42 U.S. Code § 292v - Provision by schools of information to students
Provision by schools of information to students
(a) In generalWith respect to loans made by a school under this subpart after June 30, 1986, each school, in order to carry out the provisions of sections 292q and 292r of this title, shall, at any time such school makes such a loan to a student under this subpart, provide thorough and adequate loan information on loans made under this subpart to the student. The loan information required to be provided to the student by this subsection shall include—
the interest rate that will be paid by the borrower and the minimum amount of the required monthly payment;
any options the borrower may have for deferral, cancellation, prepayment, consolidation, or other refinancing of the loan;
a definition of default on the loan and a specification of the consequences which will result to the borrower if the borrower defaults, including a description of any arrangements which may be made with credit bureau organizations;
to the extent practicable, the effect of accepting the loan on the eligibility of the borrower for other forms of student assistance; and
a description of the actions that may be taken by the Federal Government to collect the loan, including a description of the type of information concerning the borrower that the Federal Government may disclose to (A) officers, employees, or agents of the Department of Health and Human Services, (B) officers, employees, or agents of schools with which the Secretary has an agreement under this subpart, or (C) any other person involved in the collection of a loan under this subpart.
(b) Statement regarding loanEach school shall, immediately prior to the graduation from such school of a student who receives a loan under this subpart after June 30, 1986, provide such student with a statement specifying—
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