Utah Code 53B-1-113. Education loan notifications
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(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
(1)(a) “Borrower” means:
(1)(a)(i) an individual enrolled in an eligible postsecondary institution who receives an education loan; or
(1)(a)(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.
(1)(b) “Education loan” means a loan made to a borrower that is:
(1)(b)(i) made directly by a federal or state program; or
(1)(b)(ii) insured or guaranteed under a federal or state program.
(1)(c) “Eligible postsecondary institution” means a public or private postsecondary institution that:
(1)(c)(i) is located in Utah; and
(1)(c)(ii) participates in federal student assistance programs under the Higher Education Act of 1965, Title IV, 20 U.S.C. § 1070 et seq.
(2) Annually, on or before July 1, an eligible postsecondary institution that receives information about a borrower’s education loan shall:
(2)(a) notify the borrower that the borrower has an education loan;
(2)(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
(2)(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.