; minus (ii) the amount of grant aid described in paragraph (2) that is included in the financial aid offer form. (B) A disclosure that the net price is an estimate of the total expenses for the year and not equivalent to the amount the student will owe directly to the institution. (4) Loans (A) Information on any loan under part D or part E of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1087a et seq. ; 20 U.S.C. 1087aa et seq. ) (except a Federal Direct PLUS Loan under part D of that Act) that the institution recommends for the student for the academic period covered by the offer, which shall be made— (i) with clear use of the word loan to describe the recommended loan amounts; and (ii) with clear labeling of subsidized and unsubsidized loans. (B) A disclosure that such loans have to be repaid and a disclosure that the student can borrow a lesser or, if applicable, greater amount than the recommended loan amount. (C) A disclosure that the interest rates and fees on such loans are set annually and affect total cost over time, and a link to a Department of Education website that includes current information on interest rates and fees. (D) A link to the Department of Education's repayment calculator website for students with instruction that this website contains customizable estimates of expected repayment costs under different loan repayment plans. (5) Process for accepting or declining aid and next steps (A) The deadlines and a summary of the process (including the next steps) for— (i) accepting the financial aid offered in the financial aid offer form; (ii) requesting higher loan amounts if recommended loan amounts were included