shall be in addition to the information required by subsection (a) of this section. capitalizing the interest; and paying the interest as the interest accrues. the original principal amount of the borrower’s loan; the borrower’s current balance, as of the time of the bill or statement, as applicable; the interest rate on such loan; the total amount the borrower has paid in interest on the loan; the aggregate amount the borrower has paid for the loan, including the amount the borrower has paid in interest, the amount the borrower has paid in fees, and the amount the borrower has paid against the balance; a description of each fee the borrower has been charged for the most recently preceding installment time period; the date by which the borrower needs to make a payment in order to avoid additional fees and the amount of such payment and the amount of such fees; the lender’s or loan servicer’s address and toll-free phone number for payment and billing error purposes; and a reminder that the borrower has the option to change repayment plans, a list of the names of the repayment plans available to the borrower, a link to the appropriate page of the Department’s website to obtain a more detailed description of the repayment plans, and directions for the borrower to request a change in repayment plan. A description of the repayment plans available to the borrower, including how the borrower should request a change in repayment plan. A description of the requirements for obtaining forbearance on a loan, including expected costs associated with forbearance. A description of the options available to the borrower to avoid defaulting on the loan, and any relevant fees or costs associated with such options. The date on which the loan will default if no payment is made. The minimum payment the borrower must make to avoid default. A description of the options available to the borrower to avoid default, and any relevant fees or costs associated with such options, including a description of deferment and forbearance and the requirements to obtain each. Discharge options to which the borrower may be entitled. Additional resources, including nonprofit organizations, advocates, and counselors (including the Student Loan Ombudsman of the Department), of which the lender is aware, where the borrower can receive advice and assistance on loan repayment. The information required under this section shall be available without cost to the borrower. relieve a borrower of the obligation to repay a loan in accordance with the loan’s terms; or provide a basis for a claim for civil damages. Nothing in this section shall be construed as subjecting the lender to the Truth in Lending Act [ 15 U.S.C. 1601 et seq.] with regard to loans made under this part. The Secretary may limit, suspend, or terminate the continued participation of an eligible lender in making loans under this part for failure by that lender to comply with this section. Paragraphs (1) and (2) of section 433(e) of the Higher Education Act of 1965 [ 20 U.S.C. 1083(e)(1) , (2)], as amended by subsection (a), shall apply with respect to loans for which the first payment is due on or after July 1, 2009 . Section 433(e)(3) of the Higher Education Act of 1965 [ 20 U.S.C. 1083(e)(3) ], as amended by subsection (a), shall apply with respect to loans that become delinquent on or after July 1, 2009 .”