7 U.S. Code § 1987 - Debt adjustment and credit counseling; “summary period” defined; loan summary statements
Debt adjustment and credit counseling; “summary period” defined; loan summary statements
(1) As used in this subsection, the term “summary period” means—
the period beginning on December 23, 1985, and ending on the date on which the first loan summary statement is issued after December 23, 1985; or
(2) On the request of a borrower of a loan made or insured (but not guaranteed) under this chapter, the Secretary shall issue to such borrower a loan summary statement that reflects the account activity during the summary period for each loan made or insured under this chapter to such borrower, including—
the outstanding amount of principal due on each such loan at the beginning of the summary period;
the amount of payments made on and their application to each such loan during the summary period and an explanation of the basis for the application of such payments;
the total amount of unpaid principal and interest on all such loans at the end of the summary period;
the procedure the borrower may use to obtain more information concerning the status of such loans.
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