12 2 STA T .3 2 50PUBLIC LA W 110 – 315 — AU G .1 4, 200 8‘ ‘ (8)anexpl ana tio no f an ys pe c ial options t h e b o r ro w er m ay ha v e for loan consoli d ation or other refinancin g of the loan and of the availability and terms of s u ch other options
‘‘( 9 ) except as provided in subsection (d) — ‘‘( A ) the pro j ected total of interest charges which the borrower will pay on the loan or loans , assuming that the borrower ma k es payments exactly in accordance with the repayment schedule; and ‘‘( B ) if the borrower has already paid interest on the loan or loans, the amount of interest paid; ‘‘( 10 ) the nature of any fees which may accrue or be charged to the borrower during the repayment period; ‘‘(11) a statement that the borrower has the right to prepay all or part of the loan or loans covered by the disclosure at any time without penalty; ‘‘(1 2 ) a description of the options by which the borrower may avoid or be removed from default, including any relevant fees associated with such options; and ‘‘(1 3 ) additional resources, including nonprofit organi z a - tions, advocates, and counselors (including the S tudent L oan O mbudsman of the D epartment) of which the lender is aware, where borrowers may receive advice and assistance on loan repayment . ‘‘(c) S EPAR A T E NO T IF I C ATIO N .— E ach eligible lender shall, at the time such lender notifies a borrower of approval of a loan which is insured or guaranteed under this part, provide the bor- rower with a separate notification which summarizes, in simple and understandable terms, the rights and responsibilities of the borrower with respect to the loan, including a statement of the conse q uences of defaulting on the loan and a statement that each borrower who defaults will be reported to a consumer reporting agency. T he requirement of this subsection shall be in addition to the information required by subsection (a) of this section. ‘‘(d) SPECIA L DI S CLOS U RE R ULES ON P L U S LOANS, AN D UNSU B - SIDI Z ED LOANS.—Loans made under sections 4 28B and 428 H shall not be subject to the disclosure of projected monthly payment amounts required under subsection (b)( 7 ) if the lender, in lieu of such disclosure, provides the borrower with sample projections of monthly repayment amounts, assuming different levels of bor- rowing and interest accruals resulting from capitalization of interest while the borrower, or the student on whose behalf the loan is made, is in school, in simple and understandable terms. Such sample projections shall disclose the cost to the borrower of— ‘‘(1) capitalizing the interest; and ‘‘(2) paying the interest as the interest accrues. ‘‘(e) RE Q UIRED DISCLOSURES DURIN G REPA YM ENT.— ‘‘(1) PERTINENT INFORMATION ABOUT A LOAN PRO V IDED ON A PERIODIC BASIS.—Each eligible lender shall provide the bor- rower of a loan made, insured, or guaranteed under this part with a bill or statement (as applicable) that corresponds to each payment installment time period in which a payment is due and that includes, in simple and understandable terms— ‘‘(A) the original principal amount of the borrower ’ s loan; ‘‘(B) the borrower’s current balance, as of the time of the bill or statement, as applicable; ‘‘( C ) the interest rate on such loan;
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