; 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; and (cc) payments under Federal-work study programs under part C are contingent on finding qualified employment and are typically disbursed incrementally in paychecks; (II) information encouraging students to consider loans made under part D before such private education loans; (III) information clarifying that students may— (aa) decline to accept a loan made under part D; or (bb) accept an amount of such loan that is less than the amount of such loan included in the financial aid offer; and (IV) in a case in which the institution offers a student such a loan in an amount that is less than the maximum amount for which the student is eligible, an explanation that the student is eligible for additional loans under part D. (B) Institutional requirements Beginning with the award year that begins not less than 1 year after the Secretary publishes requirements under subparagraph (A), each institution of higher education described in subparagraph (A)(i) shall provide a financial aid offer to each student described in such subparagraph prior to each academic year that— (i) shall comply with the requirements published by the Secretary under subparagraph (A)