default rate determination under regulations issued by the Secretary for the loan program authorized under part B or D, as applicable. This subsection shall not apply to an institution that was not participating in the loan program authorized under part B or D on October 7, 1998, unless the institution subsequently participates in the loan programs. . (b) Effective date This section, and the amendments made by this section, shall take effect on July 1, 2021. 8. Making institutional student aid award letters comparable and easier to understand Section 485 ( 20 U.S.C. 1092 ), as amended by section 3(o), is amended by inserting after subsection (j) the following: (k) Consumer information for financial aid recipients (1) Standard format and terminology for financial aid offers The Secretary of Education, in consultation with the heads of relevant Federal agencies, shall develop standard terminology and a standard format for financial aid offers (including a uniform title used to describe the applicable document) based on recommendations from representatives of students, veterans, servicemembers, students’ families, institutions of higher education (including community colleges, for-profit institutions, 4-year public institutions, and 4-year private nonprofit institutions), financial aid experts, secondary school and postsecondary counselors, nonprofit organizations, and consumer groups. (2) Key required contents for financial aid offer The standard format developed under paragraph (1) shall be presented in a consumer-friendly manner that is simple and understandable. The standard format shall include the following items clearly separated from each other with separate headings, and, if in a format designed for paper shall be listed on the first page of the financial aid offer and if in a format designed for digital viewing shall be listed first: (A) Cost information (i) Information on the student’s estimated annual cost of attendance, including the following: (I) Total direct costs, including the component annual