; and (B) after completing such counseling, accepts the loan for such award year by— (i) signing and returning to the institution the student loan contract described in section 455(c)(1) that affirmatively states that the borrower accepts the loan; or (ii) electronically signing an electronic version of such student loan contract, which may be done through the online counseling tool in accordance with section 485(n)(1)(B). . (b) Conforming amendment Section 487(a)(7) ( 20 U.S.C. 1094(a)(7) ) is amended by striking section 485 and inserting sections 455(c)(3) and 485 . 402. Annual and pre-loan information and counseling requirements Section 485(l) ( 20 U.S.C. 1092(l) ) is amended to read as follows: (l) Annual student loan counseling for borrowers (1) Annual counseling requirement for institutions (A) In general Each eligible institution shall ensure that each individual for whom the institution has knowledge that the student has accepted, or will accept, 1 or more student loans under part D (including any such loans for attendance at another institution from which the student transferred or in which the student had previously enrolled, other than a Federal Direct Consolidation Loan) for an award year, 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, understandable, and consumer-friendly manner— (i) during a counseling session conducted in person; (ii) online, with the individual acknowledging receipt of the information