; ; and (2) by adding at the end the following: (u) Option To designate individual To act on behalf of the borrower in clear and conspicuous manner The option for a student to make a designation described in subsection (a)(4)(B) shall be provided in a clear and conspicuous manner to the student. . (c) Cancellation of loans for parent borrowers in case of disability of a student Section 437(d) of the Higher Education Act of 1965 ( 20 U.S.C. 1087(d) ) is amended by inserting becomes permanently and totally disabled, or is unable to engage in any substantial gainful activity, as determined for purposes of subsection (a)(1), after dies, . 4. Rule of construction Nothing in this Act, or any amendment made by this Act, may be construed to adversely affect the eligibility of a student to receive any grant, loan, or work assistance under part C or part G of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1087–51 et seq. and 20 U.S.C. 1088 et seq.) based on a designation, or the lack of a designation, under section 484(a)(4)(B) of that Act ( 20 U.S.C. 1091(a)(4)(B) ), as added by section 3(b)(1). 5. Applicability (a) Private educational loans Paragraphs (2), (3), and subparagraphs (A), (C), (D) and (E) of section 140(g)(4) of the Truth in Lending Act ( 15 U.S.C. 1650(g) ), as amended by section 2 of this Act, shall apply to any outstanding private educational loan received by a borrower before, on, or after the date of enactment of this Act. (b) Federal loans The amendment made by section 3(c) of this Act shall apply to any outstanding loan received by a parent before, on, or after the date of enactment of this Act. (c) Date of onset The provisions described in subsections (a) and (b) shall apply without regard to the date of the onset of any disability or impairment, the date of death, or the date of bankruptcy filing.