Content of disclosures.

CFR · 2024-01-01 · US · Title 12

(a) (1) (ii) Whether the interest rates applicable to the loan are fixed or variable. (iii) If the interest rate may increase after consummation of the transaction, any limitations on the interest rate adjustments, or lack thereof; a statement that the consumer's actual rate could be higher or lower than the rates disclosed under paragraph (a)(1)(i) of this section, if applicable; and, if the limitation is determined by applicable law, that fact. (iv) Whether the applicable interest rates typically will be higher if the loan is not co-signed or guaranteed. (2) (ii) Any fees, changes to the interest rate, and adjustments to principal based on the consumer's defaults or late payments. (3) (ii) A description of any payment deferral options, or, if the consumer does not have the option to defer payments, that fact. (iii) For each payment deferral option applicable while the student is enrolled at a covered educational institution: (A) Whether interest will accrue during the deferral period; and (B) If interest accrues, whether payment of interest may be deferred and added to the principal balance. (iv) A statement that if the consumer files for bankruptcy, the consumer may still be required to pay back the loan. (4) (i) Using the highest rate of interest disclosed under paragraph (a)(1) of this section and including all finance charges applicable to loans at that rate; (ii) Using an amount financed of $10,000, or $5000 if the creditor only offers loans of this type for less than

official document · source cfr-2024 · id 12:§ 1026.47