‘‘(III) a projection for any other 
loans made under part D that the 
borrower is reasonably expected to ac-
cept during the borrower’s program of 
study based on at least the expected 
increase in the cost of attendance of 
such program. 
‘‘(N) The obligation of the borrower to 
repay the full amount of the loan, regardless of 
whether the borrower completes or does not 
complete the program in which the borrower is 
enrolled within the regular time for program 
completion. 
‘‘(O) The likely consequences of default on 
the loan, including adverse credit reports, delin-
quent debt collection procedures under Federal 
law, and litigation, and a notice of the institu-
tion’s most recent cohort default rate (defined 
in section 435(m)), an explanation of the cohort 
default rate, the most recent national average 
cohort default rate, and the most recent na-
tional average cohort default rate for the cat-
egory 
of 
institution 
described 
in 
section 
435(m)(4) to which the institution belongs. 
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‘‘(P) Information on the National Student 
Loan Data System and how the borrower can 
access the borrower’s records. 
‘‘(Q) The contact information for the insti-
tution’s financial aid office or other appropriate 
office at the institution the borrower may con-
tact if the borrower has any questions about the 
borrower’s rights and responsibilities or the 
terms and conditions of the loan. 
‘‘(5) BORROWERS
RECEIVING
PARENT
PLUS 
LOANS FOR DEPENDENT STUDENTS.—The informa-
tion to be provided under paragraph (1)(A) to a bor-
rower of a Federal Direct PLUS Loan made on be-
half of a dependent student shall include the fol-
lowing: 
‘‘(A) The information described in sub-
paragraphs (A) through (C) and (N) through 
(Q) of paragraph (4). 
‘‘(B) The option of the borrower to pay the 
interest on the loan while the loan is in 
deferment. 
‘‘(C) For a first-time borrower of such 
loan— 
‘‘(i) a statement of the anticipated 
balance on the loan for which the borrower 
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is receiving counseling under this sub-
section; 
‘‘(ii) based on such anticipated bal-
ance, the anticipated monthly payment 
amount under the standard repayment 
plan; and 
‘‘(iii) an estimate of the projected 
monthly payment amount under the stand-
ard repayment plan, based on the average 
cumulative indebtedness of other borrowers 
of Federal Direct PLUS Loans made on 
behalf of dependent students who are in 
the same program of study as the student 
on whose behalf the borrower borrowed the 
loan. 
‘‘(D) For a borrower with an outstanding 
balance of principal or interest due on such 
loan— 
‘‘(i) a statement of the amount of 
such outstanding balance; 
‘‘(ii) based on such outstanding bal-
ance, the anticipated monthly payment 
amount under the standard repayment 
plan; and 
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‘‘(iii) an estimate of the projected 
monthly payment amount under the stand-
ard repayment plan, based on— 
‘‘(I) the outstanding balance de-
scribed in clause (i); 
‘‘(II) the anticipated outstanding 
balance on the loan for which the bor-
rower is receiving counseling under 
this subsection; and 
‘‘(III) a projection for any other 
Federal Direct PLUS Loan made on 
behalf of the dependent student that 
the borrower is reasonably expected to 
accept during the program of study of 
such student based on at least the ex-
pected increase in the cost of attend-
ance of such program. 
‘‘(E) Debt management strategies that are 
designed to facilitate the repayment of such in-
debtedness. 
‘‘(F) An explanation that the borrower has 
the options to prepay each loan, pay each loan 
on a shorter schedule, and change repayment 
plans. 
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‘‘(G) For each Federal Direct PLUS Loan 
made on behalf of a dependent student for 
which the borrower is receiving counseling 
under this subsection, the contact information 
for the loan servicer of the loan and a link to 
such servicer’s Website. 
‘‘(6) ANNUAL
LOAN
ACCEPTANCE.—Prior to 
making the first disbursement of a loan made under 
part D (other than a Federal Direct Consolidation 
Loan) to a borrower for an award year, an eligible 
institution, shall, as part of carrying out the coun-
seling requirements of this subsection for the loan, 
ensure that after receiving the applicable counseling 
under paragraphs (2), (4), and (5) for the loan the 
borrower accepts the loan for such award year by— 
‘‘(A) signing the master promissory note 
for the loan; 
‘‘(B) signing and returning to the institu-
tion a separate written statement that affirma-
tively states that the borrower accepts the loan; 
or 
‘‘(C) electronically signing an electronic 
version of the statement described in subpara-
graph (B).’’. 
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SEC. 3. EXIT COUNSELING. 
Section 485(b) of the Higher Education Act of 1965 
(20 U.S.C. 1092(b)) is amended— 
(1) in paragraph (1)(A)— 
(A) in the matter preceding clause (i), by 
striking ‘‘through financial aid offices or other-
wise’’ and inserting ‘‘through the use of an 
interactive program, during an exit counseling 
session that is in-person or online, or through 
the use of the online counseling tool described 
in subsection (n)(1)(A)’’; 
(B) by redesignating clauses (i) through 
(ix) as clauses (iv) through (xii), respectively; 
(C) by inserting before clause (iv), as so 
redesignated, the following: 
‘‘(i) a summary of the outstanding balance of 
principal and interest due on the loans made to the 
borrower under part B, D, or E; 
‘‘(ii) an explanation of the grace period pre-
ceding repayment and the expected date that the 
borrower will enter repayment; 
‘‘(iii) an explanation that the borrower has the 
option to pay any interest that has accrued while the 
borrower was in school or that may accrue during 
the grace period preceding repayment or during an 
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