Required disclosures for private education loan used to refinance existing private education loan; flexible repayment options offered must be made available to all private education loan borrowers; provision of notice and information and establishment of policies and procedures concerning repayment and flexible repayment options

1. A private education lender shall, before offering a person a private education loan that is being used to refinance an existing private education loan, provide to the person a disclosure that informs the person that benefits and protections applicable to the existing private education loan may be lost due to the refinancing. The information must be provided on a one-page information sheet in at least 12-point font and must be written in simple, clear, understandable and easily readable language. 2. If a private education lender offers any private education loan borrower flexible repayment options in connection with a private education loan, those flexible repayment options must be made available to all private education loan borrowers of loans by the private education lender. A private education lender shall: (a) Provide on its Internet website a description of any flexible repayment options offered by the private education lender for private education loans; (b) Establish and consistently implement policies and procedures that facilitate the evaluation of private education loan flexible repayment option requests, including, without limitation, policies and procedures that provide accurate information regarding any private education loan flexible repayment option that: (1) May be available to the private education loan borrower through the promissory note; or (2) May have been marketed to the private education loan borrower through marketing materials; (c) If the private education lender offers flexible repayment options, consistently present and offer similar options to private education loan borrowers with similar financial circumstances; and (d) Annually issue a letter to the private education loan borrower and cosigner that sets forth, without limitation: (1) The total cumulative principal and interest amount of all private education loans owed by the private education loan borrower or cosigner to the private education lender; (2) The total payoff amount of the loans listed in subparagraph (1); and (3) Estimated monthly payment amounts if the private education loan borrower or cosigner were to enroll in a flexible repayment plan offered by the private education lender.