; simplifying loan disclosures (a) Student loan contract Section 455 ( 20 U.S.C. 1087e ), as amended by section 202, is further amended by inserting after subsection (b) the following: (c) Student loan contract; simplifying loan disclosures (1) Student loan contract (A) In general Any master promissory note form described in section 432(m)(1)(D) that is developed or used for covered loans shall be referred to as a student loan contract . (B) Clarification on use Notwithstanding section 432(m)(1)(D)(i), each student loan contract for a covered loan shall— (i) not be entered into by a student unless the student has completed all required counseling related to such loan, including counseling required under section 485(l); (ii) be signed by the student entering such student loan contract after completion of such counseling; (iii) be used only for the academic year for which the initial loans are made under the contract and shall be valid for additional loans within an academic year