(1) As used in this section, the term “student loans” means federal loans disbursed to a student to pay for education-related expenses.
(2) Beginning with the 2017-2018 academic year, a postsecondary institution that disburses state financial aid shall annually, or once during each academic year, provide each student receiving student loans with the following up-to-date information in print or electronic format:
(a) An estimate of:
1. The student’s total amount of borrowed student loans.
2. The student’s total potential loan repayment amount, including principal and interest, for the total amount of borrowed student loans.
3. The student’s monthly loan repayment amounts for the total amount of borrowed student loans at the time the institution provides the student loan information required under this paragraph.
(b) The percentage of the borrowing limit that the student has reached at the time the information under paragraph (a) is provided.
(3) An institution does not incur liability for providing information to a student under this section.