,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #fc  ,,9 ,,! ,,h\se ,,(             
,,repres5tatives  ,janu>y #c1 #bjai,mr4 
,banks introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,education &  
,labor  ,a ,,bill  ,to am5d ! ,high]    
,education ,act ( #aife to direct !     
,secret>y ( ,education to develop a pla9
 language disclosure =m = borr[]s (     
,f$]al /ud5t loans1 & = o!r purposes4   
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,/ud5t ,loan ,disclosure ,mod]nization
 ,act4  #b4 ,additional disclosures     
,section #dcc7;a7 ( ! ,high] ,education 
,act ( #aife is am5d$--  7#a7 9 p>agraph
 7#d71 by /rik+ ! orig9ation fee & &    
ins]t+ f9ance *>ges1 ! orig9ation fee1  
&2  7#b7 by r$esignat+ p>agraphs 7#f7   
?r\gh 7#ai7 z p>agraphs 7#g7 ?r\gh      
7#bj71 respectively2 &  7#c7 by ins]t+  
aft] p>agraph 7#e71 ! foll[+3  7#f7 !   
annual p]c5tage rate applicable to !    
loan1 tak+ into acc\nt--  7,a7 ! am\nt (
 ! loan2  7,b7 ! /at$ int]e/ rate ( !   
loan2  7,c7 ! /&>d t]m = a loan ( ! same

 type2  7,d7 any fees or additional co/s
 associat$ ) ! loan2 &  7,e7 any        
capitalization ( int]e/ on ! loan2  4   
#c4 ,pla9 language disclosure =m        
,section #dee7p7 ( ! ,high] ,education  
,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7p77 
is am5d$--  7#a7 by /rik+ ,ea*          
in/itution & ins]t+ ! foll[+3  7#a7 ,9  
g5]al ,ea* in/itution  2 &  7#b7 by add+
 at ! end ! foll[+3  7#b7 ,pla9 language
 disclosure =m  7,a7 ,developm5t &      
issuance ( =m ,n lat] ?an #ah mon?s aft]
 ! date ( ! enactm5t ( ?is p>agraph1 !  
,secret>y %all1 bas$ on consum] te/+1   
develop & issue a model =m to be kn[n z 
! ,pla9 ,language ,disclosure ,=m t %all
 be us$ by in/itutions & contractors    
describ$ 9 p>agraph 7#a7 to comply ) !  
disclosure requirem5ts ( su* p>agraph4  
7,b7 ,=mat ,! ,secret>y %all ensure t ! 
,pla9 ,language ,disclosure ,=m-- 7i7   
enables borr[]s to easily id5tify !     
in=mation requir$ to be disclos$ "u     
section #dcc7;a7 ) respect to a loan1 ) 
emphasis on ! loan t]ms det]m9$ by !    

,secret>y to be critical to und]/&+ !   
total co/s ( ! loan & ! e/imat$ mon?ly  
repaym5t2  7ii7 has a cle> =mat &       
design1 includ+ easily readable font2 & 
7iii7 is z succ9ct z practicable4  7,c7 
,consultation ,9 develop+ ! ,pla9       
,language ,disclosure ,=m1 ! ,secret>y  
%all1 z appropriate1 consult )--  7i7 ! 
,f$]al ,res]ve ,bo>d2  7ii7 in/itutions 
& contractors describ$ 9 p>agraph 7#a72 
7iii7 borr[]s ( loans "u ?is "p2 &  7iv7
 o!r organizations involv$ 9 ! provision
 ( f9ancial assi/ance to /ud5ts1 z      
id5tifi$ by ! ,secret>y4  7#c7          
,electronic sy/em = compliance ,9 c>ry+ 
out p>agraph 7#b71 ,secret>y %all       
develop & implem5t an electronic sy/em t
 may be us$ by in/itutions & contractors
 describ$ 9 p>agraph 7#a7 to g5]ate a   
,pla9 ,language ,disclosure ,=m = ea*   
borr[] by--  7,a7 enabl+ in/itutions &  
contractors to ent] p]sonaliz$ loan     
reque/ in=mation electronically2  7,b7  
integrat+ appropriate data f\nd 9 !     
,national ,/ud5t ,loan ,data ,sy/em2 &  

7,c7 g5]at+ & integrat+ p]sonaliz$      
borr[] in=mation4  7#d7 ,limit on       
liability ,no?+ 9 ?is p>agraph %all be  
con/ru$ to create a private "r ( action 
aga9/ an in/itution or contractor       
describ$ 9 p>agraph 7#a7 ) respect to ! 
=m or electronic sy/em develop$ "u ?is  
p>agraph4  7#e7 ,borr[] signature       
requir$ ,beg9n+ aft] ! issuance ( !     
,pla9 ,language ,disclosure ,=m by !    
,secret>y "u p>agraph 7#b71 a loan may n
 be issu$ to a borr[] "u ?is "p unless !
 borr[] ackn[l$ges1 9 writ+ 7:i* may    
include an electronic signature71 t !   
borr[] has read ! ,pla9 ,language       
,disclosure ,=m = ! loan conc]n$4  7#f7 
,consum] te/+ def9$ ,9 ?is subsection1 !
 t]m consum] te/+ means ! solicitation (
 fe$back f individuals1 includ+ borr[]s 
& prospective borr[]s ( loans "u ?is "p 
7z det]m9$ by ! ,secret>y71 ab\t !      
usefulness ( diff]5t me?ods ( disclos+  
mat]ial t]ms ( loans on ! ,pla9         
,language ,disclosure ,=m to maximize   
borr[]s' und]/&+ ( ! t]ms & conditions (

 su* loans4  4  #d4 ,report to ,congress
 ,n lat] ?an #b ye>s aft] ! date ( !    
enactm5t ( ?is ,act1 ! ,secret>y (      
,education %all submit to ,congress a   
report t includes a description ( !     
me?ods & proc$ures us$ to develop !     
,pla9 ,language ,disclosure ,=m requir$ 
"u section #dee7p77#b7 ( ! ,high]       
,education ,act ( #aife 7z add$ by      
section #c ( ?is ,act74