; (B) limits the number of times a student is presented with disclosures by incorporating the streamlined disclosures into required student loan counseling under section 485(l), the student loan contract under this subsection, or both; and (C) is effective in helping the student understand the student's rights and obligations as a Federal student loan borrower. (3) Annual loan acceptance Prior to making the first disbursement of a covered loan (other than a Federal Direct Consolidation Loan) to a borrower for an award year, the eligible institution shall ensure that the borrower— (A) has completed the applicable counseling under paragraph (2) or (3) of section 485(l); 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