12 2 STA T .348 4 PUBLIC LA W 11 0– 31 5— AU G .14 , 2008 ‘ ‘ (L)tha ta cover e d ed u cat i o n a l in s titution m a y have school - s p eci f ic education loan b enefits and terms not detailed on the disclosure form
‘‘( M ) that the borro w er may q ualify for F ederal student financial assistance throu g h a program under title IV of the H igher E ducation A ct of 1965 ( 20U.S . C .10 7 0 et seq.) , in lieu of, or in addition to, a loan from a non-Federal source; ‘‘( N ) the interest rates available with respect to such Federal student financial assistance through a program under title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 et seq.); ‘‘( O ) 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 3 0 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) e x cept 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); ‘‘( P ) that, before a private education loan may be con- summated, the borrower must obtain from the relevant institution of higher education the form required under paragraph (3), and complete, sign, and return such form to the private educational lender; ‘‘( Q ) that the consumer may obtain additional informa- tion concerning such Federal student financial assistance from their institution of higher education, or at the website of the D epartment of Education; and ‘‘( R ) 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. ‘‘(2) D ISCLO S URE S AT T H ETI M EO FP RI V ATE E D UCATIO N LOAN APPROVAL.—Contemporaneously with the approval of a private education loan application, and before the loan transaction is consummated, the private educational lender shall disclose to the borrower, clearly and conspicuously— ‘‘(A) the applicable rate of interest in effect on the date of approval; ‘‘(B) whether the rate of interest applicable to the private education loan is fixed or variable; ‘‘(C) limitations on interest rate adjustments, both in terms of frequency and amount, or the lack thereof, if applicable; ‘‘(D) the initial approved principal amount; ‘‘(E) applicable finance charges, late fees, penalties, and adjustments to principal, based on borrower defaults or late payments, including limitations on the discharge of a private education loan in bankruptcy; ‘‘(F) fees or range of fees applicable to the private education loan; Regulations.D ea d line.
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