12 2 STA T .3 122 PUBLIC LA W 11 0– 31 5— AU G .1 4, 200 8‘ ‘ SEC.153 . LOANI N F O RM A T ION TO B E D ISCLOSED AND MODEL DISCLO - S U RE FORM FOR CO V ERED INSTITUTIONS , INSTITUTION- AFFILIATED OR G ANI Z ATIONS, AND LENDERS P ARTICI- PATING IN PREFERRED LENDER ARRANGEMENTS. ‘ ‘ (a)DUTIESOF T H E S E CR ET A R Y.— ‘‘( 1 ) DETER M I N ATION OF MINIMUM D ISC L OSURES.— ‘‘( A ) I N G ENERAL.— Notl at er t h a n 1 8m onth s a f ter the d ate of ena c tment of the Hig her E d u cation Op portunit y Act , the Secretary, in coordination w ith the B oard of G o v- ernors of the F ederal R eserve System, shall determine the minimum information that lenders, covered institu- tions, and institution-affiliated organi z ations of such cov- ered institutions participating in preferred lender arrange- ments shall ma k e availa b le regarding education loans described in section 1 5 1( 3 )(A) that are offered to students and the families of such students. ‘‘(B) C ONSULTATION AND CONTENT OF MINIMUM DISCLO- SURES.—In carrying out subparagraph (A), the Secretary shall— ‘‘(i) consult with students, the families of such students, representatives of covered institutions (including financial aid administrators, admission offi- cers, and business officers), representatives of institu- tion-affiliated organizations, secondary school guidance counselors, lenders, loan servicers, and guaranty agen- cies
‘‘(ii) include, in the minimum information under subparagraph (A) that is re q uired to be made available, the information that the Board of Governors of the Federal Reserve System requires to be disclosed under section 1 2 8(e)(1) of the T ruth in L ending Act (15 U .S.C. 1 6 38(e)(1)), modified as necessary to apply to such loans; and ‘‘(iii) consider the merits of requiring each covered institution, and each institution-affiliated organization of such covered institution, with a preferred lender arrangement to provide to prospective borrowers and the families of such borrowers the following informa- tion for each type of education loan offered pursuant to such preferred lender arrangement
‘‘(I) The interest rate and terms and conditions of the loan for the ne x t award year, including loan forgiveness and deferment. ‘‘(II) Information on any charges, such as origi- nation and Federal default fees, that are payable on the loan, and whether those charges will be— ‘‘(aa) collected by the lender at or prior to the disbursal of the loan, including whether the charges will be deducted from the proceeds of the loan or paid separately by the borrower; or ‘‘(bb) paid in whole or in part by the lender. ‘‘(III) The annual and aggregate maximum amounts that may be borrowed. ‘‘(I V ) The average amount borrowed from the lender by students who graduated from such Deadlin e .20USC1 01 9b .
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