; and (ii) the amount of the Federal Pell Grant of such applicant as determined using data provided in the verification process. (k) Financial aid offers (1) Requirements for offers (A) Secretarial requirements Not later than 18 months after the date of enactment of the College Affordability Act , the Secretary shall, based on the consumer testing conducted under subparagraph (E), publish requirements for financial aid offers that shall— (i) include a requirement that financial aid offers shall serve as the primary source for Federal, State, and institutional financial aid information provided by an institution of higher education participating in any program under this title to each prospective student accepted for admission and each enrolled student at such institution; (ii) include a requirement that such offers include a standardized quick reference box described in subparagraph (D); (iii) establish standardized terms and definitions, including for the elements listed in subparagraph (C), that shall be included in each such offer; (iv) establish formatting requirements with respect to the organization of the elements listed in subparagraph (C), which shall include a requirement that prohibits such offers from displaying loans in a manner that indicates or implies that such loans reduce the amount owed to the institution or reduce the net price; and (v) specify the simple, plain-language, and consumer-friendly information to be included in each such offer with respect to the financial aid being offered to a student, which shall include— (I) an explanation of differences among each such type of financial aid, including clear explanations that— (aa) grants and scholarships do not have to be repaid; (bb) loans (including loans made under part D and private education loans (as defined in section 140 of the Truth in Lending Act)) must be repaid with interest