better terms and conditions than private loans, 
an explanation of treatment of loans made 
under part D and private education loans in 
bankruptcy, and an explanation that if a bor-
rower decides to take out a private education 
loan— 
‘‘(i) the borrower has the ability to se-
lect a private educational lender of the bor-
rower’s choice; 
‘‘(ii) the proposed private education 
loan may impact the borrower’s potential 
eligibility for other financial assistance, in-
cluding Federal financial assistance under 
this title; and 
‘‘(iii) the borrower has a right— 
‘‘(I) to accept the terms of the 
private education loan within 30 cal-
endar days following the date on 
which the application for such loan is 
approved and the borrower receives 
the required disclosure documents, 
pursuant to section 128(e)(6) of the 
Truth in Lending Act; and 
‘‘(II) to cancel such loan within 3 
business days of the date on which the
loan is consummated, pursuant to sec-
tion 128(e)(7) of such Act. 
‘‘(F) An explanation of the approved edu-
cational expenses for which the borrower may 
use a loan made under part D. 
‘‘(G) Information on the annual and aggre-
gate loan limits for Federal Direct Stafford 
Loans and Federal Direct Unsubsidized Staf-
ford Loans. 
‘‘(H) Information on how interest accrues 
and is capitalized during periods when the in-
terest is not paid by either the borrower or the 
Secretary. 
‘‘(I) In the case of a Federal Direct PLUS 
Loan or a Federal Direct Unsubsidized Staf-
ford Loan, the option of the borrower to pay 
the interest while the borrower is in school. 
‘‘(J) The definition of half-time enrollment 
at the institution, during regular terms and 
summer school, if applicable, and the con-
sequences of not maintaining at least half-time 
enrollment. 
‘‘(K) An explanation of the importance of 
contacting the appropriate offices at the institu-
tion of higher education if the borrower with-
draws prior to completing the borrower’s pro-
gram of study so that the institution can pro-
vide exit counseling, including information re-
garding the borrower’s repayment options and 
loan consolidation. 
‘‘(L) For a first-time borrower— 
‘‘(i) a statement of the anticipated 
balance on the loan for which the borrower 
is receiving counseling under this sub-
section; 
‘‘(ii) based on such anticipated bal-
ance, the anticipated monthly payment 
amount under, at minimum— 
‘‘(I) the standard repayment 
plan; and 
‘‘(II) an income-based repayment 
plan under section 493C, as deter-
mined using regionally available data 
from the Bureau of Labor Statistics 
of the average starting salary for the 
occupation in which the borrower has 
an interest in or intends to be em-
ployed; and 
‘‘(iii) an estimate of the projected 
monthly payment amount under each re-
payment plan described in clause (ii), 
based on the average cumulative indebted-
ness at graduation for borrowers of loans 
made under part D who are in the same 
program of study as the borrower. 
‘‘(M) For a borrower with an outstanding 
balance of principal or interest due on a loan 
made under this title— 
‘‘(i) a current statement of the 
amount of such outstanding balance and 
interest accrued; 
‘‘(ii) based on such outstanding bal-
ance, the anticipated monthly payment 
amount under, at minimum, the standard 
repayment plan and, using regionally avail-
able data from the Bureau of Labor Sta-
tistics of the average starting salary for 
the occupation the borrower intends to be 
employed, an income-based repayment plan 
under section 493C; and 
‘‘(iii) an estimate of the projected 
monthly payment amount under each re-
payment plan described in clause (ii), 
based on—
‘‘(I) the outstanding balance de-
scribed in clause (i); 
‘‘(II) the anticipated outstanding 
balance on the loan for which the stu-
dent is receiving counseling under this 
subsection; and 
‘‘(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. 
‘‘(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).