DISCLOSURE REQUIRED PRIOR TO DISBURSEMENT.

SEC. 3. DISCLOSURE REQUIRED PRIOR TO DISBURSEMENT. Section 463A(a) of the Higher Education Act of 1965 (20 U.S.C. 1087cc-1(a)) is amended— (1) in paragraph (12), by striking “and” after the semicolon; (2) in paragraph (13), by striking the period at the end and inserting a semicolon; and (3) by adding at the end the following: “(14) a notice and explanation regarding the end to future availability of loans made under this part; “(15) a notice and explanation that repayment and forgiveness benefits available to borrowers of loans made under part D are not available to borrowers participating in the loan program under this part; “(16) a notice and explanation regarding a borrower’s option to consolidate a loan made under this part into a Federal Direct Loan under part D, including any benefit of such consolidation; “(17) with respect to new undergraduate Federal Perkins loan borrowers, as described in section 461(b)(1)(A), a notice and explanation providing a comparison of the interest rates of loans under this part and part D and informing the borrower that the borrower has reached the maximum annual borrowing limit for which the borrower is eligible as referenced under subparagraphs (A) and (D) of section 455(a)(2); and “(18) with respect to current undergraduate Federal Perkins loan borrowers, as described in section 461(b)(1)(B), a notice and explanation providing a comparison of the interest rates of loans under this part and part D and informing the borrower that the borrower has reached the maximum annual borrowing limit for which the borrower is eligible on Federal Direct Stafford Loans as referenced under section 455(a)(2)(A).” .