SECTION 21.49. Student Loan Debt Disclosure Required Elements

(a) Student loan debt disclosures are required to include education loan debt information that the participating higher educational institution receives or otherwise obtains from the United States Department of Education's central database for student aid, currently known as the National Student Loan Data System, which is shared with institutions through the Institutional Student Information Record (ISIR), as well as information that the institution may reasonably collect from its own records.

(b) Student loan debt disclosures must include an estimate of the unpaid amount of federal education loans obtained by the student and state education loans obtained by the student at the current institution. The types of education loans must be identified for each total included.

(c) Student loan debt disclosures must include an estimate of the total payoff amount for education loans, or a range for that amount, including principal and interest. At a minimum, institutions shall provide this information based on a 10-year repayment plan.

(d) Student loan debt disclosures must include an estimate of the monthly repayment amount that the student may incur for the repayment of the education loans, including principal and interest. At a minimum, institutions shall provide this information based on a 10-year repayment plan.

(e) Student loan debt disclosures must be sent electronically in a manner that complies with the Family Educational Rights and Privacy Act (20 U.S.C. §1232g; 34 CFR Part 99) and the participating higher educational institution's privacy standards.

(f) The electronic communication of the student loan debt must explain the following:

(1) the disclosure may not be a complete and official record of the student's unpaid education loan debt;

(2) why the disclosure may not be complete or accurate, including an explanation that for a transfer student, the institution's estimates regarding state loans reflect only state loans incurred by the student for attendance at the current institution, and not prior institutions; and

(3) that the institution's estimates are general in nature and are not intended as a guarantee or promise.

Source Note: The provisions of this §21.49 adopted to be effective May 29, 2018, 43 TexReg 3351; amended to be effective August 3, 2020, 45 TexReg 5340