53B-1-113. Education loan notifications.
| (1) |
As used in this section:
Terms Used In Utah Code 53B-1-113- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
| (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. |
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| (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. |
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| (c) |
“Eligible postsecondary institution” means a public or private postsecondary institution that:
| (i) |
is located in Utah; and |
| (ii) |
participates in federal student assistance programs under the Higher Education Act of 1965, Title IV, 20 U.S.C. § 1070 et seq. |
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| (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. § 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. |
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| (3) |
An eligible postsecondary institution does not incur liability for information provided to a borrower in accordance with this section. |
Amended by Chapter 324, 2019 General Session
