12 2 STA T .3485PUBLIC LA W 11 0– 315 — AU G .14 , 2008 ‘ ‘ (G)themaxi m u mte r mu nd er the p ri v ate edu c ati o n l oan pro g ram
‘‘( H )ane s timate o f the total amount for repa y ment , at b oth the interest rate in effect on the date of approval and at the maximum possible rate of interest offered by the private educational lender and applicable to the bor - ro w er, to the extent that such maximum rate may be determined, or if not, a good faith estimate thereof; ‘‘( I ) any principal and interest payments re q uired while the student for whom the private education loan is intended is enrolled at a covered educational institution and unpaid interest that will accrue during such enrollment; ‘‘( J ) payment deferral options applicable to the bor- rower; ‘‘( K ) whether monthly payments are graduated; ‘‘( L ) that, as provided in paragraph ( 6 ) — ‘‘(i) the borrower shall have the right to accept the terms of the loan and consummate the transaction at any time within 30 calendar days (or such longer period as the private educational lender may provide) following the date on which the application for the private education loan is approved and the borrower receives the disclosure documents required under this subsection for the loan; and ‘‘(ii) except for changes based on ad j ustments to the index used for a loan, the rates and terms of the loan may not be changed by the private educational lender during the period described in clause (i); ‘‘( M ) that the borrower — ‘‘(i) may qualify for F ederal financial assistance through a program under title I V of the Higher E du- cation A ct of 19 6 5 ( 2 0 U.S . C . 10 7 0 et seq.), in lieu of, or in addition to, a loan from a non-Federal source; and ‘‘(ii) may obtain additional information concerning such assistance from their institution of higher edu- cation or the website of the D epartment of Education; ‘‘( N ) the interest rates available with respect to such Federal financial assistance through a program under title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 et seq.); ‘‘( O ) the maximum monthly payment, calculated using the maximum rate of interest actually offered by the private educational lender and applicable to the borrower, to the extent that such maximum rate may be determined, or if not, a good faith estimate thereof; and ‘‘( P ) such other information as the B oard shall pre- scribe, by rule, as necessary or appropriate for consumers to ma k e informed borrowing decisions. ‘‘(3) S ELF - C E RTI FIC A TI ON OF INFOR M ATION.— ‘‘(A) IN G ENERAL.—Before a private educational lender may consummate a private education loan with respect to a student attending an institution of higher education, the lender shall obtain from the applicant for the private education loan the form developed by the Secretary of Education under section 155 of the Higher Education Act Regulations.D ea d line.
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