12 2 STA T .3 123 PUBLIC LA W 11 0– 31 5— AU G .1 4, 200 8inst it u ti o nint hepr e c e d in gy e a r w ith certi f icates , undergraduate degrees, graduate degrees, and professiona l degrees, as applica b le, and who obtained loans of such type fro m the lender for the preceding year .‘ ‘ (V)T he amount the borrower may pay in interest, based on a standard repayment plan and the a v erage amount borrowed from the lender by students who graduated from such institution in the preceding year and who obtained loans of such type from the lender for the preceding year, for — ‘‘(aa) borrowers who ta k e out loans under section 428; ‘‘(bb) borrowers who take out loans under section 428 B or 428 H , who pay the interest while in school; and ‘‘(cc) borrowers who take out loans under section 428B or 428H, who do not pay the interest while in school. ‘‘(V I ) The conse q uences for the borrower of defaulting on a loan, including limitations on the discharge of an education loan in bankruptcy. ‘‘(VII) C ontact information for the lender. ‘‘(VIII) O ther information suggested by the persons and entities with whom the S ecretary has consulted under clause (i). ‘‘(2) REQUIR E D DI SCLO SURES.— A fter making the determina - tions under paragraph ( 1 ), the Secretary, in coordination with the Board of G overnors of the F ederal Reserve System and after consultation with the public, shall— ‘‘(A)(i) provide that the information determined under paragraph (1) shall be disclosed by covered institutions, and institution-affiliated organi z ations of such covered institutions, with preferred lender arrangements to prospective borrowers and the families of such borrowers regarding the education loans described in section 1 5 1( 3 )(A) that are offered pursuant to such preferred lender arrange- ments; and ‘‘(ii) make clear that such covered institutions and institution-affiliated organizations may provide the required information on a form designed by the institution or organization instead of the model disclosure form described in subparagraph (B); ‘‘(B) develop a model disclosure form that may be used by covered institutions, institution-affiliated organizations, and preferred lenders that includes all of the information required under subparagraph (A)(i) in a format that— ‘‘(i) is easily usable by students, families, institu- tions, institution-affiliated organizations, lenders, loan servicers, and guaranty agencies; and ‘‘(ii) is similar in format to the form developed by the Board of Governors of the Federal Reserve System under paragraphs (1) and (5)(A) of section 128(e), in order to permit students and the families of students to easily compare private education loans and education loans described in section 151(3)(A); and
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