Education loan notifications

(1) As used in this section: (a) "Borrower" means: (i) an individual enrolled in an eligible postsecondary institution who receives an education loan; or (ii) an individual, including a parent or legal guardian, who receives an education loan to fund education expenses of an individual enrolled in an eligible postsecondary institution. (b) "Education loan" means a loan made to a borrower that is: (i) made directly by a federal or state program; or (ii) insured or guaranteed under a federal or state program. (c) "Eligible postsecondary institution" means an entity that: (i) is an institution of higher education or private postsecondary educational institution; and (ii) participates in federal student assistance programs under the Higher Education Act of 1965, Title IV, 20 U.S.C. Sec. 1070 et seq. (2) Annually, on or before July 1, an eligible postsecondary institution that receives information about a borrower's education loan shall: (a) notify the borrower that the borrower has an education loan; (b) direct the borrower to the National Student Loan Data System described in 20 U.S.C. Sec. 1092b to receive information about the borrower's education loan; and (c) provide the borrower information on how the borrower can access an online repayment calculator. (3) An eligible postsecondary institution does not incur liability for information provided to a borrower in accordance with this section.