12 2 STA T .3 2 96PUBLIC LA W 11 0– 31 5— AU G .1 4, 200 8428Corl o ansu n de rse cti on 428 Bm ade on b e h al f of a student ) or made under p art D( other than F ederal Direct Consolidation L oans or Federal Direct P L US Loans made on behalf of a student) or made under part E of this title prior to the completion of the course of stud y for w hich the borrower enrolled at the institution or at the time of departure from such institution .T he counselin g re q uired by this subsection shall include —‘ ‘(i) information on the repayment plans a v ailable , including a description of the different features of each plan and sample information showing the average anticipated monthly pay - ments, and the difference in interest paid and total payments, under each plan
‘‘(ii) debt management strategies that are designed to facili- tate the repayment of such indebtedness; ‘‘(iii) an e x planation that the borrower has the options to prepay each loan, pay each loan on a shorter schedule, and change repayment plans; ‘‘(iv) for any loan forgiveness or cancellation provision of this title, a general description of the terms and conditions under which the borrower may obtain full or partial forgiveness or cancellation of the principal and interest, and a copy of the information provided by the Secretary under section 48 5 (d); ‘‘(v) for any forbearance provision of this title, a general description of the terms and conditions under which the bor- rower may defer repayment of principal or interest or be granted forbearance, and a copy of the information provided by the Secretary under section 485(d); ‘‘(vi) the consequences of defaulting on a loan, including adverse credit reports, delinquent debt collection procedures under Federal law, and litigation; ‘‘(vii) information on the effects of using a consolidation loan under section 428C or a Federal Direct Consolidation Loan to discharge the borrower ’ s loans under parts B, D, and E, including at a minimum— ‘‘( I ) the effects of consolidation on total interest to be paid, fees to be paid, and length of repayment; ‘‘(II) the effects of consolidation on a borrower’s under- lying loan benefits, including grace periods, loan forgive- ness, cancellation, and deferment opportunities; ‘‘(III) the option of the borrower to prepay the loan or to change repayment plans; and ‘‘(I V ) that borrower benefit programs may vary among different lenders; ‘‘(viii) a general description of the types of tax benefits that may be available to borrowers; and ‘‘(ix) a notice to borrowers about the availability of the N ational Student Loan Data System and how the system can be used by a borrower to obtain information on the status of the borrower’s loans; and’’. (c) D EPARTM E N TA L P UB L IC ATI O NO F DE S CRIPTIONS OF A SSIST- ANCE PRO G RAMS.—Section 485(d) (2 0 U.S.C. 1 0 9 2(d)) is amended— (1) in paragraph (1)— (A) by inserting after ‘‘under this title.’’ the following
‘‘Such information shall also include information on the various payment options available for student loans, including income-sensitive and income-based repayment plans for loans made, insured, or guaranteed under part
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