; . II Financial Aid Counseling for Borrowers 201. Annual financial aid counseling Section 485(l) of the Higher Education Act of 1965 ( 20 U.S.C. 1092(l) ) is amended to read as follows: (l) Annual financial aid counseling (1) Annual disclosure required (A) In general Each eligible institution shall ensure that each individual who receives a loan made under part D (other than a Federal Direct Consolidation Loan) receives comprehensive information on the terms and conditions of such loan and the responsibilities the individual has with respect to such loan. Such information shall be provided, for each award year for which the individual receives such loan, in a simple and understandable manner— (i) during a counseling session conducted in person; (ii) online, with the individual acknowledging receipt of the information