1. Short title This Act may be cited as the Student Loan Disclosure Modernization Act . 2. Additional disclosures Section 433(a) of the Higher Education Act of 1965 is amended— (1) in paragraph (4), by striking the origination fee and and inserting finance charges, the origination fee, and ; (2) by redesignating paragraphs (6) through (19) as paragraphs (7) through (20), respectively; and (3) by inserting after paragraph (5), the following: (6) the annual percentage rate applicable to the loan, taking into account— (A) the amount of the loan; (B) the stated interest rate of the loan; (C) the standard term for a loan of the same type; (D) any fees or additional costs associated with the loan; and (E) any capitalization of interest on the loan; . 3. Plain language disclosure form Section 455(p) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(p) ) is amended— (1) by striking Each institution and inserting the following: (1) In general Each institution ; and (2) by adding at the end the following: (2) Plain language disclosure form (A) Development and issuance of form Not later than 18 months after the date of the enactment of this paragraph, the Secretary shall, based on consumer testing, develop and issue a model form to be known as the Plain Language Disclosure Form that shall be used by institutions and contractors described in paragraph (1) to comply with the disclosure requirements of such paragraph. (B) Format The Secretary shall ensure that the Plain Language Disclosure Form— (i) enables borrowers to easily identify the information required to be disclosed under section 433(a) with respect to a loan, with emphasis on the loan terms determined by the Secretary to be critical to understanding the total costs of the loan and the estimated monthly repayment; (ii) has a clear format and design, including easily readable font